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Case 25-23251-MEH Doc18-10 Filed 12/22/25 Entered 12/22/25 20:08:18 Desc
Exhibit | Page 6 of 12
substitute trustee or accepting a deed-in-lieu of foreclosure from Borrower for the
Property;
i, Receiver’s Right te Collect Amounts Due. Receiver be authorized to receive and
collect any and all sums due or owing to Borrower in any manner related to the
Property, whether the same are now due or shall hereafter become due and owing,
to deposit such sums into an account established and maintained by Receiver, and
to expend such sums on the operation and management of the Property in the
ordinary course of its business — less and except the counterclaims stated in the
Multi-claimant Action, in which, if any funds are received by Borrower same shall
be transferred to Receiver;
j. Legal Actions Related to the Property. Receiver be authorized, in its discretion,
to institute, prosecute, defend, compromise and/or intervene in or become a party
to such actions or proceedings in state or federal courts necessary for the protection,
maintenance and preservation of the assets of Borrower and to carry out the terms
of the Court’s order appointing Receiver, including but not limited to, the collection
of rents and other amounts now or hereafter becoming due, the removal of tenants
or other persons from the Property and/or the defense against any action brought
against Receiver acting in such capacity, less and except the Multi-Claimant Action
and any pending actions or appeals involving the City of Newport News and water
bills allegedly owed by Seaview;
k. Insurance. Receiver and/or Receiver’s management company is authorized to
maintain appropriate property insurance for the Property, including public general
liability insurance, worker’s compensation insurance, fire and extended coverage
insurance, employer’s liability insurance, employment practices insurance, non-
owned auto umbrella insurance, burglary and theft insurance, and other types of
insurance normally obtained in connection with the operation and management of
the Property; and is authorized to continue any current policies in place and to
purchase further insurance as Receiver deems appropriate; Receiver and Receiver’s
management company shall be named insureds on all general liability policies;
notwithstanding anything contrary in this sub provision, Receiver may cancel any
existing insurance policy for the Property, and any refund of premiums shall be
paid to the Receiver;
1 Payment of Property Taxes; Preparation and Filing of Tax Returns for the
Property. Receiver be authorized to (i) pay all current and past due real estate taxes,
personal property taxes and any other taxes and assessments against the Property;
and (ii) prepare and file tax returns with respect to the Property, and other property
subject hereto, as may be required by law, provided, however, Receiver is not
responsible for the preparation of tax returns for Borrower or any of its affiliates;
m. Property Protection Advances from Lender. Receiver and Lender be authorized
to enter into transactions by which Lender may fund to Receiver, in Lender’s sole
and absolute discretion, property protection advances (on a nonrecourse basis as to
Receiver) to enable Receiver to perform his duties hereunder, which may be
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