Common use of Collection Upon Default Clause in Contracts

Collection Upon Default. In addition to the rights and protections afforded to Mortgagee by Section 697.07 Florida Statutes (1994), as amended (and not as an election of remedies), Mortgagee may, upon any Event of Default under this Mortgage, and at any time without notice, and either in person, by agent or by a receiver appointed by the court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the Mortgaged Property or any part thereof. Mortgagee may, in its own name, ▇▇▇ for or otherwise collect such rents, issues, and profits, including those past due and unpaid, and apply same less costs and expenses of operation and collection, including litigation expenses, court costs, costs of suit, cost of an abstract of title and other title evidence and attorneys' fees, and paralegal charges, including all appellate proceedings and disbursements, upon any indebtedness secured hereby and in such order as Mortgagee may determine. The collection of such rents, issues and profits or the entering upon and taking possession of the Mortgaged Property, or application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default, or otherwise invalidate, impair, nullify, waive or extinguish the rights and protections afforded Mortgagee under Section 697.07, Florida Statutes (1994), as amended. Furthermore, and as provided by Section 697.07, Florida Statutes, (1994) as amended, upon the occurrence of an Event of Default, Mortgagee may apply for a court order requiring Mortgagor to deposit all rents in the court registry pursuant to Section 697.07, Florida Statutes, as amended. Mortgagor hereby consents to entry of such an order upon the sworn ex parte motion of Mortgagee that an Event of Default has occurred hereunder.

Collection Upon Default. In addition to the rights and protections afforded to Mortgagee by Section 697.07 Florida Statutes (1994), as amended (and not as an election of remedies), Mortgagee may, upon Upon any Event of Default under this Mortgage, and at any time without notice, and either in person, by agent or by a receiver appointed by the court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the Mortgaged Property or any part thereof. Mortgagee may, in its own name, ▇▇▇ for or otherwise collect such rentsrevenues generated by all consulting, issuesmanagement and marketing agreements, licenses, Sales Agreements, contracts (other than those for the construction of residential units on any subdivided and profitsimproved lot within the Premises), reservations, accounts, permits and franchises of the Mortgaged Property (the "Revenues"), including those past due and unpaid, and apply same less costs and expenses of operation and collection, including litigation expenses, court costs, costs of suit, cost of an abstract of title and other title evidence and attorneys' fees, and paralegal charges, including all appellate proceedings and disbursements, upon any indebtedness secured hereby and in such order as Mortgagee may determine. The collection of such rents, issues and profits or the entering upon and taking possession of the Mortgaged Property, Revenues or application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default, or otherwise invalidate, impair, nullify, waive or extinguish the rights and protections afforded Mortgagee under Section 697.07, Florida Statutes (1994), as amendedlaw. Furthermore, and as provided by Section 697.07, Florida Statutes, (1994) as amended, upon the occurrence of an Event of Default, Mortgagee may apply for a court order requiring Mortgagor to deposit all rents Revenues in the court registry pursuant to Section 697.07, Florida Statutes, as amendedregistry. Mortgagor hereby consents to entry of such an order upon the sworn ex parte motion of Mortgagee that an Event of Default has occurred hereunder.