Common use of Keeper Clause in Contracts

Keeper. In the event the Property, or any part thereof, is seized as an incident to an action for the recognition or enforcement of this Mortgage by executory process, ordinary process, sequestration, writ of fieri facias or otherwise, Mortgagor and the Holder agree that the court issuing any such order shall, if petitioned for by Holder, direct the applicable sheriff to appoint as a keeper of the Property, the Holder or any agent designated by Holder or any person named by the Holder at the time such seizure is effected. This designation is pursuant to Louisiana Revised Statutes 9:5131 through 5135 and 9:5136 through 5140.2, as the same may be amended, and Holder shall be entitled to all the rights and benefits afforded thereunder. It is hereby agreed that the keeper shall be entitled to receive as compensation, in excess of its reasonable costs and expenses incurred in the administration or preservation of the Property, an amount equal to five percent of the gross revenues of the Property, which shall be included as secured indebtedness secured by this Mortgage. The designation of keeper made herein shall not be deemed to require Holder to provoke the appointment of such a keeper.

Keeper. In the event the PropertyCollateral, or any part thereof, is seized as an incident to an action for the recognition or enforcement of this Mortgage by executory process, ordinary process, sequestration, writ of fieri facias or otherwise, the Mortgagor and the Holder Lender agree that the court issuing any such order shall, if petitioned for by HolderLender, direct the applicable sheriff to appoint as a keeper of the PropertyCollateral, the Holder Lender or any agent designated by Holder Lender or any person named by the Holder Lender at the time such seizure is effected. This designation is pursuant to Louisiana Revised Statutes 9:5131 through 5135 and 9:5136 through 5140.2, as the same may be amended, and Holder Lender shall be entitled to all the rights and benefits afforded thereunder. It is hereby agreed that the keeper shall be entitled to receive as compensation, in excess of its reasonable costs and expenses incurred in the administration or preservation of the PropertyCollateral, an amount equal to five two percent of the gross revenues of the PropertyCollateral, which shall be included as secured indebtedness Indebtedness secured by this Mortgage. The designation of keeper made herein shall not be deemed to require Holder Lender to provoke the appointment of such a keeper.

Keeper. In the event the PropertyCollateral, or any part thereof, is seized as an incident to an action for the recognition or enforcement of this Mortgage by executory process, ordinary process, sequestration, writ of fieri facias or otherwise, Mortgagor the Borrower and the Holder Lender agree that the court issuing any such order shall, if petitioned for by HolderLender, direct the applicable sheriff to appoint as a keeper of the PropertyCollateral, the Holder Lender or any agent designated by Holder Lender or any person named by the Holder Lender at the time such seizure is effected. This designation is pursuant to Louisiana Revised Statutes 9:5131 through 5135 and 9:5136 through 5140.2, as the same may be amended, and Holder Lender shall be entitled to all the rights and benefits afforded thereunder. It is hereby agreed that the keeper shall be entitled to receive as compensation, in excess of its reasonable costs and expenses incurred in the administration or preservation of the PropertyCollateral, an amount equal to five percent 3% of the gross revenues of the PropertyCollateral, which shall be included as secured indebtedness Indebtedness secured by this Mortgage. The designation of keeper made herein shall not be deemed to require Holder Lender to provoke the appointment of such a keeper.