LIENS AND OTHER RIGHTS, REMEDIES OR PRIVILEGES PROVIDED TO LENDER
SHALL REMAIN IN FULL FORCE AND EFFECT UNTIL LENDER HAS EXHAUSTED ALL OF ITS
REMEDIES AGAINST THE COLLATERAL, THE SECURITY INTEREST GRANTED UNDER THE PLEDGE
AGREEMENT HAS BEEN FORECLOSED, THE COLLATERAL HAS BEEN SOLD AND/OR OTHERWISE
REALIZED UPON IN SATISFACTION OF THE DEBT OR THE DEBT HAS BEEN PAID IN FULL.
TO
THE EXTENT PERMITTED BY APPLICABLE LAW, NOTHING CONTAINED IN ANY LOAN DOCUMENT
SHALL BE CONSTRUED AS REQUIRING LENDER TO RESORT TO ANY PARTICULAR PORTION OF
THE COLLATERAL FOR THE SATISFACTION OF ANY OF THE DEBT IN PREFERENCE OR PRIORITY
TO ANY OTHER PORTION, AND LENDER MAY SEEK SATISFACTION OUT OF THE ENTIRE
COLLATERAL OR ANY PART THEREOF, IN ITS DISCRETION.
8.2.3
SEVERANCE.
DURING THE CONTINUANCE OF AN EVENT OF DEFAULT LENDER
SHALL HAVE THE RIGHT FROM TIME TO TIME TO SEVER THE NOTE AND THE OTHER LOAN
DOCUMENTS INTO ONE OR MORE SEPARATE NOTES, MORTGAGES, PLEDGE AGREEMENTS AND
OTHER SECURITY DOCUMENTS IN SUCH DENOMINATIONS AND PRIORITIES OF PAYMENT AND
LIENS AS LENDER SHALL DETERMINE IN ITS DISCRETION FOR PURPOSES OF EVIDENCING AND
ENFORCING ITS RIGHTS AND REMEDIES.
BORROWER SHALL EXECUTE AND DELIVER TO LENDER
FROM TIME TO TIME, PROMPTLY AFTER THE REQUEST OF LENDER, A SEVERANCE AGREEMENT
AND SUCH OTHER DOCUMENTS AS LENDER SHALL REQUEST IN ORDER TO EFFECT THE
SEVERANCE DESCRIBED IN THE PRECEDING SENTENCE, ALL IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO LENDER.
BORROWER HEREBY ABSOLUTELY AND IRREVOCABLY
APPOINTS LENDER AS ITS TRUE AND LAWFUL ATTORNEY, COUPLED WITH AN INTEREST, IN
ITS NAME AND STEAD TO MAKE AND EXECUTE ALL DOCUMENTS NECESSARY OR DESIRABLE TO
EFFECT SUCH SEVERANCE, BORROWER RATIFYING ALL THAT SUCH ATTORNEY SHALL DO BY
VIRTUE THEREOF.
8.2.4
DELAY.
NO DELAY OR OMISSION TO EXERCISE ANY REMEDY, RIGHT OR POWER
ACCRUING UPON AN EVENT OF DEFAULT, OR THE GRANTING OF ANY INDULGENCE OR
COMPROMISE BY LENDER SHALL IMPAIR ANY SUCH REMEDY, RIGHT OR POWER HEREUNDER OR
BE CONSTRUED AS A WAIVER THEREOF, BUT ANY SUCH REMEDY, RIGHT OR POWER MAY BE
EXERCISED FROM TIME TO TIME AND AS OFTEN AS MAY BE DEEMED EXPEDIENT.
A WAIVER
OF ONE DEFAULT OR EVENT OF DEFAULT SHALL NOT BE CONSTRUED TO BE A WAIVER OF ANY
SUBSEQUENT DEFAULT OR EVENT OF DEFAULT OR TO IMPAIR ANY REMEDY, RIGHT OR POWER
CONSEQUENT THEREON.
NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT,
LENDER RESERVES THE RIGHT TO SEEK A DEFICIENCY JUDGMENT OR PRESERVE A DEFICIENCY
CLAIM IN CONNECTION WITH THE FORECLOSURE OF THE SECURITY INTEREST GRANTED UNDER
THE PLEDGE AGREEMENT TO THE EXTENT NECESSARY TO FORECLOSE ON ALL OR ANY PORTION
OF THE COLLATERAL OR ANY OTHER COLLATERAL.
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8.2.5
LENDER'S RIGHT TO PERFORM.
IF BORROWER FAILS TO PERFORM ANY
COVENANT OR OBLIGATION CONTAINED HEREIN AND SUCH FAILURE SHALL CONTINUE FOR A
PERIOD OF FIVE BUSINESS DAYS AFTER BORROWER'S RECEIPT OF WRITTEN NOTICE THEREOF
FROM LENDER, WITHOUT IN ANY WAY LIMITING LENDER'S RIGHT TO EXERCISE ANY OF ITS
RIGHTS, POWERS OR REMEDIES AS PROVIDED HEREUNDER, OR UNDER ANY OF