Common use of Power to appoint receiver Clause in Contracts

Power to appoint receiver. AND IT IS HEREBY AGREED AND DECLARED that the Mortgagee shall have power to appoint in writing in a Receiver of the Mortgaged Properties to receive the rents profits and income thereof under the provisions of Section 69A of the said Transfer of Property Act and in that event shall be at liberty and entitled to appoint any officer of the Mortgagee or any other person or persons as such Receiver or Receivers by writing signed by the Mortgagee or on its behalf and all the powers provisions and trusts contained in the said Section 69A of the Transfer of Property Act,1882 shall apply to the Receiver or Receivers appointed by the Mortgagee. That the said Receiver shall, by and out of all moneys received by him in the first place pay all the rents, taxes, and revenue, rates, assessments, and outgoings whatsoever affecting the Mortgaged Properties and which shall not be otherwise paid and the expenses of repairing or insuring against loss or damage by fire or riot, the Mortgaged Properties which he may think fit to repair or insure and in the next place pay the expenses of collection and management and deduct and retain for his own use such amount as in the opinion of the Mortgagee and the said Receiver shall be reasonably entitled to for his trouble and in the next place pay to Mortgagee interest from time to time accruing due on the security of these presents in reduction of the mortgage debt due to Mortgagee and shall pay the residue (if any) of the money received by him to the person who, but for the possession of the Receiver, would have been entitled to receive the income of which he is appointed Receiver or who is otherwise entitled to the Mortgaged Properties.

Power to appoint receiver. AND IT IS HEREBY AGREED AND DECLARED that the Mortgagee Mortgagor/s shall have power subject to appoint in writing in a Receiver of the Mortgaged Properties to receive the rents profits and income thereof under the provisions of Section 69A of the said Transfer of Property Act Act, 1882, and to such of the provisions of law as may, for the time being be applicable, the Mortgagee, at any time after the mortgage/ security created hereunder becomes enforceable in accordance with the terms of this Indenture and whether or not the Mortgagee shall then have entered into or taken possession of the Mortgaged Properties and in that event shall be at liberty and entitled addition to the power hereinbefore conferred upon the Mortgagee after such entry into or taking possession, may, in writing, appoint any officer person (including any officer(s) of the Mortgagee) as a receiver (the “Receiver”) of the Mortgaged Properties or other assets secured for the benefit of the Mortgagee or any part thereof and remove any Receiver(s) if so appointed and appoint any such other person person(s) in his or persons as their stead. Unless the Mortgagee shall otherwise prescribe in writing, such Receiver Receiver(s) shall have all the powers conferred upon the Mortgagee. All the provisions and powers in respect of the Mortgagee after entering into or Receivers by writing signed taking possession of the Mortgaged Properties or any part thereof by the Mortgagee or on its behalf and all the powers provisions and trusts contained in the said Section 69A of the Transfer of Property Act,1882 shall apply to the a Receiver appointed before such entering into or Receivers appointed taking possession by the Mortgagee. That the said Receiver shall, by and out of all moneys received by him in the first place pay all the rents, taxes, and revenue, rates, assessments, and outgoings whatsoever affecting the Mortgaged Properties and which shall not be otherwise paid and the expenses of repairing or insuring against loss or damage by fire or riot, the Mortgaged Properties which he may think fit to repair or insure and in the next place pay the expenses of collection and management and deduct and retain for his own use such amount as in the opinion of the Mortgagee and the said in particular such Receiver shall be reasonably entitled deemed to be the agent of the Mortgagor/s which shall be [jointly and severally] responsible for his trouble acts and in the next place pay defaults and for his remuneration. The following provisions shall apply to Mortgagee interest from time to time accruing due on the security of these presents in reduction of the mortgage debt due to Mortgagee and shall pay the residue (if any) of the money received by him such Receiver, subject to the person who, but for the possession provisions of the Receiver, would have been entitled applicable laws: (a) Appointment before or after possession (b) Receiver to receive the income of which he is appointed be invested with powers by Mortgagee (c) Receiver or who is otherwise entitled to the Mortgaged Properties.exercise powers vested in Mortgagee (d) Receiver to conform to regulations made by Mortgagee