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r <br /> with all other sums, fees, interest and charges provided for in the OSM Credit <br /> Documents and accruing on an ongoing basis.1 <br /> c. Additionally, OSM is currently involved in an arbitration proceeding with a prior <br /> contractor, over some$3 million of(disputed)work done at the OSM property, <br /> and then recently, a foreclosure lawsuit was filed among OSM, and three <br /> contractors asserting mechanics' liens (and naming the Lender as well, in light of <br /> its mortgage). Counsel to the Lender Parties will provide immediate notice of this <br /> action to all such parties; a receiver is needed to protect the assets that constitute <br /> Collateral for the Lender Parties which is critical for everyone, and so <br /> transparency and notice issues will be important and observed. <br /> As of the date of this Order,Defendants have failed to cure any such defaults. <br /> 18. Defendants have stipulated to the appointment of a receiver and recognizes that <br /> Lender Parties are entitled to exercise of that remedy under the terms of the OSM Credit <br /> documents. <br /> 19. Under the Mortgage,upon an Event of Default,the Lender Parties may,in their <br /> sole discretion, exercise the rights and remedies set forth in Article V of the Mortgage. <br /> 20. With respect to the appointment of a receiver, Section 5.7 of the Mortgage <br /> specifically provides for the appointment of a receiver by the Lender upon the occurrence of an <br /> Event of Default: <br /> Appointment of Receiver. If an Event of Default shall have occurred and be <br /> continuing, in addition to all other rights,powers and remedies herein conferred <br /> or conferred by operation of law, Mortgagee shall be entitled to the appointment <br /> of a receiver of the Collateral without the necessity of the posting of a bond or <br /> notice; and shall,to the extent not prohibited by applicable law,be entitled to such <br /> receiver as a matter of right,without regard to the solvency or insolvency of <br /> Mortgagor,the value or adequacy of the Collateral or the Collateral being in <br /> danger of being materially injured or reduced in value as security by removal, <br /> destruction, deterioration, accumulation of prior Liens or otherwise; and such <br /> receiver may be appointed by any court of competent jurisdiction upon ex parte <br /> application, and without notice, notice being expressly waived. Mortgagor does <br /> hereby consent to the appointment of such receiver or receivers,waives any and <br /> all defenses to such appointment, and agrees not to oppose any application <br /> therefor by Mortgagee, and agrees that such appointment shall in no manner <br /> impair,prejudice or otherwise affect the other rights of Mortgagee under this <br /> Article V. Nothing herein is to be construed to deprive Mortgagee of any other <br /> right,remedy or privilege it may now or hereafter have under law to have a <br /> ' This not a judicial determination of the amounts owed by the Defendants. The amounts <br /> set forth above are recounted from the Motion and are part of this Order for purposes of supporting <br /> appointment only. <br /> 4 <br /> USA.605462236.2/ZP9 <br />