Common use of Appointment of Receiver or Mortgagee in Possession Clause in Contracts

Appointment of Receiver or Mortgagee in Possession. If an Event of Default is continuing or if Agent shall have accelerated the Indebtedness, Trustee, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and without regard to the occupancy or value of any security for the Indebtedness or the insolvency of any party bound for its payment, to the appointment, at its option, of itself as mortgagee in possession, or of a receiver to take possession of and to operate the Property, and to collect and apply the Rents.

Appointment of Receiver or Mortgagee in Possession. If an Event of Default is continuing or if Agent Lender shall have accelerated the Indebtedness, TrusteeLender or Trustee at Lender's written request, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and without regard to the occupancy or value of any security for the Indebtedness or the insolvency of any party bound for its payment, to the appointment, at its option, of itself as mortgagee in possession, or of a receiver to take possession of and to operate the Property, and to collect and apply the Rents.

Appointment of Receiver or Mortgagee in Possession. If an Event of Default is continuing or if Agent Lender shall have accelerated the Indebtedness, TrusteeLender, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and without regard to the occupancy or value of any security for the Indebtedness or the insolvency of any party bound for its payment, to the appointment, at its option, of itself as mortgagee in possession, or of a receiver to take possession of and to operate the Property, and to collect and apply the Rents.