Common use of Lender's Right to Enter and Take Possession, Operate and Apply Income Clause in Contracts

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of an Event of Default (i) Mortgagor, upon demand of Lender, shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, is hereby expressly authorized to enter and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor and its agents and employees wholly therefrom. (b) If Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after Lender's demand, Lender may obtain a judgment or decree conferring on Lender the right to immediate possession or requiring Mortgagor to deliver immediate possession of all or part of the Mortgaged Property to Lender, to the entry of which judgment or decree Mortgagor hereby specifically consents. Mortgagor shall pay to Lender, upon demand, all costs and expenses of obtaining such judgment or decree and reasonable compensation to Lender, its attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured by the lien of this Mortgage. (c) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof. (d) In addition to the foregoing, Lender shall have the right, in accordance with Sections 5/15-1701 and 5/15-1702 of the Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-1101 et seq., Illinois Revised Statutes (as such law may be amended, restated or replaced (the "Act"), to be placed in possession of the Mortgaged Property or at its request to have a receiver appointed, and such receiver, or Lender, if and when placed in possession, shall have, in addition to any other powers provided in this Mortgage, all powers, immunities, and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Act.

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of If an Event of Default shall have occurred, (i) Mortgagor, upon demand of Lender, shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, is hereby expressly authorized to enter and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor and its the agents and employees of Mortgagor wholly therefromtherefrom and shall have joint access with Mortgagor to the books, papers and accounts of Mortgagor; and (ii) notwithstanding the provisions of any lease or other agreement to the contrary, Mortgagor shall pay monthly in advance to Lender, on Lender’s entry into possession, or to any receiver appointed to collect the rents, income and other benefits of the Mortgaged Property, the fair and reasonable rental value for the use and occupation of such part of the Mortgaged Property as may be in possession of Mortgagor, or any entity affiliated with or controlled by Mortgagor, and upon default in any such payment Mortgagor shall vacate and surrender possession of such part of the Mortgaged Property to Lender or to such receiver, and in default thereof Mortgagor may be evicted by summary proceedings or otherwise. (b) If Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after Lender's ’s demand, Lender may obtain a judgment or decree conferring on Lender the right to immediate possession or requiring Mortgagor to deliver immediate possession of all or part of the Mortgaged Property to Lender, to the entry of which judgment or decree Mortgagor hereby specifically consents. Mortgagor shall pay to Lender, upon LaSalle Bank National Association April 20, 2005 Page 22 demand, all costs and expenses of obtaining such judgment or decree and reasonable compensation to Lender, its attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured by the lien of this Mortgage. (c) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof., and, from time to time: (di) In addition to the foregoingperform such construction, Lender shall have the rightmake all necessary and proper maintenance, in accordance with Sections 5/15-1701 repairs, renewals, replacements, additions and 5/15-1702 of the Illinois Mortgage Foreclosure Lawimprovements thereto and thereon, 735 ILCS 5/15-1101 et seq., Illinois Revised Statutes and purchase or otherwise acquire additional fixtures and personal property; (as such law may be amended, restated ii) insure or replaced (the "Act"), to be placed in possession of keep the Mortgaged Property or at its request to have a receiver appointed, and such receiver, or Lender, if and when placed in possession, shall have, in addition to any other powers provided in this Mortgage, all powers, immunities, and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Act.insured;

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of If an Event of Default (i) Mortgagorshall have occurred and be continuing, Borrower agrees that upon demand of Lender's demand, Borrower shall forthwith surrender to Lender the actual possession of the Mortgaged Propertyand, and to the extent permitted by law, Lender itself, itself or by such officers or agents as it may appoint, is hereby expressly authorized to may enter and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor Borrower and its agents and employees wholly therefromtherefrom and may have joint access with Borrower to the books, papers and accounts of Borrower. (b) If Mortgagor an Event of Default shall have occurred and be continuing, and if Borrower shall for any reason fail to surrender or deliver the Mortgaged Property all or any part thereof after Lender's portion of the Property to Lender upon demand, Lender may obtain a judgment or decree conferring on Lender the right to immediate possession or requiring Mortgagor Borrower to deliver immediate possession of all or part of the Mortgaged Property to Lender, to the entry of which judgment or decree Mortgagor hereby specifically consents. Mortgagor shall . (c) Borrower will pay to Lender, Lender upon demand, all costs and expenses of obtaining such judgment or decree and (including all expenses incurred by Lender as a result of any appeal), together with reasonable compensation to Lender, its attorneys and agents, ; and all such costs, expenses and compensation shall, until paid, shall be secured by the lien of this the Mortgage. (cd) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, Lender may hold, store, use, operate, manage and control the Mortgaged Property and conduct Borrower's business on the business thereof.Property and, from time to time: (di) In addition make all maintenance, repairs, renewals, replacements, additions, betterments and improvements necessary and proper to the foregoingProperty and purchase or otherwise acquire additional fixtures, Lender shall have personalty and other property; (ii) insure the right, Property; (iii) manage and operate the Property and exercise all of the rights and powers of Borrower (in Lender's name or otherwise) with respect to the management and operation of the Property; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender; (v) to perform or cause to be performed any and all work and labor necessary to complete the Improvements in accordance with Sections 5/15-1701 the Plans and 5/15-1702 Specifications; and (vi) to disburse that portion of the Illinois Mortgage Foreclosure LawLoan proceeds not previously disbursed (including any retainage) to the extent necessary to complete construction of the Improvements in accordance with the Plans and Specifications, 735 ILCS 5/15and if such completion requires a larger sum than the remaining undisbursed portion of the Loan, to disburse such additional funds, all of which funds so disbursed by Lender shall be deemed to have been disbursed to Borrower and shall be secured by the Mortgage. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful attorney-1101 et seq.in-fact with full power of substitution to complete the construction of the Improvements in Borrower's name and hereby empowers Lender as said attorney-in-fact to take all actions necessary in connection therewith, Illinois Revised Statutes including but not limited to the following: (as such law i) to use any funds of Borrower, including any balance which may be amendedheld in escrow and any funds which may remain unadvanced hereunder, restated for the purpose of completing the Improvements in the manner called for by the Plans and Specifications; (ii) to make such additions and changes and corrections in the Plans and Specifications which shall be necessary or replaced desirable to complete the Improvements in substantially the manner contemplated by the Plans and Specifications; (iii) to employ such contractors, subcontractors, agents, architects and engineers and inspectors as shall be required for said purposes; (iv) to pay, settle or compromise all existing or future bills and claims which are or may be liens against the "Act"), Property or which may be necessary or desirable for the completion of the Improvements or the clearance of title to the Property;(v) to execute all applications and certificates in Borrower's name which may be required by any construction contract; and to do any and every act with respect to the construction of the improvements which Borrower may do in its own behalf. It is understood and agreed that this power of attorney shall be deemed to be placed a power coupled with an interest which cannot be revoked by death or otherwise. Said attorney-in-fact shall also have power to prosecute and defend all actions or proceedings in possession connection with the construction of the Mortgaged Property or at 35 36 Improvements and to take such action and require such performance as it deems necessary. In accordance therewith, Borrower hereby assigns and quitclaims to Lender all sums to be advanced hereunder, including retainage and any sums in escrow, conditioned upon the use of said sums, if any, for the completion of the Improvements. all as Lender may, from time to time, determine to be to its request to have a receiver appointedbest advantage; and Lender may collect and receive all the income, revenues, rents, issues and profits of the same, including those past due as well as those accruing thereafter, and such receiver, or Lender, if and when placed in possession, shall have, in addition to any other powers provided in this Mortgage, all powers, immunities, and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Act.after deducting:

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of If an Event of Default shall have occurred, (i) Mortgagor, Mortgagor upon demand of Lender, Lender shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and if and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, is hereby expressly authorized to may enter upon and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor and its agents and employees wholly therefromtherefrom and may have joint access with Mortgagor to the books, papers and accounts of Mortgagor; and (ii) Mortgagor will pay monthly in advance to Lender on Lender's entry into possession, or to any receiver appointed to collect the rents, income and other benefits of the Property, the fair and reasonable rental value for the use and occupation of such part of the Property as may be in possession of Mortgagor, and upon default in any such payment will vacate and surrender possession of such part of the Property to Lender or to such receiver and, in default thereof, Mortgagor may be evicted by summary proceedings or otherwise. (b) If Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after Lender's demand, Lender may obtain a judgment or decree conferring on Lender the right to immediate possession or requiring Mortgagor to deliver immediate possession of all or part of the Mortgaged Property to Lender, to the entry of which judgment or decree Mortgagor hereby specifically consents. Mortgagor shall pay to Lender, upon demand, all reasonable costs and expenses of obtaining such judgment or decree and reasonable compensation to Lender, its attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured by the lien of this Mortgage. (c) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, Lender may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof., and, from time to time: (di) In addition Make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property; (ii) Insure or keep the Property insured; (iii) Manage and operate the Property and exercise all the rights and powers of Mortgagor in its name or otherwise with respect to the foregoingsame; (iv) Enter into agreements with others to exercise the powers herein granted Lender, all as Lender from time to time may determine; and Lender may collect and receive all the rents, income and other benefits thereof, including those past due as well as those accruing thereafter; and shall have apply the right, monies so received by Lender in accordance with Sections 5/15-1701 and 5/15-1702 such priority as Lender may determine to (1) the payment of the Illinois Mortgage Foreclosure LawObligations; (2) the deposits for taxes and assessments and insurance premiums due; (3) the cost of insurance, 735 ILCS 5/15-1101 et seq.taxes, Illinois Revised Statutes assessments and proper charges upon the Property or any part thereof; (4) the expenses of operating, maintaining, repairing and improving the Property, including without limitation renting commissions and rental collection commissions paid to an agent of Lender or of the receiver; and (5) the compensation, expenses and disbursements of the agents, attorneys and other representatives of Lender. All costs, expenses and liabilities of every character incurred by Lender in managing, operating and maintaining the Property, not paid out of rent as such law may be amendedhereinabove provided, restated or replaced (the "Act"), to be placed shall constitute additional Obligations secured hereby. While in possession of the Mortgaged Property, Lender or the receiver shall be liable to account only for the rents, issues and profits actually received. Lender shall surrender possession of the Property to Mortgagor only when all Obligations secured hereby and all amounts under any of the terms of this Mortgage shall have been paid and all defaults cured or at its request to have a receiver appointed, and such receiver, or Lender, if and when placed in waived. The same right of taking possession, however, shall have, in addition to exist if any other powers provided in this Mortgage, all powers, immunities, subsequent Event of Default shall occur and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Actbe continuing.

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of If an Event of Default shall have occurred, (i) Mortgagor, upon demand of Lender, shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, is hereby expressly authorized to enter and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor and its the agents and employees of Mortgagor wholly therefromtherefrom and shall have joint access with Mortgagor to the books, papers and accounts of Mortgagor; and (ii) notwithstanding the provisions of any lease or other agreement to the contrary, Mortgagor shall pay monthly in advance to Lender, on Lender’s entry into possession, or to any receiver appointed to collect the rents, income and other benefits of the Mortgaged Property, the fair and reasonable rental value for the use and occupation of such part of the Mortgaged Property as may be in possession of Mortgagor, or any entity affiliated with or controlled by Mortgagor, and upon default in any such payment Mortgagor shall vacate and surrender possession of such part of the Mortgaged Property to Lender or to such receiver, and in default thereof Mortgagor may be evicted by summary proceedings or otherwise. (b) If Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after Lender's ’s demand, Lender may obtain a judgment or decree conferring on Lender the right to immediate possession or requiring Mortgagor to deliver immediate possession of all or part of the Mortgaged Property to Lender, to the entry of which judgment or decree Mortgagor hereby specifically consents. Mortgagor shall pay to Lender, upon LaSalle Bank National Association April 20, 2005 Page 61 demand, all costs and expenses of obtaining such judgment or decree and reasonable compensation to Lender, its attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured by the lien of this Mortgage. (c) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof. (d) In addition , and, from time to the foregoing, Lender shall have the right, in accordance with Sections 5/15-1701 and 5/15-1702 of the Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-1101 et seq., Illinois Revised Statutes (as such law may be amended, restated or replaced (the "Act"), to be placed in possession of the Mortgaged Property or at its request to have a receiver appointed, and such receiver, or Lender, if and when placed in possession, shall have, in addition to any other powers provided in this Mortgage, all powers, immunities, and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Act.time:

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of If an Event of Default (i) Mortgagorshall have occurred and be continuing, the Borrower agrees that upon demand of Lender, Borrower shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and if and to the extent permitted by law, law Lender itself, itself or by such officers or agents as it may appoint, is hereby expressly authorized to may enter and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor the Borrower and its agents and employees wholly therefromtherefrom and may have joint access with the Borrower to the books, papers and accounts of the Borrower. (b) If Mortgagor the Borrower shall for any reason fail to surrender or deliver the any such Mortgaged Property or any part thereof after such demand by Lender's demand, Lender may obtain a judgment or decree conferring on Lender the right to immediate possession or requiring Mortgagor the Borrower to deliver immediate possession of all or part of the such Mortgaged Property to Lender, to the entry of which judgment or decree Mortgagor the Borrower hereby specifically consents. Mortgagor shall . (c) The Borrower will pay to Lender, upon demand, all costs and expenses of obtaining such judgment or decree and reasonable compensation to Lender, its attorneys (including appeals) and agents, ; and all such costs, expenses and compensation shall, until paid, shall be added to the indebtedness secured by this Mortgage and shall earn interest at the lien of this MortgageDefault Rate provided in the Note. (cd) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, Lender may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof.thereof and from time to time: (di) In addition to the foregoingmake all necessary and proper maintenance, Lender shall have the rightrepairs, in accordance with Sections 5/15-1701 renewals, replacements, additions, betterments and 5/15-1702 of the Illinois Mortgage Foreclosure Lawimprovements thereto and thereon and purchase or otherwise acquire additional fixtures, 735 ILCS 5/15-1101 et seq., Illinois Revised Statutes personalty and other property; (as such law may be amended, restated ii) insure or replaced (the "Act"), to be placed in possession of keep the Mortgaged Property insured; (iii) manage and operate the Mortgaged Property and exercise all the rights and powers of the Borrower in its name or at otherwise, with respect to the same; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted to Lender, all as Lender from time to time may determine to be to its request to have a receiver appointedbest advantage; and Lender may collect and receive all the income revenues, rents, issues and profits of the same, including those past due as well as those accruing thereafter, and such receiver, or Lender, if and when placed in possession, shall have, in addition to any other powers provided in this Mortgage, all powers, immunities, and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Act.after deducting:

Lender's Right to Enter and Take Possession, Operate and Apply Income. (a) Upon the occurrence and during the continuation of If an Event of Default shall have occurred, (i) Mortgagor, upon demand of Lender, shall forthwith surrender to Lender the actual possession of the Mortgaged Property, and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, is hereby expressly authorized to enter and take possession of all or any portion of the Mortgaged Property and may exclude Mortgagor and its agents and employees wholly therefromtherefrom and shall have joint access with Mortgagor to the books, papers and accounts of Mortgagor; and (ii) notwithstanding the provisions of any lease or other agreement to the contrary, Mortgagor shall pay monthly in advance to Lender, on Lender's entry into possession, or to any receiver appointed to collect the rents, income and other benefits of the Mortgaged Property, the fair and reasonable rental value for the use and occupation of such part of the Mortgaged Property as may be in possession of Mortgagor, or any entity affiliated with or controlled by Mortgagor, and upon default in any such payment Mortgagor shall vacate and surrender possession of such part of the Mortgaged Property to Lender or to such receiver, and in default thereof Mortgagor may be evicted by summary proceedings or otherwise. (b) If Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after Lender's demand, Lender may obtain a judgment Judgment or decree conferring on Lender the right to 'immediate possession or requiring Mortgagor to deliver immediate possession of all or part of the Mortgaged Property to Lender, to the entry of which judgment Judgment or decree Mortgagor hereby specifically consents. Mortgagor shall pay to Lender, upon demand, all costs and expenses of obtaining such judgment or decree and reasonable compensation to Lender, its attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured by the lien of this Mortgage. (c) Upon every such entering upon or taking of possession, Lender, to the extent permitted by law, may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof. (d) In addition to the foregoing, Lender shall have the right, in accordance with Sections 5/15-1701 and 5/15-1702 of the Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-1101 et seq., Illinois Revised Statutes (as such law may be amended, restated or replaced (the "Act"), to be placed in possession of the Mortgaged Property or at its request to have a receiver appointed, and such receiver, or Lender, if and when placed in possession, shall have, in addition to any other powers provided in this Mortgage, all powers, immunities, and duties as provided for in Sections 5/15-1701 and 5/15-1702 of the Act.