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

Right of Mortgagee to Enter and Take Possession. 2.3.1 If an event of default shall have occurred and be continuing, upon demand of the Mortgagee, and immediately after the appointment of receiver, the Mortgagor shall forthwith surrender to the Mortgagee the actual possession of the Premises, and the Mortgagee may enter and take possession of the Premises and may exclude the Mortgagor and the Mortgagor's agents and employees wholly therefrom. 2.3.2 Upon every such entering and taking of possession, the Mortgagee may hold, store, use, operate, manage, control, and maintain the Premises and conduct the business thereof, and, from time to time, but subject to the terms of the Prior Mortgage, [i] make or perform all necessary and proper construction, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property; [ii] insure or keep the Premises insured; [iii] manage and operate the Premises and exercise all the rights and powers of the Mortgagor in its name or 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 Mortgagee, all as the Mortgagee may from time to time determine to be to its best interest. Mortgagee may collect and receive all of the income, rents, profits, issues and revenues of the Premises, including the past due as well as those accruing thereafter, and Mortgagee may apply any monies and proceeds received by Mortgagee in such order and priority as Mortgagee, in its sole discretion may determine, to [i] all expenses of taking, holding, managing and operating the Premises (including compensation of the services of all persons employed for such purposes); [ii] the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; [iii] the cost of such insurance; [iv] such taxes, assessments and other charges as the Mortgagee may determine to pay; [v] other proper charges upon the Premises or any part thereof; [vi] the reasonable compensation and expenses of attorneys and agents of the Mortgagee; [vii] accrued interest; [viii] deposits for taxes, insurance and similar items required hereunder; or [ix] overdue installments of principal. 2.3.3 For the purpose of carrying out the provisions of this paragraph, the Mortgagor hereby constitutes and appoints the Mortgagee the true and lawful attorney-in-fact of the 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 Premises. 2.3.4 Whenever all such events of default have been cured and satisfied, the Mortgagee shall surrender possession of the Premises to the Mortgagor, provided that the right of the Mortgagee to take possession, from time to time, pursuant to this Section, shall exist if any subsequent event of default shall occur and be continuing.

Right of Mortgagee to Enter and Take Possession. 2.3.1 (a) If an event Event of default Default shall have occurred and be continuing, the Mortgagor, upon demand of the Mortgagee, and immediately after the appointment of receiver, the Mortgagor shall forthwith surrender to the Mortgagee the actual possession of the Premisespossession, and if and to the extent permitted by law, the Mortgagee may enter and take possession possession, of all the Premises Mortgaged Property, and may exclude the Mortgagor and the Mortgagor's its agents and employees wholly therefrom. 2.3.2 (b) Upon every such entering and upon or taking of possession, the Mortgagee may hold, store, use, operate, manage, control, and maintain control the Premises Mortgaged Property and conduct the business thereof, and, from time to time, but subject to the terms of the Prior Mortgage, [time (i] ) make or perform all necessary and proper constructionmaintenance, repairs, renewals, replacements, additions, betterments betterments, and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty personalty, and other property; [(ii] ) insure or keep the Premises Mortgaged Property insured; [(iii] ) manage and operate the Premises Mortgaged Property and exercise all the rights and powers of the Mortgagor in its Mortgagor’s name or otherwise 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 Mortgagee, all as the Mortgagee may from time to time may determine to be to its best interest. advantage; and the Mortgagee may collect and receive all of the income, revenues, rents, profits, issues and revenues profits of the Premises, same including the those past due as well as those accruing thereafter, and Mortgagee may apply any monies and proceeds received by Mortgagee in such order and priority as Mortgageeand, in its sole discretion may determine, to [i] after deducting (A) all expenses of taking, holding, managing managing, and operating the Premises Mortgaged Property (including compensation of for the services of all persons employed for such purposes); [ii] (B) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; [iii] (C) the cost of such insurance; [iv] (D) such taxes, assessments assessments, and other charges prior to the lien of this Mortgage as the Mortgagee may determine to pay; [v] (E) other proper charges upon the Premises Mortgaged Property or any part thereof; [vi] and (F) the reasonable compensation compensation, expenses, and expenses disbursements of the attorneys and agents of the Mortgagee; [vii] shall apply the remainder of the moneys so received by the Mortgagee to the payment of accrued interest; [viii] , to the payment of tax and insurance deposits required to pay for taxesthe taxes and insurance policies described in Sections 1.03 and 1.04 hereof, insurance and similar items required hereunder; to the sums hereby secured, or [ix] overdue installments otherwise in payment of principala portion of the Secured Obligations, all in such order and priority as expressly set forth in the Loan Agreement or, if not so provided, as the Mortgagee may determine. 2.3.3 For the purpose of carrying out the provisions of this paragraph, the Mortgagor hereby constitutes and appoints the Mortgagee the true and lawful attorney-in-fact of the 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 Premises. 2.3.4 (c) Whenever all such events Events of default Default have been cured and satisfied, the Mortgagee shall surrender possession of the Premises Mortgaged Property to the Mortgagor, provided that the its successors or assigns. The same right of the Mortgagee to take taking possession, from time to time, pursuant to this Sectionhowever, shall exist if any subsequent event Event of default Default shall occur and be continuing.

Right of Mortgagee to Enter and Take Possession. 2.3.1 (a) If an event Event of default Default shall have occurred and be continuing, the Mortgagor, upon demand of the Mortgagee, and immediately after the appointment of receiver, the Mortgagor shall forthwith surrender to the Mortgagee the actual possession of the Premisespossession, and if and to the extent permitted by law, the Mortgagee may enter and take possession possession, of all the Premises Mortgaged Property, and may exclude the Mortgagor and the Mortgagor's its agents and employees wholly therefrom. 2.3.2 (b) Upon every such entering and upon or taking of possession, the Mortgagee may hold, store, use, operate, manage, control, and maintain control the Premises Mortgaged Property and conduct the business thereof, and, from time to time, but subject to the terms of the Prior Mortgage, [time (i] ) make or perform all necessary and proper constructionmaintenance, repairs, renewals, replacements, additions, betterments betterments, and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty personalty, and other property; [(ii] ) insure or keep the Premises Mortgaged Property insured; [(iii] ) manage and operate the Premises Mortgaged Property and exercise all the rights and powers of the Mortgagor in its Mortgagor’s name or otherwise 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 Mortgagee, all as the Mortgagee may from time to time may determine to be to its best interest. advantage; and the Mortgagee may collect and receive all of the income, revenues, rents, profits, issues and revenues profits of the Premises, same including the those past due as well as those accruing thereafter, and Mortgagee may apply any monies and proceeds received by Mortgagee in such order and priority as Mortgageeand, in its sole discretion may determine, to [i] after deducting (A) all expenses of taking, holding, managing managing, and operating the Premises Mortgaged Property (including compensation of for the services of all persons employed for such purposes); [ii] (B) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases, and acquisitions; [iii] (C) the cost of such insurance; [iv] (D) such taxes, assessments assessments, and other charges prior to the lien of this Mortgage as the Mortgagee may determine to pay; [v] (E) other proper charges upon the Premises Mortgaged Property or any part thereof; [vi] and (F) the reasonable compensation compensation, expenses, and expenses disbursements of the attorneys and agents of the Mortgagee; [vii] shall apply the remainder of the moneys so received by the Mortgagee to the payment of accrued interest; [viii] , to the payment of tax and insurance deposits required to pay for taxesthe taxes and insurance policies described in Sections 1.03 and 1.04 hereof, insurance and similar items required hereunder; to the sums hereby secured, or [ix] overdue installments otherwise in payment of principala portion of the Secured Obligations, all in such order and priority as expressly set forth in the Loan Agreement or, if not so provided in the Loan Agreement, as the Mortgagee may determine. 2.3.3 For the purpose of carrying out the provisions of this paragraph, the Mortgagor hereby constitutes and appoints the Mortgagee the true and lawful attorney-in-fact of the 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 Premises. 2.3.4 (c) Whenever all such events Events of default Default have been cured and satisfied, the Mortgagee shall surrender possession of the Premises Mortgaged Property to the Mortgagor, provided that the its successors or assigns. The same right of the Mortgagee to take taking possession, from time to time, pursuant to this Sectionhowever, shall exist if any subsequent event Event of default Default shall occur and be continuing.