Common use of Receiver – Mortgagee in Possession Clause in Contracts

Receiver – Mortgagee in Possession. If an Event of Default shall have occurred and be continuing, Agent, to the extent permitted by law and without regard to the value of the Mortgaged Property or the adequacy of the security for the Secured Liabilities, shall be entitled as a matter of right and without any additional showing or proof, at Agent's election, to either the appointment by the court of a receiver (without the necessity of Agent posting a bond), the cost associated therewith to be paid by Mortgagor, to enter upon and take possession of the Mortgaged Property and to collect all Rents thereof and apply the same as the court may direct or to be placed by the court into possession of the Mortgaged Property as mortgagee in possession with the same power herein granted to a receiver and with all other rights and privileges of a mortgagee in possession under law. The right to enter and take possession of and to manage and operate the Mortgaged Property, and to collect all Rents thereof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law and may be exercised concurrently therewith or independently thereof. Agent shall be liable to account only for such Rents actually received by Agent, whether received pursuant to this Section 3.9 or Section 3.3. Notwithstanding the appointment of any receiver or other custodian, Agent shall be entitled as pledgee to the possession and control of any cash, deposits or instruments at the time held by, or payable or deliverable under the terms of this Mortgage to Agent.

Receiver – Mortgagee in Possession. If Upon the occurrence and during the continuation of an Event of Default shall have occurred and be continuingDefault, AgentLender, to the extent permitted by law and without regard to the value of the Mortgaged Property or the adequacy of the security for the Secured Liabilitiesindebtedness and other sums secured hereby, shall be entitled as a matter of right and without any additional showing or proof, at AgentLender's election, to either the appointment by the court of a receiver (without the necessity of Agent Lender posting a bond), the cost associated therewith to be paid by Mortgagor, ) to enter upon and take possession of the Mortgaged Property and to collect all Rents thereof and apply the same as the court may direct or to be placed by the court into possession of the Mortgaged Property as mortgagee in possession with the same power herein granted to a receiver and with all other rights and privileges of a mortgagee in possession under law. The right to enter and take possession of and to manage and operate the Mortgaged Property, and to collect all Rents thereofRents, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law and may be exercised concurrently therewith or independently thereof. Agent Lender shall be liable to account only for such Rents actually received by Agent, whether received pursuant to this Section 3.9 or Section 3.3Lender. Notwithstanding the appointment of any receiver or other custodian, Agent Lender shall be entitled as pledgee to the possession and control of any cash, deposits or instruments at the time held by, or payable or deliverable under the terms of this Mortgage to AgentLender. Any such receiver shall have all of the rights and powers described in Section 15‑1704 of the Act.