Common use of POSSESSION OF PROPERTY; APPOINTMENT OF RECEIVER Clause in Contracts

POSSESSION OF PROPERTY; APPOINTMENT OF RECEIVER. A. The Lender may, at its option (a) 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.; (b) 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 subsection 3.3 C.; and (c) without taking possession and control of the Property, immediately commence action to 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 Lender or its agents, and the Lender or its agents shall have the further power and authority to xxx for or otherwise collect and receive all Property Income.

POSSESSION OF PROPERTY; APPOINTMENT OF RECEIVER. A. (i) The Lender may, at its option (a1) enter upon and take possession and control of the Mortgaged Property and the Property Income with those rights and powers more particularly set forth in subsection 3.3 C.(iii) below; (b2) 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 Mortgaged Property and the Property Income with those rights and powers more particularly set forth in subsection 3.3 C.below; and (c3) without taking possession and control of the Mortgaged Property, immediately commence action to 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 Lender or its agents, and the Lender or its agents shall have the further power and authority to xxx for or otherwise collect and receive all Property Income.