Definition: A mortgage provision addressing the lender's ability to seek a receiver if specified conditions, commonly default, occur. A receiver may manage income-producing property under court supervision.
Example
After default, a lender invokes the clause when requesting that a court appoint someone to collect rents and preserve the building.
Keep the distinction clear
The clause does not automatically transfer ownership or appoint a receiver. Court procedures, the actual agreement, and applicable law control the remedy.
Related terms
Keep studying
Mortgages: Borrower, Lender, Ownership, and Key Clauses
References: Cornell LII: receiver
Pronunciation (US): ree-SEE-ver-ship KLAWZ (capitals show stress)
Pronunciation reference: Merriam-Webster
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