Common use of Collection Upon Default Clause in Contracts

Collection Upon Default. (a) Upon the occurrence and during the continuance of any Event of Default, Mortgagee, but without obligation so to do and without releasing Mortgagor from any obligation hereof, may make or do the same in such manner and to such extent as Mortgagee may deem necessary to protect the security hereof, including specifically, without limiting its general powers, the right to appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee, and also the right to perform and discharge each and every obligation, covenant and agreement of Mortgagor in the Leases contained, and in exercising any such powers to incur and pay necessary and reasonable costs and expenses, including reasonable attorneys’ fees, all at the expense of Mortgagor. (b) Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under the Leases or under or by reason of this assignment. Mortgagor shall and does hereby agree to indemnify and hold Mortgagee harmless of and from any and all liability, loss or damage which it may or might incur under the Leases or under or by reason of this Mortgage and of and from any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertaking on its part to perform or discharge any of the terms, covenants or agreements contained in the Leases. Should Mortgagee incur any such liability, loss or damage under the Leases or under or by reason of this assignment or in the defense of any such claims or demands, the amount thereof, including reasonable costs, expenses and reasonable attorneys’ fees shall be secured hereby, and Mortgagor shall reimburse Mortgagee therefor with interest at the Default Rate immediately upon demand. (c) A demand on any lessee by Mortgagee for the payment of the rent on any Event of Default claimed by Mortgagee shall be sufficient warrant to the lessee to make future payment of rents to Mortgagee without the necessity for further consent by Mortgagor, and any person may and is hereby authorized to rely thereon. (d) To the extent that Mortgagor has the right to so do, Mortgagor does further specifically authorize and instruct each and every present and future lessee of the whole or any part of the Premises to pay all unpaid rental agreed upon in any tenancy to Mortgagee upon receipt of demand from Mortgagee to pay the same, and Mortgagor hereby waives the right, claim or demand it may now or hereafter have against any such lessee by reason of such payment of rental to Mortgagee or compliance with other requirements of Mortgagee pursuant to this assignment. Mortgagee shall make a demand on such lessees only after an Event of Default. (e) Upon the occurrence and during the continuance of an Event of Default, Mortgagee may, without further notice, either in person or by agent with or without bringing any action or proceeding, or by a receiver to be appointed by a court, and, either with or without taking possession of the Premises, in the name of Mortgagor or in its own name ▇▇▇ for or otherwise collect and receive such rents, issues, profits and advances, including those past due and unpaid, and apply the same, less reasonable costs and expenses of operation and collection, including, but not being limited to, reasonable attorneys’ fees, management fees and broker’s commissions, upon any Indebtedness Secured Hereby, and in such order as Mortgagee may determine. Mortgagee reserves, within its own discretion, the right to determine the method of collection and the extent to which enforcement of collection of delinquent rents shall be prosecuted and shall not be accountable for more monies than it actually receives from the Premises. The entering upon and taking possession of the Premises or the collection of such rents, issues, profits and advances, and the application thereof, as aforesaid, shall not cure or waive any default hereunder and Mortgagee may continue to so possess and collect even after any such default has been cured. Mortgagor agrees that it will facilitate in all reasonable ways Mortgagee’s collection of said rents, and will, upon request by Mortgagee, promptly execute a written notice to each lessee directing the lessee to pay rent to Mortgagee.

Collection Upon Default. (a) Upon the occurrence and during the continuance of any Event of Default, Mortgagee, but without obligation so to do and without releasing Mortgagor from any obligation hereof, may make or do the same in such manner and to such extent as Mortgagee may deem necessary to protect the security hereof, including specifically, without limiting its general powers, the right to appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Mortgagee, and also the right to perform and discharge each and every obligation, covenant and agreement of Mortgagor in the Leases contained, and in exercising any such powers to incur and pay necessary and reasonable costs and expenses, including reasonable attorneys’ fees, all at the expense of Mortgagor. (b) Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under the Leases or under or by reason of this assignment. Mortgagor shall and does hereby agree to indemnify and hold Mortgagee harmless of and from any and all liability, loss or damage which it may or might incur under the Leases or under or by reason of this Mortgage and of and from any and all claims and demands whatsoever which may be asserted against it by reason of any alleged obligations or undertaking on its part to perform or discharge any of the terms, covenants or agreements contained in the Leases. Should Mortgagee incur any such liability, loss or damage under the Leases or under or by reason of this assignment or in the defense of any such claims or demands, the amount thereof, including reasonable costs, expenses and reasonable attorneys’ fees shall be secured hereby, and Mortgagor shall reimburse Mortgagee therefor with interest at the Default Rate immediately upon demand. (c) A demand on any lessee by Mortgagee for the payment of the rent on any Event of Default claimed by Mortgagee shall be sufficient warrant to the lessee to make future payment of rents to Mortgagee without the necessity for further consent by Mortgagor, and any person may and is hereby authorized to rely thereon. (d) To the extent that Mortgagor has the right to so do, Mortgagor does further specifically authorize and instruct each and every present and future lessee of the whole or any part of the Premises to pay all unpaid rental agreed upon in any tenancy to Mortgagee upon receipt of demand from Mortgagee to pay the same, and Mortgagor hereby waives the right, claim or demand it may now or hereafter have against any such lessee by reason of such payment of rental to Mortgagee or compliance with other requirements of Mortgagee pursuant to this assignment. Mortgagee shall make a demand on such lessees only after an Event of Default. (e) Upon the occurrence and during the continuance of an Event of DefaultDefault hereunder, Mortgagee may, at any time without further notice, either in person or person, by agent with or without bringing any action or proceeding, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for Secured Obligations, enter upon and take possession of the Mortgage Estate, or any part thereof, and, either with or without taking possession of the PremisesMortgage Estate or any part thereof, in the name of Mortgagor or in its own name ▇▇▇ for or otherwise collect and receive such rents, issues, profits and advancesthe Rents, including those past due and unpaid; and all prepaid Rents and all other moneys which may have been or may hereafter be deposited with Mortgagor by any lessee or tenant of Mortgagor to secure the payment of any rent or for any services thereafter to be rendered by Mortgagor or for any other obligation of any tenant to Mortgagor arising under any lease which is part of the Mortgage Estate. Upon the occurrence of any Event of Default, Mortgagor shall promptly deliver all such Rents and other moneys to Mortgagee, and Mortgagee may apply the same, less reasonable costs and expenses of operation and collection, including, but not being limited to, collection (including reasonable attorneys’ fees, management ' fees and broker’s commissionscosts, whether or not suit is brought or prosecuted to judgment), upon any Indebtedness of the Secured HerebyObligations, and in such order as Mortgagee may determine, notwithstanding that said indebtedness or the performance of said obligation may not then be due and payable. Mortgagee reserves, within its own discretion, the right to determine the method of collection and the extent to which enforcement of The collection of delinquent rents shall be prosecuted and shall not be accountable for more monies than it actually receives from the Premises. The Rents, or the entering upon and taking possession of the Premises Mortgage Estate, or the collection of such rents, issues, profits and advances, and the application thereof, thereof as aforesaid, shall not cure or waive any default hereunder and Mortgagee may continue or notice of default hereunder, or invalidate any act done in response to so possess and collect even after any such default has been cured. Mortgagor agrees that it will facilitate in all reasonable ways Mortgagee’s collection or pursuant to such notice of said rentsdefault, and will, upon request by Mortgagee, promptly execute or be deemed or construed to make Mortgagee a written notice to each lessee directing mortgagee- in-possession of the lessee to pay rent to MortgageeMortgage Estate or any portion thereof.