Common use of Right to a Receiver Clause in Contracts

Right to a Receiver. If an Event of Default shall occur and be continuing beyond any applicable notice and cure period, Mortgagee, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice to Mortgagor or regard to the adequacy of the Mortgaged Property for the repayment of the Obligations, to the appointment of a receiver to take possession of and to operate the Mortgaged Property and to collect and apply the Rents. The receiver shall have all of the rights and powers permitted under the laws of the state wherein the Mortgaged Property is located. Mortgagor shall pay to Mortgagee upon demand all reasonable expenses, including receiver’s fees, reasonable attorney’s fees and disbursements, costs and agent’s compensation incurred pursuant to the provisions of this Section 2.05; and all such expenses shall be secured by this Mortgage and shall be, without demand, immediately repaid by Mortgagor to Mortgagee with interest thereon at the Interest Rate.

Right to a Receiver. If Subject to the provisions of the Collateral Trust and Intercreditor Agreement, if an Event of Default shall occur and be continuing beyond any applicable notice and cure periodcontinuing, Mortgagee, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice to Mortgagor or regard to the adequacy of the Mortgaged Property for the repayment of the Obligations, right to the appointment of a receiver (which may be Mortgagee or an employee of Mortgagee) to take possession of and to operate the Mortgaged Property and to collect and apply the Rents. The receiver shall have all of the rights and powers permitted under the laws of the state wherein the Mortgaged Property is located. Mortgagor shall pay to Mortgagee upon demand all reasonable expenses, including receiver’s 's fees, reasonable attorney’s 's fees and disbursements, costs and agent’s 's compensation incurred pursuant to the provisions of this Section 2.05; and all such expenses shall be secured by this Second Priority Mortgage and shall be, without demand, immediately repaid by Mortgagor to Mortgagee with interest thereon at the Default Interest Rate.