Common use of Possession by Mortgagee Clause in Contracts

Possession by Mortgagee. Upon the occurrence of Default, to the ----------------------- extent permitted by Law, the Mortgagee may but shall not be required to enter upon and take possession of the Collateral without notice to the Grantor, judicial process, or the appointment of a receiver. The Mortgagee may exclude all persons from the Collateral and may proceed to operate the Collateral and receive all Revenues. The Mortgagee shall have the right as agent for the Grantor to Operate the Collateral and carry on the business of the Grantor, either in the name of the Grantor or otherwise. The Mortgagee shall not be liable to the Grantor for taking possession of the Collateral, as aforesaid, nor shall it be required to make repairs or replacements, and the Mortgagee shall be liable to account only for Revenues actually received by it. All Revenues collected by the Mortgagee shall be applied (a) first, to pay all expenses incurred in taking possession of the Collateral, (b) second, to pay costs and expenses to Operate the Collateral or to comply with the terms of the Transaction Documents, including reasonable attorney's fees, (c) third, to pay all sums secured by the Transaction Documents in the order of priority selected by Mortgagee, and (d) fourth, with the balance, if any, to the Grantor or such other Person as may be entitled thereto. Nothing contained herein shall impose upon Mortgagee any liability to perform Grantor's obligations under any Contract.

Possession by Mortgagee. Upon the occurrence of Default, to the ----------------------- extent permitted by Law, (a) If the Mortgagee may but shall not be required to enter upon and take possession of the Collateral without notice Mortgaged Property as permitted hereby, then in addition to, and not in limitation of, the Mortgagee's STATUTORY POWER OF SALE, the Mortgagee may: (i) hold, manage, operate, and lease the Mortgaged Property to the GrantorMortgagor or to any other entity on such terms and for such period(s) of time as the Mortgagee may deem proper, judicial processand the provisions of any lease made by the Mortgagee pursuant hereto shall be valid and binding upon the Mortgagor notwithstanding the fact that the Mortgagee's right of possession may terminate or this Mortgage may be satisfied of record prior to the expiration of the term of such lease; (ii) make such alterations, additions, improvements, renovations, repairs, and replacements to the Mortgaged Property as the Mortgagee may reasonably deem necessary to preserve and protect the value of its collateral; (iii) remodel such improvements so as to make the same available in whole or in part for business purposes in order to preserve and protect the value of the Mortgagee's collateral; (iv) collect the rents, issues, and profits arising from the Mortgaged Property, past due and thereafter becoming due, and apply the same, in such order of priority as the Mortgagee may determine, to the payment of all charges and commissions incidental to the collection of rents, the management of the Mortgaged Property, and thereafter to the obligations secured hereby, and all sums or charges required to be paid by the Mortgagor hereunder; and (v) take any other action the Mortgagee deems necessary or appropriate in its sole discretion to preserve, protect, or improve the appointment Mortgaged Property in order to preserve and protect the value of a receiver. The the Mortgagee's collateral; (b) All monies advanced by the Mortgagee may exclude all persons from the Collateral and may proceed to operate the Collateral and receive all Revenues. The Mortgagee shall have the right as agent for the Grantor to Operate the Collateral above purposes and carry on the business not repaid out of the Grantorrents collected shall immediately and without demand be repaid by the Mortgagor to the Mortgagee, either together with interest thereon at the same rate as provided in the name Notes, and shall be added to the principal indebtedness secured hereby; (c) The taking of possession and the Grantor or otherwise. The collection of rents by the Mortgagee as described above shall not be liable construed to be an affirmation of any lease of the Grantor Mortgaged Property or any part thereof, and the Mortgagee, or any purchaser at any foreclosure sale, may terminate any such lease at any time, whether or not such taking of possession and collection of rents has occurred,; and (d) Mortgagor hereby releases Mortgagee from liability for losses or damages which Mortgagor may incur as a result of Mortgagee taking possession of the CollateralMortgaged Property and exercising and performing its rights and duties otherwise set forth in this Paragraph, as aforesaid, nor shall it be required to make repairs except for such losses or replacements, and the Mortgagee shall be liable to account only for Revenues actually received by it. All Revenues collected by the Mortgagee shall be applied (a) first, to pay all expenses incurred in taking possession of the Collateral, (b) second, to pay costs and expenses to Operate the Collateral damages resulting from Mortgagee's gross negligence or to comply with the terms of the Transaction Documents, including reasonable attorney's fees, (c) third, to pay all sums secured by the Transaction Documents in the order of priority selected by Mortgagee, and (d) fourth, with the balance, if any, to the Grantor or such other Person as may be entitled thereto. Nothing contained herein shall impose upon Mortgagee any liability to perform Grantor's obligations under any Contractwillful misconduct.

Possession by Mortgagee. Upon the occurrence of Default, to the ----------------------- extent permitted by Law, (a) If the Mortgagee may but shall not be required to enter upon and take possession of the Collateral without notice Mortgaged Property as permitted hereby, then in addition to, and not in limitation of, the Mortgagee's STATUTORY POWER OF SALE, the Mortgagee may: (i) hold, manage, operate, and lease the Mortgaged Property to the GrantorMortgagor or to any other entity on such terms and for such period(s) of time as the Mortgagee may deem proper, judicial processand the provisions of any lease made by the Mortgagee pursuant hereto shall be valid and binding upon the Mortgagor notwithstanding the fact that the Mortgagee's right of possession may terminate or this Mortgage may be satisfied of record prior to the expiration of the term of such lease; (ii) make such alterations, additions, improvements, renovations, repairs, and replacements to the Mortgaged Property as the Mortgagee may reasonably deem necessary to preserve and protect the value of its collateral; (iii) remodel such improvements so as to make the same available in whole or in part for business purposes in order to preserve and protect the value of the Mortgagee's collateral; (iv) collect the rents, issues, and profits arising from the Mortgaged Property, past due and thereafter becoming due, and apply the same, in such order of priority as the Mortgagee may determine, to the payment of all charges and commissions incidental to the collection of rents, the management of the Mortgaged Property, and thereafter to the obligations secured hereby, and all sums or charges required to be paid by the Mortgagor hereunder; and (v) take any other action the Mortgagee deems necessary or appropriate in its sole discretion to preserve, protect, or improve the appointment Mortgaged Property in order to preserve and protect the value of a receiver. The the Mortgagee's collateral; (b) All monies advanced by the Mortgagee may exclude all persons from the Collateral and may proceed to operate the Collateral and receive all Revenues. The Mortgagee shall have the right as agent for the Grantor to Operate the Collateral above purposes and carry on the business not repaid out of the Grantorrents collected shall immediately and without demand be repaid by the Mortgagor to the Mortgagee, either together with interest thereon at the same rate as provided in the name Note, and shall be added to the principal indebtedness secured hereby; (c) The taking of possession and the Grantor or otherwise. The collection of rents by the Mortgagee as described above shall not be liable construed to be an affirmation of any lease of the Grantor Mortgaged Property or any part thereof, and the Mortgagee, or any purchaser at any foreclosure sale, may terminate any such lease at any time, whether or not such taking of possession and collection of rents has occurred,; and (d) Mortgagor hereby releases Mortgagee from liability for losses or damages which Mortgagor may incur as a result of Mortgagee taking possession of the CollateralMortgaged Property and exercising and performing its rights and duties otherwise set forth in this Paragraph, as aforesaid, nor shall it be required to make repairs except for such losses or replacements, and the Mortgagee shall be liable to account only for Revenues actually received by it. All Revenues collected by the Mortgagee shall be applied (a) first, to pay all expenses incurred in taking possession of the Collateral, (b) second, to pay costs and expenses to Operate the Collateral damages resulting from Mortgagee's gross negligence or to comply with the terms of the Transaction Documents, including reasonable attorney's fees, (c) third, to pay all sums secured by the Transaction Documents in the order of priority selected by Mortgagee, and (d) fourth, with the balance, if any, to the Grantor or such other Person as may be entitled thereto. Nothing contained herein shall impose upon Mortgagee any liability to perform Grantor's obligations under any Contractwillful misconduct.

Possession by Mortgagee. Upon the occurrence of an Event of ------------------------ Default, to the ----------------------- extent permitted by Law, the Mortgagee may but shall not be required to enter upon and take possession of the Collateral without Property with notice to the GrantorMortgagor, but without judicial process, process or the appointment of a receiver. The Mortgagee may exclude all persons from the Collateral Property and may proceed to operate the Collateral Property and receive all RevenuesRents. The Mortgagee shall have the right as agent for the Grantor Mortgagor to Operate operate the Collateral Property and carry on the business of the GrantorMortgagor, either in the name of the Grantor Mortgagor or otherwise. The Mortgagee shall not be liable to the Grantor Mortgagor for taking possession pos- session of the CollateralProperty, as aforesaid, nor shall it the Mortgagee be required to make repairs or replacements, and the Mortgagee shall be liable to account only for Revenues Rents actually received by it. All Revenues Rents collected by the Mortgagee shall be applied (a) first, to pay all expenses incurred in taking possession of the CollateralProperty, (b) second, to pay costs and expenses to Operate operate the Collateral or Property and/or to comply with the terms of the Transaction Loan Documents, including reasonable attorney's fees, (c) third, to pay all sums secured by the Transaction Loan Documents in the order of priority selected by Mortgagee, and (d) fourth, with the balance, if any, " to the Grantor Mortgagor or such other Person person as may be entitled thereto. Nothing contained herein Neither the assignment of Rents and Leases hereunder nor any other assignment of Leases shall impose upon Mortgagee any liability to perform GrantorMortgagor's obligations under any ContractLease.

Possession by Mortgagee. Upon the occurrence of Default, to the ----------------------- extent permitted by Law, (a) If the Mortgagee may but shall not be required to enter upon and take possession of the Collateral without notice Mortgaged Property as permitted hereby, then in addition to, and not in limitation of, the Mortgagee's other legal remedies, the Mortgagee may: (i) hold, manage, operate, and lease the Mortgaged Property to the GrantorMortgagor or to any other entity on such terms and for such period(s) of time as the Mortgagee may deem proper, judicial processand the provisions of any lease made by the Mortgagee pursuant hereto shall be valid and binding upon the Mortgagor notwithstanding the fact that the Mortgagee's right of possession may terminate or this Mortgage may be satisfied of record prior to the expiration of the term of such lease; (ii) make such alterations, additions, improvements, renovations, repairs, and replacements to the Mortgaged Property, and remodel such improvements, as the Mortgagee may deem necessary or appropriate for the continuance of the Mortgagor's business or preservation of the value of the Mortgaged Property; and ; (iii) collect the rents, issues, and profits arising from the Mortgaged Property, past due and thereafter becoming due, and apply the same to the payment of all charges and commissions incidental to the collection of rents, the management of the Mortgaged Property, and thereafter to the obligations and all sums or charges required to be paid by the Mortgagor hereunder; and (iv) take any other action the Mortgagee deems necessary or appropriate in its sole discretion to preserve, protect, or improve the appointment of a receiver. The Mortgaged Property; (b) All monies advanced by the Mortgagee may exclude all persons from the Collateral and may proceed to operate the Collateral and receive all Revenues. The Mortgagee shall have the right as agent for the Grantor to Operate the Collateral above purposes and carry on the business not repaid out of the Grantorrents collected shall immediately and without demand be repaid by the Mortgagor to the Mortgagee, either together with interest thereon at the highest rate provided in the name Notes, and shall be added to the principal indebtedness secured hereby; (c) The taking of possession and the Grantor or otherwise. The collection of rents by the Mortgagee as described above shall not be liable construed to be an affirmation of any lease of the Mortgaged Property or any part thereof, and the Mortgagee, or any purchaser at any foreclosure sale, may terminate any such lease at any time, whether or not such taking of possession and collection of rents has occurred; and (d) Mortgagor hereby indemnifies and holds Mortgagee harmless from and against any liability or damage which Mortgagee may incur with respect to the Grantor for taking possession of the Collateral, as aforesaid, nor shall it be required to make repairs or replacementsMortgaged Property and in the exercise and performance, and the Mortgagee shall be liable to account only for Revenues actually received by it. All Revenues collected by the Mortgagee shall be applied (a) firstgood faith, to pay all expenses incurred of its rights and duties otherwise set forth in taking possession of the Collateral, (b) second, to pay costs and expenses to Operate the Collateral or to comply with the terms of the Transaction Documents, including reasonable attorney's fees, (c) third, to pay all sums secured by the Transaction Documents in the order of priority selected by Mortgagee, and (d) fourth, with the balance, if any, to the Grantor or such other Person as may be entitled thereto. Nothing contained herein shall impose upon Mortgagee any liability to perform Grantor's obligations under any Contractthis Section.

Possession by Mortgagee. Upon the occurrence of Default, to the ----------------------- extent permitted by Law, (a) If the Mortgagee may but shall not be required to enter upon and take possession of the Collateral without notice Mortgaged Property as permitted hereby, then in addition to, and not in limitation of, the Mortgagee’s STATUTORY POWER OF SALE, the Mortgagee may: (i) hold, manage, operate, and lease the Mortgaged Property to the GrantorMortgagor or to any other entity on such terms and for such period(s) of time as the Mortgagee may deem proper, judicial processand the provisions of any lease made by the Mortgagee pursuant hereto shall be valid and binding upon the Mortgagor notwithstanding the fact that the Mortgagee’s right of possession may terminate or this Mortgage may be satisfied of record prior to the expiration of the term of such lease; (ii) make such alterations, additions, improvements, renovations, repairs, and replacements to the Mortgaged Property as the Mortgagee may reasonably deem necessary to preserve and protect the value of its collateral; (iii) remodel such improvements so as to make the same available in whole or in part for business purposes in order to preserve and protect the value of the Mortgagee’s collateral; (iv) collect the rents, issues, and profits arising from the Mortgaged Property, past due and thereafter becoming due, and apply the same, in such order of priority as the Mortgagee may determine, to the payment of all charges and commissions incidental to the collection of rents, the management of the Mortgaged Property, and thereafter to the obligations secured hereby, and all sums or charges required to be paid by the Mortgagor hereunder; and (v) take any other action the Mortgagee deems necessary or appropriate in its sole discretion to preserve, protect, or improve the appointment Mortgaged Property in order to preserve and protect the value of a receiver. The the Mortgagee’s collateral; (b) All monies advanced by the Mortgagee may exclude all persons from the Collateral and may proceed to operate the Collateral and receive all Revenues. The Mortgagee shall have the right as agent for the Grantor to Operate the Collateral above purposes and carry on the business not repaid out of the Grantorrents collected shall immediately and without demand be repaid by the Mortgagor to the Mortgagee, either together with interest thereon at the same rate as provided in the name Note, and shall be added to the principal indebtedness secured hereby; (c) The taking of possession and the Grantor or otherwise. The collection of rents by the Mortgagee as described above shall not be liable construed to be an affirmation of any lease of the Grantor Mortgaged Property or any part thereof, and the Mortgagee, or any purchaser at any foreclosure sale, may terminate any such lease at any time, whether or not such taking of possession and collection of rents has occurred, except as may be otherwise provided in any subordination, nondisturbance and attornment agreements between tenants and Mortgagee; and (d) Mortgagor hereby releases Mortgagee from liability for losses or damages which Mortgagor may incur as a result of Mortgagee taking possession of the CollateralMortgaged Property and exercising and performing its rights and duties otherwise set forth in this Paragraph, as aforesaid, nor shall it be required to make repairs except for such losses or replacements, and the Mortgagee shall be liable to account only for Revenues actually received by it. All Revenues collected by the Mortgagee shall be applied (a) first, to pay all expenses incurred in taking possession of the Collateral, (b) second, to pay costs and expenses to Operate the Collateral damages resulting from Mortgagee’s gross negligence or to comply with the terms of the Transaction Documents, including reasonable attorney's fees, (c) third, to pay all sums secured by the Transaction Documents in the order of priority selected by Mortgagee, and (d) fourth, with the balance, if any, to the Grantor or such other Person as may be entitled thereto. Nothing contained herein shall impose upon Mortgagee any liability to perform Grantor's obligations under any Contractwillful misconduct.