POWER OF MORTGAGEE

Under a typical mortgage agreement or under statute the mortgagee has the following powers following default by the mortgagor:

• TO TAKE POSSESSION
  A right to take the property over and receive all rents and profits and must strictly account for all monies received. This power is not often used.
• TO LEASE
  Power to lease the property following default by the mortgagor
• TO APPOINT A RECEIVER
  The mortgagee is entitled to exercise the power of sale through a receiver/
• TO TAKE ACTION AT LAW
  To sue the mortgagor for monies owing under certain circumstances.
• TO FORECLOSE
  Extinguishment of the right to redeem and then appoint a receiver.
• TO SELL
  - on the open market to redeem money owing under the mortgage agreement, and costs of selling. All money received should be carefully accounted for and any surplus belongs to the mortgagor.