Common use of Right of Lender to Enter and Take Possession Clause in Contracts

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurred, the Borrower, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possession, and the Lender may enter and take possession, of all the Mortgage Property, and may exclude the Borrower and its agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, and control the Mortgage Property and conduct the business thereof, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) and purchase or otherwise acquire additional fixtures, personalty, and other property in connection therewith; (ii) insure or keep the Mortgage Property insured; (iii) manage and operate the Mortgage Property and exercise all the rights and powers of the Borrower in its name or otherwise (to the extent permitted by applicable law), with respect to the same; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender from time to time may determine to be to its best advantage and for the good of the Mortgage Property; and the Lender may collect and receive all the income, revenues, rents, issues and profits of the same including those past due as well as those accruing thereafter, and, after deducting (A) all reasonable expenses of taking, holding, managing, and operating the Mortgage Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); (B) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; (C) the cost of such insurance; (D) such taxes, assessments, and other charges prior to the lien of this Mortgage as the Lender may determine to pay; (E) other proper charges upon the Mortgage Property or any part thereof; and (F) the compensation, expenses, and disbursements of the attorneys and agents of the Lender; Lender shall apply the remainder of the moneys so received by the Lender to the payment of accrued interest, to the payment of tax and insurance, and to the payment of overdue installments of principal, all in such order and priority as the Lender may determine. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (e) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Property to the Borrower, its successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occur.

Appears in 2 contracts

Samples: Mortgage, Security Agreement and Fixture Filing (Balanced Care Corp), Mortgage, Security Agreement and Fixture Filing (Balanced Care Corp)

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Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurredoccurred and be continuing, the BorrowerMortgagor, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Mortgaged Property, and if and to the extent permitted by law, the Lender or its agents may enter and take possession, and maintain possession of all the Mortgage Mortgaged Property, together with all the documents, books, records, papers and accounts of the Mortgagor or then owner of the Mortgaged Property relating thereto, and may exclude the Borrower Mortgagor and its agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or taking of possession, the Lender Lender, as attorney-in-fact or agent of the Mortgagor, or in its own name as mortgagee and under the powers herein granted, may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Mortgaged Property (or any portion thereof selected by Lender) and conduct the business thereofthereof either personally or by its agents, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (ii) insure or keep the Mortgage Mortgaged Property (or any portion thereof selected by Lender) insured; (iii) manage and operate the Mortgage Mortgaged Property (or any portion thereof selected by Lender) and exercise all the rights and powers of the Borrower Mortgagor in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same, including legal actions for the recovery of rent, legal dispossessory actions against tenants holding over and legal actions in distress of rent, and with full power and authority to cancel or terminate any lease or sublease for any cause or on any ground which would entitle the Mortgagor to cancel the same, and to elect to disaffirm any lease or sublease made subsequent to this Mortgage or subordinated to the lien hereof; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the Lender may collect and receive all the income, revenues, rents, issues and profits of the same Mortgaged Property (or any portion thereof selected by Lender), including those past due as well as those accruing thereafter, and, after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Mortgaged Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, improvements and purchases and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage as the Lender may determine to pay; , (Eee) other proper charges upon the Mortgage Mortgaged Property or any part thereof; , and (Fff) the reasonable compensation, expenses, expenses and disbursements of the attorneys and agents of the Lender; , Lender shall apply the remainder of the moneys so received by the Lender Lender, first to the payment of accrued interest, interest under the Note; second to the payment of tax and insurance, and deposits required in Paragraph 1.04; third to the payment of any other sums required to be paid by Borrower or the Mortgagor under this Mortgage or under the other Loan Documents; fourth to the payment of overdue installments of principal on the Note; fifth to the payment of any sums due under Other Indebtedness Instruments, whether principal, all in such order interest or otherwise; and priority the balance, if any, as the Lender may determineotherwise required by law. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (ec) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Mortgaged Property to the BorrowerMortgagor, its successors or assignsto whomsoever shall be entitled to possession of the Mortgaged Property as a matter of law. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 2 contracts

Samples: Loan Agreement (Westwater Resources, Inc.), Future Advance Mortgage, Assignment of Rents and Leases and Security Agreement (Westwater Resources, Inc.)

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurred, the BorrowerMortgagor, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Premises, and the Lender may (by itself or through a receiver) enter and take possession, possession of all the Mortgage Property, Premises and may exclude the Borrower Mortgagor and its Mortgagor’s agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or and taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, leasecontrol, and control maintain the Mortgage Property Premises and conduct the business thereof, and, from time to time time, (i) make all necessary and proper maintenanceor perform construction, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (ii) insure or keep the Mortgage Property Premises insured; (iii) manage and operate the Mortgage Property Premises and exercise all the rights and powers of the Borrower Mortgagor in its name or otherwise (to the extent permitted by applicable law), with respect to the same; same and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender may from time to time may determine to be to its best advantage and for the good of the Mortgage Property; and the interest. Lender may collect and receive all of the income, revenuesrents, rentsprofits, issues and profits revenues of the same Premises, including those the past due as well as those accruing thereafter, andand Lender may apply any moneys and proceeds received by Lender, after deducting in such order and priority as Lender in its sole discretion may determine, to (A1) all reasonable expenses of taking, holding, managing, managing and operating the Mortgage Property Premises (including - 11 - 12 compensation for the services of all persons employed for such purposes); (B2) the cost of all such construction, maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; (C3) the cost of such insurance; (D4) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage as the Lender may determine to pay; (E5) other proper charges upon the Mortgage Property Premises or any part thereof; and (F6) the compensation, expenses, reasonable compensation and disbursements expenses of the attorneys and agents of the Lender; (7) accrued interest; (8) deposits for taxes, insurance and similar items required hereunder; (9) principal; and/or (10) any other sums that may be due and payable to Lender shall apply the remainder under or pursuant to any of the moneys so received Loan Documents. (c) For the purpose of carrying out the provisions of this Section 2.3, Mortgagor hereby constitutes and appoints Lender the true and lawful attorney-in-fact of Mortgagor to do and perform, from time to time, any and all actions necessary and incidental to such purpose and does, by these presents, ratify and confirm any and all actions of said attorney-in-fact in the Lender to the payment of accrued interest, to the payment of tax and insurance, and to the payment of overdue installments of principal, all in such order and priority as the Lender may determinePremises. (d) If an Event of Default Lender shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (e) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Property Premises to Mortgagor as a result of the Borroweracceptance by Lender of any cure of any Event of Default, its successors or assigns. The same the right of taking Lender to thereafter take possession, howeverfrom time to time, pursuant to this Section shall exist if any subsequent Event of Default shall occur.

Appears in 2 contracts

Samples: Mortgage and Security Agreement (American Leisure Holdings, Inc.), Mortgage and Security Agreement (American Leisure Holdings, Inc.)

Right of Lender to Enter and Take Possession. (aA) If an Event of Default shall have occurredoccurred and be continuing, the BorrowerGrantor, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Property, and if and to the extent permitted by law, the Lender or its agents may enter and take possession, and maintain possession of all the Mortgage Property, together with all the documents, books, records, papers and accounts of the Grantor or then owner of the Property relating thereto, and may exclude the Borrower Grantor and its agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (cB) Upon every such entering upon or taking of possession, the Lender Grantee, as attorney-in-fact or agent of the Grantor, or in its own name as mortgagee and under the powers herein granted, may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Property (or any portion thereof selected by Grantee) and conduct the business thereofthereof either personally or by its agents, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (ii) insure or keep the Mortgage Property (or any portion thereof selected by Grantee) insured; (iii) manage and operate the Mortgage Property (or any portion thereof selected by Grantee) and exercise all the rights and powers of the Borrower Grantor in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same, including legal actions for the recovery of rent, legal dispossessory actions against tenants holding over and legal actions in distress of rent, and with full power and authority to cancel or terminate any lease or sublease for any cause or on any ground which would entitle the Grantor to cancel the same, and to elect to disaffirm any lease or sublease made subsequent to this Deed to Secure Debt or subordinated to the lien hereof; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the LenderGrantee, all as the Lender Grantee from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the Lender Grantee may collect and receive all the income, revenues, rents, issues and profits of the same Property (or any portion thereof selected by Grantee), including those past due as well as those accruing thereafter, and, after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, improvements and purchases and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage Deed to Secure Debt as the Lender Grantee may determine to pay; , (Eee) other proper charges upon the Mortgage Property or any part thereof; , and (Fff) the reasonable compensation, expenses, expenses and disbursements of the attorneys and agents of the Lender; Lender Grantee, Grantee shall apply the remainder of the moneys so received by the Lender Grantee, first to the payment of accrued interest, interest under the Note; second to the payment of tax and insurance, and deposits required in Paragraph 1.04; third to the payment of any other sums required to be paid by Grantor under this Deed to Secure Debt or under the other Loan Documents; fourth to the payment of overdue installments of principal on the Note; fifth to the payment of any sums due under Other Indebtedness Instruments, whether principal, all in such order interest or otherwise; and priority the balance, if any, as the Lender may determineotherwise required by law. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (eC) Whenever all such Events of Default have been cured and satisfied, the Lender Grantee may, at its option, surrender possession of the Mortgage Property to the BorrowerGrantor, its successors or assignsto whomsoever shall be entitled to possession of the Property as a matter of law. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Future Advance Deed to Secure Debt, Assignment of Rents and Leases and Security Agreement (Roberts Realty Investors Inc)

Right of Lender to Enter and Take Possession. (a) If Upon or after the occurrence of an Event of Default shall have occurredDefault, the BorrowerGrantor, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Premises and if, and to the extent, permitted by Applicable Law, Lender may enter and take possession, possession of all the Mortgage Property, Premises and may exclude the Borrower Grantor and its Grantor’s agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or and taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, leasecontrol, and control maintain the Mortgage Property Premises and conduct the business thereof, and, from time to time time, (i) make all necessary and proper maintenance, repairs, renewalsreplacements, additions, and replacements improvements thereto and thereon (including additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewith; property, (ii) insure or keep the Mortgage Property Premises insured; , (iii) manage and operate the Mortgage Property Premises and exercise all the rights and powers of the Borrower Grantor in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same; , and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender may from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the Lender may collect and receive all of the income, revenuesrents, rentsprofits, issues and profits revenues of the same including those Premises, including, without limitation, the past due as well as those accruing thereafter, thereafter and, after deducting (Aaa) all reasonable expenses of taking, holding, managing, managing and operating the Mortgage Property Premises (including - 11 - 12 including, without limitation, compensation for the services of all persons Persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, and other charges Taxes prior to the lien of this Mortgage Deed as the Lender may determine to pay; , (Eee) other proper charges upon the Mortgage Property Premises or any part thereof; , and (Fff) the compensation, expenses, fees and disbursements expenses of the attorneys and agents of the Lender; Lender , shall apply the remainder of the moneys money so received by the Lender to any balance of the payment of accrued interest, to the payment of tax and insurance, and to the payment of overdue installments of principal, all in such order and priority as the Lender may determineIndebtedness outstanding. (dc) If an Event For the purpose of Default shall existcarrying out the provisions of this Section 3.03, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns Grantor hereby constitutes and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's the true and lawful attorney-in-fact, which appointment is coupled fact of Grantor with an interest and is irrevocablefull power of substitution, to provide do and perform, from time to time, in Grantor’s or Lender’s name but at Grantor’s expense, any noticeand all actions necessary and incidental to such purpose and does, endorse by these presents, ratify and confirm any check, draft or other payment for deposit, or take any other action which Borrower agrees to take and all actions of said attorney-in-fact in this Sectionthe premises. (e) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Property to the Borrower, its successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occur.

Appears in 1 contract

Samples: Deed to Secure Debt (Home Federal Holdings CORP)

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurredoccurred and be continuing, the Borrower, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Mortgaged Property, and if and to the extent permitted by law, Lender or its agents may enter and take possession, and maintain possession of all the Mortgage Mortgaged Property, together with all the documents, books, records, papers and accounts of Borrower or then owner of the Mortgaged Property relating thereto, and may exclude the Borrower and its agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or taking of possession, Lender, as attorney-in-fact or agent of Xxxxxxxx, or in its own name as mortgagee and under the Lender powers herein granted, may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Mortgaged Property (or any portion thereof selected by Lender) and conduct the business thereofthereof either personally or by its agents, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (ii) insure or keep the Mortgage Mortgaged Property (or any portion thereof selected by Lender) insured; (iii) manage and operate the Mortgage Mortgaged Property (or any portion thereof selected by Lender) and exercise all the rights and powers of the Borrower in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same, including legal actions for the recovery of rent, legal dispossessory actions against tenants holding over and legal actions in distress of rent, and with full power and authority to cancel or terminate any lease or sublease for any cause or on any ground which would entitle Borrower to cancel the same, and to elect to disaffirm any lease or sublease made subsequent to this Mortgage or subordinated to the lien hereof; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the LenderXxxxxx, all as the Lender from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the Lender may collect and receive all the income, revenues, rents, issues and profits of the same Mortgaged Property (or any portion thereof selected by Xxxxxx), including those past due as well as those accruing thereafter, and, after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Mortgaged Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, improvements and purchases and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage as the Lender may determine to pay; , (Eee) other proper charges upon the Mortgage Mortgaged Property or any part thereof; , and (Fff) the reasonable compensation, expenses, expenses and disbursements of the attorneys and agents of the Lender; , Lender shall apply the remainder of the moneys so received by the Lender Xxxxxx, first to the payment of accrued interest, interest under the Note; second to the payment of tax and insurance, and deposits required in Paragraph 1.04; third to the payment of any other sums required to be paid by Borrower under this Mortgage or under the other Loan Documents; fourth to the payment of overdue installments of principal on the Note; fifth to the payment of any sums due under Other Indebtedness Instruments, whether principal, all in such order interest or otherwise; and priority the balance, if any, as the Lender may determineotherwise required by law. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (ec) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Mortgaged Property to the Borrower, its successors or assignsto whomsoever shall be entitled to possession of the Mortgaged Property as a matter of law. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurred, the Borrower, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possession, and the Lender may enter and take possession, of all the Mortgage Property, and may exclude the Borrower and its agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or taking of possession, the Lender Grantee, as attorney-in-fact or agent of the Grantor, or in its own name as mortgagee and under the powers herein granted, may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Property (or any portion thereof selected by Grantee) and conduct the business thereofthereof either personally or by its agents, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (ii) insure or keep the Mortgage Property (or any portion thereof selected by Grantee) insured; (iii) manage and operate the Mortgage Property (or any portion thereof selected by Grantee) and exercise all the rights and powers of the Borrower Grantor in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same, including legal actions for the recovery of rent, legal dispossessory actions against tenants holding over and legal actions in distress of rent, and with full power and authority to cancel or terminate any lease or sublease for any cause or on any ground which would entitle the Grantor to cancel the same, and to elect to disaffirm any lease or sublease made subsequent to this Deed to Secure Debt or subordinated to the lien hereof; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the LenderGrantee, all as the Lender Grantee from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the Lender Grantee may collect and receive all the income, revenues, rents, issues and profits of the same Property (or any portion thereof selected by Grantee), including those past due as well as those accruing thereafter, and, after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, improvements and purchases and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage Deed to Secure Debt as the Lender Grantee may determine to pay; , (Eee) other proper charges upon the Mortgage Property or any part thereof; , and (Fff) the reasonable compensation, expenses, expenses and disbursements of the attorneys and agents of the Lender; Lender Grantee, Grantee shall apply the remainder of the moneys so received by the Lender Grantee, first to the payment of accrued interest, interest under the Note; second to the payment of tax and insurance, and deposits required in Paragraph 1.04; third to the payment of any other sums required to be paid by Grantor under this Deed to Secure Debt or under the other Loan Documents; fourth to the payment of overdue installments of principal on the Note; fifth to the payment of any sums due under Other Indebtedness Instruments, whether principal, all in such order interest or otherwise; and priority the balance, if any, as the Lender may determineotherwise required by law. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (ec) Whenever all such Events of Default have been cured and satisfied, the Lender Grantee may, at its option, surrender possession of the Mortgage Property to the BorrowerGrantor, its successors or assignsto whomsoever shall be entitled to possession of the Property as a matter of law. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Deed to Secure Debt (Roberts Realty Investors Inc)

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Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurredoccurred and be continuing, the Borrower, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possession, and to the extent permitted by law, Lender may enter and take possession, possession of all the Mortgage Property, Mortgaged Property and may exclude the Borrower and its Borrower's agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Mortgaged Property and conduct the business thereof, thereof and, from time to time (ia) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (iib) insure or keep the Mortgage Mortgaged Property insured; (iiic) manage and operate the Mortgage Mortgaged Property and exercise all the rights and powers of the Borrower in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same; (ivd) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the (e) Lender may collect and receive all the income, revenues, rents, issues and profits of the same same, including those past due as well as those accruing thereafter, and, after deducting (Ai) all reasonable expenses of taking, holding, managing, managing and operating the Mortgage Mortgaged Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); (Bii) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, improvements and purchases and acquisitions; (Ciii) the cost of such insurance; (Div) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage as the Lender may determine to pay; (Ev) other proper charges upon the Mortgage Mortgaged Property or any part thereof; and (Fvi) the reasonable compensation, expenses, expenses and disbursements of the attorneys and agents of the Lender; . Lender shall apply the remainder of the moneys monies so received by the Lender Lender, first, to the payment of accrued interest, then, to the payment of tax the deposits required in Paragraphs 1.03 and insurance1.05 and, and finally, to the payment of overdue installments of interest and/or principal, all in such order and priority as the Lender may determine. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (e) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Mortgaged Property to the Borrower, Borrower, its successors or and assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Real Estate Mortgage (Miscor Group, Ltd.)

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have has occurred, the Borrower, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Mortgaged Property and, if and to the extent permitted by law, Lender itself, or by such officers or agents as it may appoint, may enter and take possession, possession of all or any part of the Mortgage PropertyMortgaged Property without the appointment of a receiver or an application therefor, and may exclude the Borrower and its agents and employees wholly therefrom, and take possession of the books, papers and accounts of Borrower. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Mortgaged Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Mortgaged Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Secured Obligations and shall be secured by this MortgageSecurity Instrument. (c) Upon every such entering upon or taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Mortgaged Property and conduct the business thereof, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments betterments, and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and purchase or otherwise acquire additional fixtures, personalty, and other property in connection therewithproperty; (ii) insure or keep the Mortgage Mortgaged Property insured; (iii) manage and operate the Mortgage Mortgaged Property and exercise all the rights and powers of the Borrower Borrower, in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same; , and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender may from time to time may determine to be to its best advantage and for the good of the Mortgage Property; and the advantage. Lender may collect and receive all the incomeRents and Accounts, revenues, rents, issues and profits of the same including those past due as well as those accruing thereafter, and, and after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Mortgaged Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, and other charges prior to the lien of this Mortgage as the Lender may reasonably determine to pay; , (Eee) other proper charges upon the Mortgage Mortgaged Property or any part thereof; , and (Fff) the compensation, expenses, compensation and disbursements expenses of the attorneys and agents of the Lender; , Lender shall apply the remainder of the moneys money so received by the Lender to the payment of accrued interest, to the payment of tax and insurance, and to the payment of overdue installments of principal, all in such order and priority as the Lender may determine. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Secured Obligations in such order order, priority, and proportions as Lender may elect. Lender's sole duty with respect to the custody, whether or not then duesafekeeping, and physical preservation of the Mortgaged Property shall be to deal with it in the same manner as Lender deals with similar property for its own account. For the purpose of carrying out the provisions of this Section, Borrower hereby constitutes and appoints Lender as the true and lawful attorney in fact of Borrower's attorney-in-fact, which appointment power of attorney is coupled with an interest and is irrevocable, to provide do and perform, from time to time, any noticeand all actions necessary and incidental to such purpose and does, endorse by these presents, ratify and confirm any check, draft or other payment for deposit, or take any other action which Borrower agrees to take and all actions of said attorney in fact on the Mortgaged Property. Anything in this SectionSection to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of a landlord to any tenant or incur any liability as a result of any exercise by Lender of its rights under this Security Instrument, and Lender shall be liable to account only for the Rents actually received by Lender. (ed) Whenever all such the Secured Obligations shall have been paid and all Events of Default shall have been cured and satisfiedcured, the Lender may, at its option, shall surrender possession of the Mortgage Mortgaged Property to the Borrower, Borrower and its successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Credit Line Deed of Trust and Security Agreement (Wells Real Estate Investment Trust Inc)

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have occurredoccurred and be continuing, the BorrowerMortgagor, upon demand of the Lender, with or without judicial process, shall forthwith surrender to the Lender the actual possessionpossession of the Mortgaged Property, and if and to the extent permitted by law, the Lender may enter and take possession, possession of all the Mortgage Mortgaged Property, and may exclude the Borrower Mortgagor and its agents and employees wholly therefrom. (b) If Borrower shall for any reason fail to surrender or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation shall, until paid, become part of the Loan Obligations secured by this Mortgage. (c) Upon every such entering upon or taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Mortgaged Property and conduct the business thereof, and, and from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and thereon and purchase or otherwise acquire additional fixtures, personalty, personalty and other property in connection therewithproperty; (ii) insure or keep the Mortgage Mortgaged Property insured; (iii) manage and operate the Mortgage Mortgaged Property and exercise all the rights and powers of the Borrower Mortgagor in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same; (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender from time to time may determine to be to its best advantage and for the good of the Mortgage Propertyadvantage; and the Lender may collect and receive all the income, revenues, rents, issues and profits of the same Mortgaged Property, including those past due as well as those accruing thereafter, and, and after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Mortgaged Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, improvements and purchases and acquisitions; (Ccc) the cost of such insurance; (Ddd) such taxes, assessments, assessments and other charges prior to the lien of this Mortgage as the Lender may determine to pay; (Eee) other proper charges upon the Mortgage Mortgaged Property or any part thereof; and (Fff) the reasonable compensation, expenses, expenses and disbursements of the attorneys and agents of the Lender; Lender , shall apply the remainder of the moneys so received by the Lender Lender, first to the payment of accrued interest, interest under the Note; second to the payment of tax and insurance, and deposits; third to the payment of any other sums required to be paid by Mortgagor or Mortgagor under this Mortgage or under the other Loan Documents; fourth to the payment of overdue installments of principal; fifth to the payment of any sums due under Other Indebtedness Instruments, all in such order whether principal, interest or otherwise; and priority the balance, if any to (at Lender’s option) the Borrower or the Mortgagor (or the party appearing of record to be the owner of the Mortgaged Property), or as the Lender may determineotherwise required by law. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Obligations in such order as Lender may elect, whether or not then due. Borrower appoints Lender as Borrower's attorney-in-fact, which appointment is coupled with an interest and is irrevocable, to provide any notice, endorse any check, draft or other payment for deposit, or take any other action which Borrower agrees to take in this Section. (ec) Whenever all such Events of Default have been cured and satisfied, the Lender may, at its option, surrender possession of the Mortgage Mortgaged Property to the BorrowerMortgagor, its or Mortgagor’s heirs, successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Ark Restaurants Corp)

Right of Lender to Enter and Take Possession. (a) If an Event of Default shall have has occurred, the Borrower, upon demand of the Lender, with or without judicial process, shall forthwith surrender to Lenxxx xxx actual possession of the Property and, if and to the extent permitted by law, Lender the actual possessionitself, and the Lender or by such officers or agents as it may appoint, may enter and take possession, possession of all or any part of the Mortgage PropertyProperty without the appointment of a receiver or an application therefor, and may exclude the Borrower and its agents and employees wholly therefrom, and take possession of the books, papers and accounts of Borrower. (b) If Borrower shall for any reason fail to surrender xxxxxxxxr or deliver the Mortgage Property or any part thereof after such demand by Lender, Lender may obtain a judgment or decree conferring upon Lender the right Lexxxx xhe xxxxx to immediate possession or requiring Borrower to deliver immediate possession of the Mortgage Property to Lender. Borrower will pay to Lender, upon demand, all reasonable expenses of obtaining such judgment or decree, including compensation to Lender, its attorneys and agents, and all such reasonable expenses and compensation compexxxxxxn shall, until paid, become part of the Loan Secured Obligations and shall be secured by this MortgageSecurity Instrument. (c) Upon every such entering upon or taking of possession, the Lender may first without applying to a court or obtaining the appointment of receivership hold, store, use, operate, manage, lease, manage and control the Mortgage Property and conduct the business thereof, and, from time to time (i) make all necessary and proper maintenance, repairs, renewals, and replacements thereto and thereon (including replacements, additions, betterments betterments, and improvements reasonably necessary for the use or sale of the Mortgage Property in reasonable amounts) thereto and purchase or otherwise acquire additional fixtures, personalty, and other property in connection therewithproperty; (ii) insure or keep the Mortgage Property insured; (iii) manage and operate the Mortgage Property and exercise all the rights and powers of the Borrower Borrower, in its name or otherwise (to the extent permitted by applicable law)otherwise, with respect to the same; , and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted the Lender, all as the Lender may from time to time may determine to be to its best advantage and for the good of the Mortgage Property; and the itx xxxx advantage. Lender may collect and receive all the incomeRents and Accounts, revenues, rents, issues and profits of the same including those past due as well as those accruing thereafter, and, and after deducting (Aaa) all reasonable expenses of taking, holding, managing, and operating the Mortgage Property (including - 11 - 12 compensation for the services of all persons employed for such purposes); , (Bbb) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; , (Ccc) the cost of such insurance; , (Ddd) such taxes, assessments, and other charges prior to the lien of this Mortgage as the Lender may reasonably determine to pay; , (Eee) other proper charges upon the Mortgage Property or any part thereof; , and (Fff) the compensation, expenses, compensation and disbursements expenses of the attorneys and agents of the Lender; , Lender shall apply the remainder of the moneys money so received by the Lender to the payment of accrued interest, to the payment of tax and insurance, and to the payment of overdue installments of principal, all in such order and priority as the Lender may determine. (d) If an Event of Default shall exist, Lender may require that Borrower cause all of its Accounts to be paid to one or more deposit accounts with a financial institution approved by Lender. Borrower assigns and grants to Lender a security interest in, pledge of and right to set off against all monies from time to time held in such deposit accounts. Borrower agrees to promptly notify all of its account debtors, including, without limit, the Medicare and Medicaid agencies to the extent permitted under applicable law, to make payments to one or more such deposit accounts upon Lender's request and as designated by Lender, and Borrower agrees to provide any necessary endorsements to checks, drafts and other forms of payment so that such payments will be properly deposited in such accounts. Lender may require that the deposit accounts be established so as to comply with Medicare, Medicaid and other requirements applicable to payments of any accounts receivable. Lender may cause monies to be withdrawn from such deposit accounts and applied to the Loan Secured Obligations in such order order, priority, and proportions as Lender may elect. Lender's sole duty with respect to the custody, whether or not then duesafekeeping, and xxxxxxal preservation of the Property shall be to deal with it in the same manner as Lender deals with similar property for its own account. For the purpose of carrying out the provisions of this Section, Borrower hereby constitutes and appoints Lender as the true and lawful attorney in fact of Borrower's attorney-in-fact, which appointment power of attorney is coupled with an interest and is irrevocablexxxxxxxable, to provide do and perform, from time to time, any noticeand all actions necessary and incidental to such purpose and does, endorse by these presents, ratify and confirm any check, draft or other payment for deposit, or take any other action which Borrower agrees to take and all actions of said attorney in fact on the Property. Anything in this SectionSection to the contrary notwithstanding, Lender shall not be obligated to discharge or perform the duties of a landlord to any Lessee or incur any liability as a result of any exercise by Lender of its rights under this Security Instrument, and Lender shall be liable to account only for the Rents actually received by Lender. (ed) Whenever all such the Secured Obligations shall xxxx xeen paid and all Events of Default shall have been cured and satisfiedcured, the Lender may, at its option, shall surrender possession of the Mortgage Property to the Borrower, its successors Borrower and xxx xuccessors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall occuroccur and be continuing.

Appears in 1 contract

Samples: Deed to Secure Debt, Assignment of Leases and Rents, and Security Agreement (Roberts Realty Investors Inc)

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