Common use of Power to appoint receiver Clause in Contracts

Power to appoint receiver. At any time after default, the mortgagee may upon expiry of any applicable notice period required by law give written notice to the mortgagor appointing any person to be a receiver of the income of the land or any part of the land. a) the receiver will be deemed to be the agent of the mortgagor who will be solely responsible for the receiver's acts or defaults whether occurring in relation to the purposes and matters mentioned in this clause or otherwise; b) the mortgagee may from time to time in writing remove any receiver and appoint a substitute; c) the receiver may demand, recover (by action or otherwise) and issue receipts for the income of the land or any part thereof and may exercise any other powers conferred on the receiver by law; d) the receiver will be entitled, by way of remuneration, to a commission at such rate as is specified in the receiver's appointment and if no rate is so specified then at the rate of 6 per cent of the gross amount of all money received; e) the receiver may, out of the money received, make any payment on account of any money secured by any prior instrument or charge, may repair and maintain any buildings, improvements or effects (whether affixed to the land or not), may keep such buildings, improvements or effects insured against such risks as the receiver considers appropriate, may pay all management expenses and may do anything which the receiver considers necessary or expedient in order to procure continued receipt by the receiver of the income of the land; f) the receiver must apply all money received subject to the claims of all secured and unsecured creditors (if any) ranking in priority to any charge created by this mortgage: i. first in payment of all costs, charges and expenses (including tax and legal costs as between solicitor and client) of and incidental to the appointment of the receiver and the exercise by the receiver or the mortgagee of all or any of the powers under the general security agreement including the receiver's reasonable remuneration; ii. second in payment of preferential claims (if any) payable by the receiver under the provisions of section 30 of the Receiverships ▇▇▇ ▇▇▇▇; iii. third in payment to the mortgagee of all the secured moneys; and iv. fourth in payment of any residue to those entitled to any surplus; and g) neither the appointment of a receiver nor the exercise of any of the powers contained in this mortgage will be an entry into possession of the land by the mortgagee.

Power to appoint receiver. At any time after default, the mortgagee may upon expiry of any applicable notice period required by law give written notice to the mortgagor appointing any person to be a receiver of the income of the land or any part of the land. a) the receiver will be deemed to be the agent of the mortgagor who will be solely responsible for the receiver's acts or defaults whether occurring in relation to the purposes and matters mentioned in this clause or otherwise; b) the mortgagee may from time to time in writing remove any receiver and appoint a substitute; c) the receiver may demand, recover (by action or otherwise) and issue receipts for the income of the land or any part thereof and may exercise any other powers conferred on the receiver by law; d) the receiver will be entitled, by way of remuneration, to a commission at such rate as is specified in the receiver's appointment and if no rate is so specified then at the rate of 6 per cent of the gross amount of all money received; e) the receiver may, out of the money received, make any payment on account of any money secured by any prior instrument or charge, may repair and maintain any buildings, improvements or effects (whether affixed to the land or not), may keep such buildings, improvements or effects insured against such risks as the receiver considers appropriate, may pay all management expenses and may do anything which the receiver considers necessary or expedient in order to procure continued receipt by the receiver of the income of the land; f) the receiver must apply all money received subject to the claims of all secured and unsecured creditors (if any) ranking in priority to any charge created by this mortgage: i. first in payment of all costs, charges and expenses (including tax and legal costs as between solicitor and client) of and incidental to the appointment of the receiver and the exercise by the receiver or the mortgagee of all or any of the powers under the general security agreement including the receiver's reasonable remuneration; ii. second in payment of preferential claims (if any) payable by the receiver under the provisions of section 30 of the Receiverships ▇▇▇ ▇▇▇▇; iii. third in payment to the mortgagee of all the secured moneys; and iv. fourth in payment of any residue to those entitled to any surplus; and g) neither the appointment of a receiver nor the exercise of any of the powers contained in this mortgage will be an entry into possession of the land by the mortgagee.