HomeMy WebLinkAbout1808 i
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or tfi~cnui~r or any part or parts the~eof, and operatc and
condu~t the buainsss ur bueinesaea, or complete construction of
improvements, to the r~ame ex~en~ a~nd in the aame menner aa the
M~rtgagor miqht lawfully do. The receivea, personally or
through it~ ny~nEs or ettorneYe~, may exclude the MostgaQos, and
its suUsic]ia~ide, aqenl.s, aervontr~ ~nQ emQloyees t~+holly from
the Mortyay~c3 PrO~~rLy, and have, hold, u~e, operate, manege
and control the ~ame and each and every pert thereof, end in
the name of the M~rtyaqor, iLa aubaid~a~ries, or egenta,
exercise all o~ thei~ riyhta end powers end uae ell o! the then
exisl.ing i~ems ot security and eollateral, materiela, current
suppiies, stores end asaeta ~nd, et the expense o~ the
Mortgagor, maintain, restore, completc conatruction, insure end
keep inecured, the propertiea, equipment, a~nd apparatus provided
er required for uae in connection with auch buaintaa or
buainessea, an~ meke ell sueh neceaaary end proper repaira,
renewals and replacementa and ell ~such useEul elterationa,
' additions, bettermentS and improvements aa the receivor may
" deem judicious.
;
; ~f~_~f_~~eiverahiv. Such receiverahip
ahall, at the option of the Mortqa9ee, continue unti]. ~Eull
~ Yayment ~f thc Secured Indebtedneaa, or until title to the
Mortgaged Property ahall have passed by foreclosure ~ele under
~ this MnrtgagA,
F Bection 5.4 Lea~l Proceedinaa: Fer~ecloaure
k
~ If ~n Event of ncfault ahall heve occurred en~ be
~ continuing, th~ Mortgegee et any time may, et itet election,
~ proceed at low oz in equity or otherwi~e to enforce the paymenl
E uf tt~e Secured Indebtedness at thp time outst~naing in
~ accordance wikh the Lerms hereof and th~ce~f and to toreclose
~ the lien of thia Mortyaqe aa a~qainat a~ll or any par~ r~f tt~c
~ Mortgaged Pro ert or
~ p y proceed to taka eil.her of ~uu2e acti~na,
~ and to have the aame sold under ~he judqcne~nt ui decree ot a
~ court of competent jurisdiction.
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- 8ection 5.5 ~plic~t,3on of Proceeds ot S~1~ and Other
~]C.a
The proceeds of eny ~alc of the Mortyaqed Pxvperty or eny
part thereoP or eny intecrst ther6ln under or by virtue of this
Mortgege, whether pur~uaat ta foreclr,sure pc ~uwer ot aale Or
otherwise, and all other moneya a~ aciy ti~ii~ ?~e2d by the
Mortgagee aa part oL ~he Muityayrcl Pr~perty (unless otherwise
~ spe~ifically addresse~l h~c~it?), sha11 be applied ~s follows:
4 (a) giz~: to thC p~+yment of the re~o4neble cost~
~ end exQenaea vf such sele (i~iv].uc~irig, without ~imltation,
~ a~torneys' f~ea, the coal, ai ~viclence o! title artd the
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2 3 80QK V~~ PACf ~~~,18
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