Common use of Appointment of Receiver or Mortgagee in Possession Clause in Contracts

Appointment of Receiver or Mortgagee in Possession. If an Event of Default is continuing or if Lender shall have accelerated the Indebtedness, Lender, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and without regard to the occupancy or value of any security for the Indebtedness, without any showing of fraud or mismanagement on the part of Borrower or the insolvency of any party bound for its payment, without regard to the existence of a declaration that the Indebtedness, or any portion thereof, is immediately due and payable, and without regard to the filing of a notice of default, to the appointment of a receiver or the immediate appointment of Lender to take possession of and to operate the Property, and to collect and apply the rents, issues, profits and revenues thereof, and Borrower consents to such appointment.

Appointment of Receiver or Mortgagee in Possession. If an Event of Default is continuing or if Lender Beneficiary shall have accelerated the Indebtedness, LenderBeneficiary, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and without regard to the occupancy or value of any security for the Indebtedness, without any showing of fraud or mismanagement on the part of Borrower Grantor or the insolvency of any party bound for its payment, without regard to the existence of a declaration that the Indebtedness, or any portion thereof, is immediately due and payable, and without regard to the filing of a notice of default, to the appointment of a receiver or the immediate appointment of Lender Beneficiary to take possession of and to operate the Property, and to collect and apply the rents, issues, profits and revenues thereof, and Borrower Grantor consents to such appointment.

Appointment of Receiver or Mortgagee in Possession. If an Event of Default is continuing or if Lender Beneficiary shall have accelerated the Indebtedness, LenderBeneficiary, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and without regard to the occupancy or value of any security for the Indebtedness, without any showing of fraud or mismanagement on the part of Borrower Grantor or the insolvency of any party bound for its payment, without regard to the existence of a declaration that the Indebtedness, or any portion thereof, is immediately due and payable, and without regard to the filing of a notice of default, to the appointment of a receiver or the immediate appointment of Lender Beneficiary to take possession of and to operate the Property, and to collect and apply the rents, issues, profits and revenues thereof, and Borrower Grantor consents to such appointment.