THE INDEBTEDNESS
AND OTHER SUMS SECURED HEREBY, SHALL BE ENTITLED AS A MATTER OF RIGHT AND
WITHOUT ANY ADDITIONAL SHOWING OR PROOF, AT LENDER'S ELECTION, TO EITHER THE
APPOINTMENT BY THE COURT OF A RECEIVER (WITHOUT THE NECESSITY OF LENDER POSTING
A BOND) TO ENTER UPON AND TAKE POSSESSION OF THE MORTGAGED PROPERTY AND TO
COLLECT ALL RENTS, INCOME AND OTHER BENEFITS 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, INCOME AND OTHER BENEFITS
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.
LENDER SHALL BE LIABLE TO ACCOUNT ONLY FOR
SUCH RENTS, INCOME AND OTHER BENEFITS ACTUALLY RECEIVED BY LENDER, WHETHER
RECEIVED PURSUANT TO THIS SECTION 3.9 OR SECTION 3.3.
NOTWITHSTANDING THE
APPOINTMENT OF ANY RECEIVER OR OTHER CUSTODIAN, 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
LENDER.
25
3.10.
MORTGAGOR TO PAY MORTGAGOR'S LIABILITIES IN EVENT OF DEFAULT;
APPLICATION OF MONIES BY LENDER.
(A)
UPON OCCURRENCE OF AN EVENT OF DEFAULT, LENDER SHALL BE ENTITLED
TO SUE FOR AND TO RECOVER JUDGMENT AGAINST MORTGAGOR FOR MORTGAGOR'S LIABILITIES
DUE AND UNPAID TOGETHER WITH COSTS AND EXPENSES, INCLUDING, WITHOUT LIMITATION,
THE REASONABLE COMPENSATION, EXPENSES AND DISBURSEMENTS OF LENDER'S AGENTS,
ATTORNEYS AND OTHER REPRESENTATIVES, EITHER BEFORE, AFTER OR DURING THE PENDENCY
OF ANY PROCEEDINGS FOR THE ENFORCEMENT OF THIS MORTGAGE; AND THE RIGHT OF LENDER
TO RECOVER SUCH JUDGMENT SHALL NOT BE AFFECTED BY ANY TAKING OF POSSESSION OR
FORECLOSURE SALE HEREUNDER, OR BY THE EXERCISE OF ANY OTHER RIGHT, POWER OR
REMEDY FOR THE ENFORCEMENT OF THE TERMS OF THIS MORTGAGE, OR THE FORECLOSURE OF
THE LIEN HEREOF.
(B)
IN CASE OF A FORECLOSURE SALE OF ALL OR ANY PART OF THE MORTGAGED
PROPERTY AND OF THE APPLICATION OF THE PROCEEDS OF SALE TO THE PAYMENT OF
MORTGAGOR'S LIABILITIES, LENDER SHALL BE ENTITLED TO ENFORCE ALL OTHER RIGHTS
AND REMEDIES UNDER THE LOAN INSTRUMENTS.
(C)
MORTGAGOR HEREBY AGREES, TO THE EXTENT PERMITTED BY LAW, THAT NO
RECOVERY OF ANY JUDGMENT BY LENDER UNDER ANY OF THE LOAN INSTRUMENTS, AND NO
ATTACHMENT OR LEVY OF EXECUTION UPON ANY OF THE MORTGAGED PROPERTY OR ANY OTHER
PROPERTY OF MORTGAGOR, SHALL (EXCEPT AS OTHERWISE PROVIDED BY LAW) IN ANY WAY
AFFECT THE LIEN OF THIS MORTGAGE UPON THE MORTGAGED PROPERTY OR ANY PART THEREOF
OR ANY LIEN, RIGHTS, POWERS OR REMEDIES OF LENDER HEREUNDER, BUT SUCH LIEN,
RIGHTS, POWERS AND REMEDIES SHALL CONTINUE