HomeMy WebLinkAbout1807 u1~~2%9~ 13:21 GIINSTER-B0.,A 005
(e) surrendar t+nY or t~ll of the insurence policiea
maintair~c~d pursuant hereto, end receive and apply th~ unearned
~~druiums as e credil on the Secured Indebtedneess, and, in
connec~ion therewith, the Mortqe9or hereby appoints the
Mar~gagee aa lhe agent and ettorney-in-fact for the Mortqeqqr
to collect such rrcmium~; c~nd/o~
(f) In the event the pert3ca agree to e dced-in-lieu
of ~oreclosure, there ~hell be no merqer o~ the Mortqeqee's
intereat under thi~ Mortqaqe and the Mortqaqee'a fae aimple
Ir~tece~t u«~ec t1~r Jerc7 ftom tt~~ Mt~~tyayol u~~lr~c~ tlid eleecl
spacfically providcs for such meryer.
Section 5.3 ~f,f,tgS?j,II.~IIffi,p,t,.._Q~ a Re~eiver
(e) ~ceointeaent. If et any time in the diacretion
of the Mortya8ee efter the OcCUrrenCe of ~n Event Of Default a
~ receiverahip may be necesaery to protoct the Mortgaged ProperLy
~j or the other aecuritY of the MOrtqagee, Nhether before or eCter
~ meturity of the Gecured Indebtednena, or a~t the time of or
~ efter the institution of ttuit to collect the 3ecured
; Indebtedness or to enforce this Mortqaqe, the Morlgagee ~sttesll,
~ aS a metter of atrict right, and reqar~less vf tt~es value of the
; securi~y for the emounta due h~rcunder or secured h~t~by ur ~f
; the solvency oE enY ~idrty Dound for the paymen~ of tti~ Sdcured
Indebtedness, have the ri.ght to the eppointment on ~z p_~rte
~ applicat,ion end witt,vut ciotice to the Mortgagor, by any court
~ having jurisdietion, of a receiver Lo tak~ c;Yi~rye ot, manage,
~ preaerve, protect and operaLe Ltle Muityt~ytst] ProQerty anC 8i1y
~ businesa or busineases loceled lt,e~auc~, tv c~lleet the renta,
~ isaues, proceeds, proEit~ and income thereol, to mako ell
~ necesaary ~nd needed cepairs, to complete the construction ot
~ any improvemdnt~ ahiCh ha~a been under lak~sri t~ut not completeC,
~ and to pey a~l tazea and a~aaeaamanl.s aydlci~?t the Mortgaged
Froperty and insurdnCe premiums Lor insuracic:e therepn end aft8r
~ the payment of the ezpensea of tbd receivership, including
~ reaaonable ettorne~a' feer~ to the Morlqayea's attorneys, anA
~ aft~r compenaation for manaqemei~l. o~ t1i~ Mort9aqsd Property, to
~ apply the nel, pcocerc3~ in reduction of the Secured lndebtedness
or in auch manner as the courl SYiall c]irect. All such ezpen9es
ahall be securec3 ~,y tt~e lien ot this Mortqa~e until paid. Tha
Mort4agor hereby ~s~rvifically weives the right to object to the
appointment of a receiver and 11CLItv]? ezpres~ly consents that
3uch appointment aha~ll be maJd a~s an admitted equity and se a
mstter of absolute right ot the Mortqaqee.
{b) Bntry_~,~yd Poase~sian.. The ceceiver or its
~ agent.~ shell be en~illed t~ anter upon and take possession of
; any and all o~ l.he M~atyayed Property, toyether with any and
~ all busir,eases conducted and a21 business assets used ~herewith
~
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2 ~ aooK ~75 P~~~1807
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