POSSESSION OF PROPERTY; APPOINTMENT OF RECEIVER Sample Clauses
POSSESSION OF PROPERTY; APPOINTMENT OF RECEIVER. (a) Without limiting any of the Bank’s rights set forth in Section 4.4 hereof, if an Event of Default shall occur the Bank may, at its option: (i) enter upon and take possession and control of the Property and the Property Income with those rights and powers more particularly set forth in Section 4.5(b) hereof; (ii) make application to a court of competent jurisdiction for and obtain the immediate ex parte appointment of a receiver authorized to immediately enter upon and take possession and control of the Property and the Property Income with those rights and powers more particularly set forth in Section 4.5 (b) hereof; and (iii) without taking possession and control of the Property, immediately (with or without commencing any legal action or proceeding in any court of competent jurisdiction) collect directly all Property Income in the place and stead of the Borrower with full rights and powers to notify all parties liable to make payments of Property Income to make said payments directly to the Bank or its agents, and the Bank or its agents shall have the further power and authority to ▇▇▇ for or otherwise collect and receive all Property Income.
(b) In the event the Bank or a receiver enters upon and takes possession and control of the Property and/or the Property Income pursuant to Section 4.5(a) hereof, said person or entity shall, in addition to such other rights and powers as may subsequently be authorized, have the right and power to (i) operate, manage and control the Property and exercise all the rights and powers of the Borrower in its name or otherwise with respect to the same; (ii) make all necessary and proper maintenance, repairs, replacements, and improvements to the Property; (iii) collect and receive all Property Income; and (iv) enforce all terms of existing contracts pertaining to the Property and enter into such new contracts as the Bank or the receiver may determine necessary in their sole discretion.
(c) All Property Income collected by the Bank, the Bank’s agent or a receiver, pursuant to Section 4.5(a) hereof, shall be applied in such order of priority as the Bank may determine in its sole discretion to (i) interest and principal due on the Obligations; (ii) taxes, assessments and insurance premiums due with respect to the Property and/or the business operations conducted from the Property; (iii) all costs and expenses of operating, maintaining, repairing and improving the Property; and (iv) the compensation, salaries, expenses and...
POSSESSION OF PROPERTY; APPOINTMENT OF RECEIVER. A. Without notice to Borrower, and without regard to the adequacy of the security for the Mortgage Debt, proof of depreciation of the value of the Property or the financial condition of Borrower, Lender may, at its option: by itself or by agent, with or without bringing any action, suit or proceeding, immediately enter upon and take possession and control of the Property and the Property Income with those rights and powers more particularly set forth in SUBSECTION 3.3 C. hereof; make application to a court of competent jurisdiction for and obtain the immediate ex parte appointment of a receiver authorized to immediately enter upon and take possession and control of the Property and the Property Income with those rights and powers more
(1) Either personally or by means of a court appointed receiver, taking possession of all or any of the Service Equipment and thereafter holding, storing, using, operating, maintaining and controlling the Service Equipment, and exercising all rights and powers of Borrower in respect thereof. If Lender demands or attempts to take possession of the Service Equipment, Borrower shall promptly to turn over and deliver complete possession thereof to Lender;
(2) Without notice to or demand upon Borrower, making such payments and doing such acts as Lender may deem necessary to protect its security interest in the Service Equipment;
(3) Requiring Borrower to assemble the Service Equipment, or any portion thereof, and make it available to Lender at a place designated by Lender and reasonably convenient to both parties. Lender and its agents and representatives shall have the right to enter upon any or all of Borrower's property to exercise Lender's rights hereunder; and
(4) Selling, leasing or otherwise disposing of the Service Equipment at public sale, with or without having the Service Equipment at the place of sale, and upon such terms and in such manner as Lender may determine. Lender may be a purchaser at any such sale. Borrower agrees that sales for cash or on credit to a wholesaler, retailer, or user of property of the type of the Service Equipment, or at public or private auction, are all commercially reasonable. Notwithstanding any other notice provision in this Mortgage or the Loan Documents, unless the Service Equipment is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market, Lender shall give Borrower reasonable notice of the time and place of any public sale thereof,...