Common use of Possession of Mortgaged Property Clause in Contracts

Possession of Mortgaged Property. If an Event of Default shall have occurred and be continuing, then, to the extent permitted by applicable law, the Mortgagee shall have the right and power, but not the obligation, to enter into and upon and take possession of all or any part of the Collateral in the possession of any Mortgagor, its successors or assigns, or its or their agents or servants, and may exclude each Mortgagor, its successors or assigns, and all persons claiming under any Mortgagor, and its or their agents or servants wholly or partly therefrom; and, holding the same, the Mortgagee may use, administer, manage, operate and control the Collateral and conduct the business thereof to the same extent as the applicable Mortgagor, its successors or assigns, might at the time do and may exercise all rights and powers of such Mortgagor, in the name, place and stead of such Mortgagor, or otherwise as the Mortgagee shall deem best, in its sole discretion.

Possession of Mortgaged Property. If an Event of Default shall have occurred and be continuing, then, to the extent permitted by applicable law, the Trustee or the Mortgagee shall have the right and power, but not the obligation, to enter into and upon and take possession of all or any part of the Collateral in the possession of any the Mortgagor, its successors or assigns, or its or their agents or servants, and may exclude each the Mortgagor, its successors or assigns, and all persons claiming under any the Mortgagor, and its or their agents or servants wholly or partly therefrom; and, holding the same, the Mortgagee may use, administer, manage, operate and control the Collateral and conduct the business thereof to the same extent as the applicable Mortgagor, its successors or assigns, might at the time do and may exercise all rights and powers of such the Mortgagor, in the name, place and stead of such the Mortgagor, or otherwise as the Mortgagee shall deem best, in its sole discretion.

Possession of Mortgaged Property. If an Event of Default shall have occurred and be continuing, then, to the extent permitted by applicable lawRequirements of Law, the Mortgagee shall have the right and power, but not the obligation, power to enter into and upon and take possession of all or any part of the Collateral in the possession of any the Mortgagor, its successors or assigns, or any of its or their agents or servants, and may exclude each the Mortgagor, its successors or assigns, and all persons claiming under any the Mortgagor, and any of its or their agents or servants wholly or partly therefrom; and, holding the same, the Mortgagee may use, administer, manage, operate and control the Collateral and conduct the business thereof to the same extent as the applicable Mortgagor, its successors or assigns, might at the time do and may exercise all rights and powers of such the Mortgagor, in the name, place and stead of such the Mortgagor, or otherwise as the Mortgagee shall deem best, in its sole discretion.

Possession of Mortgaged Property. If an Event of Default shall have occurred and be continuing, then, to the extent permitted by applicable law, the Trustee or the Mortgagee shall have the right and power, but not the obligation, power to enter into and upon and take possession of all or any part of the Collateral in the possession of any the Mortgagor, its successors or assigns, or its or their agents or servants, and may exclude each the Mortgagor, its successors or assigns, and all persons claiming under any the Mortgagor, and its or their agents or servants wholly or partly therefrom; and, holding the same, the Mortgagee may use, administer, manage, operate and control the Collateral and conduct the business thereof to the same extent as the applicable Mortgagor, its successors or assigns, might at the time do and may exercise all rights and powers of such the Mortgagor, in the name, place and stead of such the Mortgagor, or otherwise as the Mortgagee shall deem best, in its sole discretion.