Common use of General Powers of Mortgagee Clause in Contracts

General Powers of Mortgagee. (a) Arrest or Detention of Vessel. In the event that the Vessel shall be arrested or detained by a marshal or other officer of any court of law, equity or admiralty jurisdiction in any country or nation of the world or by any government or other entity and shall not be released from arrest or detention within fifteen (15) days from the date of arrest or detention or upon Mortgagee's receipt of a Notice of Entitlement to Terminate as a result of such detention or arrest, Mortgagor does hereby authorize and empower Mortgagee, in the name of Mortgagor, or its successors or assigns, to apply for and receive possession of and to take possession of the Vessel with all the rights and powers that Mortgagor, or its successors or assigns, might have, possess or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by Mortgagee but also by its appointee or appointees, with full power of substitution, to the same extent as if the said appointee or appointees had been named as the attorney above named by express designation.