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<br /> <br />84-- <br /> <br />006618 <br /> <br />r <br /> <br />Section 3. Upon Default, the Is.uer upon cI...u.o.ftIleTtu . <br />forthwith surrender the poaseulQQ of. aDd it shall be lawt..l<.foi' <br />such officer or agnt as it: .y appoiat. to take po.....1oaof~ <br />of the Hortlaaed Property vith the books. papars. eel ac~.\of; <br />pert.lnini thereto. .and to bold. operate. and 1lMma" the ....aDd <br />time to make all needed repairs and illproveasuu as by tile Tn... <br />deesed v18e; and the Truste. uy lease the Mort.aaed Prope~..ora."t <br />thereof. in the n&IIIe and for the account of the Issuer nd collect. <br />s4Hllue.ter the rnts. revenue.. issues. earning_. 1ac:0IIe. procluets. <br />therefroa and out of the same and any lIIOneys received frc:ml aay reeetVU' of <br />part thereof pay, and/or set up property reserve. for the pa7MDt of. all <br />ud expenses of so takill8. holdill8. and 1I&I1q1ng the .... 1ac:lud1ac <br />compensation to the Trustee. its qents and counsel, and any eha.rpa of the <br />Trustee hereunder, and any taxes and assessments and other char... prior to the <br />lien of this Mortgage, which the Trustee _y de_ it vise to pay, ad all <br />_exptmse~_ ~_Lsucb repairs and iapJ,:c;lV_l!tl!_ and apply tb~ r..inder of__~__~s <br />so received by the Trustee in accorduce with the provililiou of Article IX. <br />Section 8. hereof. Whenever all tbat is due upoo such Bonds aDd insta!l.eats of <br />interest under the term. of this Mortgale shall have been paiel, aDd all eveDts <br />of default cured. the Trustee shall surrender posse..ion to the Issuer, it. <br />successors &Dd ..s1gns, the same riabt of entry. bowever. to exist upon uy <br />substHtuent Default. <br />While in possession of such property the Trustee shall render aDaually <br />to tbe Bondholders. at their addresses set forth on the list or record. required <br />by Article nr Section 6, henof. a sUllllUrized stat_nt of income &Del <br />expenditures in connection therewith. <br />Upon Default. the lien on the Mort&qed Property may be forec:loeed <br />either by public sale or by proceedinas in equity, and the Trustee or the Bolder <br />or Rolders of any of the Bonds then cutstandina. whether cr not then in default <br />of payment of principal or interest. may become the purchaser at aay forecloeure <br />sale. if the highest bidder. <br />In tbe event the Trultee purchases the Mortgaged Property at au)' evcb <br />foreclosvre sal., it shall have tbe right and authority to man.... lease, and <br />sell the sa.. on whatever terms and conditions it deeRs to be in the best <br /> <br />47 <br /> <br />L <br /> <br />l__ <br /> <br />u <br /> <br />-1 <br /> <br />