Common use of Mortgagee in Possession Clause in Contracts

Mortgagee in Possession. Neither the Secured Party nor any Receiver shall by reason of its taking any action permitted by this Charge or its taking possession of the Secured Property or any part of it be liable to account as mortgagee in possession or be liable for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable other than for its own fraud, gross negligence and wilful misconduct, or the fraud, gross negligence or wilful misconduct of its delegates.