HomeMy WebLinkAbout1553 2.08 Receiver. If an Event of Detsult sha21 have
o~eurred, Mortgagee~ to the exteat permitted by iaw and without
regard to the value or oeCupanoy of the Hortgaged ProperLy~
sha~l be entitled a~ a matter of right if it so e2ecLa to the
appoint~ent of a reeeiver to e~ter upon and take poase~~ion of
the Mortgaged ProQ~rty end Lo eolleat all rents, r~venuea,
issues~ income~ produeta and proflta thereof and apply the same
a~ the court may dlreoL. The receiver ahall have al~ rights
and poWers permitLed under the lsw~ of tha ~tate Wherc the Land
is located antl such other powers aa tho court making ~uch -
appointment shall confer. The expensea, including receiver'a ;
fees, ettorney's fees, co8ta and agent's coropensation~ ineurred
pur~uant to the poWers herei~ contained ~hall be aeoured by
this Mortgage and become part of the Secured Indebtednea~, bear
interest at the rate provided in the Note and be i~aed3ately
due and payable. The right to enter and take pogsession of and
to manage and operate the Mortgaged Property, and to colleet
the rents, issues and profiLs theraof~ Khether Dy a receiver or
otherWise~ shal~ be cumulative to any other right or remedy
hereunder or afforded by law~ and may be exercised concurrently
thereWith or indepen~ently thereof. Mortgagee shall be liable
to a~caunt only for such reata~ issues and profits actually
received by Mortgagee notwiLhstanding the appointment of any
receiver or other custodian, Mortgagee ahall be entitled as
pledgee to the posses9lon and control of any cash, deposita, 4r
instru~ents at the time he1C by~ or payable or deliverable
under the terms of this Mortgage to, Mortgagee.
2.09 Suits to Protect the Morteaged Property. MorLgagee
shall have the poWer and authority to institute and malntain ~
any suits and proceeQings as Mortgagee may deem advisable (a) ~
to prevent any i~pairment o£ Lhe Mortgaged Propertiy by any acts j
which ~ay De unlaaful or any vtolation of thi~ Mortgage, (b) to :
preserve or proteoL its interest in the Mortgaged Property, and
(c) to restrain the enforeement of or compllance aith any
legislation or other governmental enaetment, rule or order that ,
~ay be unconatitutional or otherwi~e, invalid~ if the ;
enfercement of or co~plianee With such enactment~ rule or order
might impair the security hereunder or be pre~udicial to
Mortgagee. ~
2,10 Delay or Oroission No Waiver. No delay ar omission of '
Mortgagee or of a~y holder ot the Note or to exercise any
right, power or remedy accruing upon any Event of Default shall
exhaust or impair any such right, poWer or re~edy or shall be
construed to waive any such ~vQnt o£ Default or to const~tute
acquiescence therein. Every right~ power and remedy given to
either Mortgagee may be exercised Prom time to time and as
often a~ may be deemed expedienL by Nort~agee.
2.11 Na Waiver of One Default to Affact Aaother. No
aalver of any Event of DefaulL hereunder shall extend to or
affeet any eubsequent or any otiher EvQnt of Default then
exiating~ or i~pair eny righta, powers or remedies con~equent
thereon. If Mortgagee (a) grants forebeara~ee or an extension
of time for the payment of any of the Seeured Indebtednesa; (b)
takes other or additional seeurity for the pay~ent thereol; (e}
Waives or doea not exercise any right granted in the Note~ Lhia
in~tru~ent or any other instrument eeeuring the Note~ (d)
releaaea any part ot the Mortgeged Property Prom th• lien of
thia inetrument, or any other inatrument eecuring the Note, or;
(e) oonaents to the fiting ot eny map~ pl~t or replat of the
Land; (f) aansenta to the granLing ot any easement on the Land;
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600K V7~ PACE~S JJ