HomeMy WebLinkAbout1821 Section 4. ~~~cellaneous.
(a) It is not the intention of the parties hereto that an
entry by the Assignee upon the Property, or any part thereof,
under the terms of this instrument shall constitute the
Assignee a"mortgagee in possession" in contemplation of law,
eacept at the option of the Assignee.
(b) This Assignment shall remain in full force and effect
so long as the indebtedness secured hereby remains unpaid in
whole or in part, and so long as any obligation of the Assignor
under the First ~Iortgage, as may be amended from time to time,
remains outstanding.
; (c) In the event of a suit being instituted to foreclose
the First Mortgage or ~o enforce this Assignment, the Assignee
I shall be entitled to apply at any time pending such suit to the
j court having jurisdiction thereof for the appointment of a
P receiver of all and singular the mortgaged properties, and of
~ all rents, incomes, profits, issues, proceeds and revenues
~ thereof, from whatsoever source derived. Thereupon it is
~ hereby expressly covenanted and agreed that the court shall
~ forthwith appoint such receiver with the usual powers and
p duties of receivers in like cases; and said appointment shall
~ be made by the court as a matter of strict right to the
Assignee, and without reference to the adequacy or inadequacy
~ of the value of the properties encumbered by the First Mortgage
~ or to the solvency of the Assignor or any other party defendant
~ to such suit. The Assignor hereby specifically waives the
e right to object to the appointment of a receiver and eapressly
~ consents that such appointment shall be made as an admitted
~ equity and as a matter of absolute right of the Assignee.
~
~ (d) The provisions of this instrument shall be binding
~ upon the Assignor and its heirs, personal representatives,
~ successors or assigns and upon the Assignee and its
~ participants, successors or assigns. The word "Assignor" shall
~ be construed to mean any one or more persons or person or
~ parties who are holders of the legal title or equity of
~ redemption ta or in the Property.
, (e) It is understood and agreed that a full and complete
release of the First Mortgage shall operate as a full and
complete release of all of the Assignee's rights and interests
hereunder as ~o the Property released and that after the First
Mortgage has been fully released or satisfied, this instrument
shall be void and of no further effect without tche necessity of
filing a separate satisfaction, termination, cancellation or
~ rel.ease of this Assignment.
~
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