Common use of Operation of Property by Mortgagee Clause in Contracts

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional xxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any Person to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional xxxxx) have been paid, and no Event of Default is continuing, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of an any Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional xxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any Person person, firm, corporation or other entity to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional xxxxx) have been paid, and no Event of Default is continuingthe Obligations have been paid, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional xxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any Person to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional xxxxx) have been paid, and no Event of Default is continuingSecurity Termination has occurred, the Realty Collateral shall be returned to Mortgagor (providing provided there has been no foreclosure sale).

Operation of Property by Mortgagee. Upon the occurrence and during the continuance of an Event of Default, and in addition to all other rights of Mortgagee, Mortgagee shall have the following rights and powers (but no obligation): (i) To enter upon and take possession of any of the Realty Collateral and exclude Mortgagor therefrom; (ii) To hold, use, administer, manage and operate the Realty Collateral to the extent that Mortgagor could do so, and without any liability to Mortgagor in connection with such operations; and (iii) To the extent that Mortgagor could do so, to collect, receive and receipt for all Hydrocarbons produced and sold from the Realty Collateral, to make repairs, to purchase machinery and equipment, to conduct workover operations, to drill additional xxxxx, and to exercise every power, right and privilege of Mortgagor with respect to the Realty Collateral. Mortgagee may designate any Person person, firm, corporation or other entity to act on its behalf in exercising the foregoing rights and powers. When and if the expenses of such operation and development (including costs of unsuccessful workover operations or additional xxxxx) have been paidpaid and all of the Obligations have been fully and finally paid and discharged in full, all of the Commitments have terminated or expired, and no Event of Default is continuingthe Credit Agreement has been terminated in writing, the Realty Collateral shall be returned to Mortgagor (providing there has been no foreclosure sale).