Common use of Appointment of Receivers Clause in Contracts

Appointment of Receivers. Upon the occurrence and continuance of an Event of Default hereunder and upon the filing of a suit or commencement of other judicial proceedings to enforce the rights of the Holder under the Security Agreement, the Holder shall be entitled, as a matter of right, without notice and without regard to the adequacy of any security for the debt secured hereby, to the appointment of a receiver or receivers of the Collateral and of the revenues and receipts thereof, pending the conclusion of such proceedings and any appeal therefrom, with such powers as the court making such appointment shall confer. The receiver shall be entitled to occupational rent from an owner/occupant and may upon non-payment of said rent evict the owner/occupant.

Appointment of Receivers. Upon the occurrence and continuance of an Event of Default hereunder and upon the filing of a suit or commencement of other judicial proceedings to enforce the rights of the Holder Bank under the Security AgreementMortgage, the Holder Bank shall be entitled, as a matter of right, without notice and without regard to the adequacy of any security for the debt secured hereby, to the appointment of a receiver or receivers of the Collateral Mortgaged Property and of the revenues and receipts thereof, pending the conclusion of such proceedings and any appeal therefrom, with such powers as the court making such appointment shall confer. The receiver shall be entitled to occupational rent from an owner/occupant and may upon non-payment of said rent evict the owner/occupant.

Appointment of Receivers. Upon the occurrence and continuance of an Event of Default hereunder and upon the filing of a suit or commencement of other judicial proceedings to enforce the rights of the Holder under the Security Agreement, the Holder shall be entitled, as a matter of right, without notice and without regard to the adequacy of any security for the debt secured hereby, to the appointment of a receiver or receivers of the Collateral and of the revenues and receipts thereof, pending the conclusion of such proceedings and any appeal therefrom, with such powers as the court making such appointment shall confer. The receiver shall be entitled to occupational rent from an owner/occupant and may upon non-payment nonpayment of said rent evict the owner/occupant.