TO
PROMPTLY COMMENCE THE WORK SUBSEQUENT TO A CASUALTY OR TAKING SHALL NOT BE A
DEFAULT HEREUNDER IF (I) A SUBSTANTIAL CASUALTY OR SUBSTANTIAL TAKING HAS
OCCURRED, (II) LENDER HAS NOT MADE AVAILABLE LOSS PROCEEDS TO BORROWER FOR THE
WORK FOR ANY REASON OTHER THAN BECAUSE A DEFAULT EXISTS AND (III) BORROWER HAS
GIVEN WRITTEN NOTICE TO LENDER THAT IT SHALL REPAY THE LOAN WITHIN SIX (6)
MONTHS OF LENDER APPLYING LOSS PROCEEDS FROM THE PROPERTY TOWARDS THE REPAYMENT
OF THE DEBT AND BORROWER DILIGENTLY SEEKS CONSTRUCTION FINANCING FOR THE WORK
DURING SUCH PERIOD AND DELIVERS TO LENDER EVIDENCE THEREOF.
SECTION 13.02.
REMEDIES.
(A) UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF
ANY EVENT OF DEFAULT, LENDER MAY, IN ADDITION TO ANY OTHER RIGHTS OR REMEDIES
AVAILABLE TO IT HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT, AT LAW OR IN EQUITY,
TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND, AS IT REASONABLY DEEMS ADVISABLE TO
PROTECT AND ENFORCE ITS RIGHTS AGAINST BORROWER AND IN AND TO THE PROPERTY
INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING ACTIONS, EACH OF WHICH MAY BE
PURSUED SINGLY, CONCURRENTLY OR OTHERWISE, AT SUCH TIME AND IN SUCH ORDER AS
LENDER MAY DETERMINE, IN ITS SOLE DISCRETION, WITHOUT IMPAIRING OR OTHERWISE
AFFECTING ANY OTHER RIGHTS AND REMEDIES OF LENDER HEREUNDER, AT LAW OR IN
EQUITY:
(I) DECLARE ALL OR ANY PORTION OF THE UNPAID DEBT TO BE IMMEDIATELY DUE
AND PAYABLE; PROVIDED, HOWEVER, THAT UPON THE OCCURRENCE OF ANY OF THE EVENTS
SPECIFIED IN SECTION 13.01(I), THE ENTIRE DEBT WILL BE IMMEDIATELY DUE AND
PAYABLE WITHOUT NOTICE OR DEMAND OR ANY OTHER DECLARATION OF THE AMOUNTS DUE AND
PAYABLE; OR (II) BRING, OR INSTRUCT TRUSTEE TO BRING, AN ACTION TO FORECLOSE
THIS SECURITY INSTRUMENT AND WITHOUT APPLYING FOR A RECEIVER FOR THE RENTS, BUT
SUBJECT TO THE RIGHTS OF THE TENANTS UNDER THE LEASES, ENTER INTO OR UPON THE
PROPERTY OR ANY PART THEREOF, EITHER PERSONALLY OR BY ITS AGENTS, NOMINEES OR
ATTORNEYS, AND DISPOSSESS BORROWER AND ITS AGENTS AND SERVANTS THEREFROM, AND
THEREUPON LENDER MAY (A) USE, OPERATE, MANAGE, CONTROL, INSURE, MAINTAIN,
REPAIR, RESTORE AND OTHERWISE DEAL WITH ALL AND EVERY PART OF THE PROPERTY AND
CONDUCT THE BUSINESS THEREAT, (B) MAKE ALTERATIONS, ADDITIONS, RENEWALS,
REPLACEMENTS AND IMPROVEMENTS TO OR ON THE PROPERTY OR ANY PART THEREOF, (C)
EXERCISE ALL RIGHTS AND POWERS OF BORROWER WITH RESPECT TO THE PROPERTY OR ANY
PART THEREOF, WHETHER IN THE NAME OF BORROWER OR OTHERWISE, INCLUDING, WITHOUT
LIMITATION, THE RIGHT TO MAKE, CANCEL, ENFORCE OR MODIFY LEASES, OBTAIN AND
EVICT TENANTS, AND DEMAND, SUE FOR, COLLECT AND RECEIVE ALL EARNINGS, REVENUES,
RENTS, ISSUES, PROFITS AND OTHER INCOME OF THE PROPERTY AND EVERY PART THEREOF,
AND (D) APPLY THE RECEIPTS FROM THE PROPERTY OR ANY PART THEREOF TO THE PAYMENT
OF THE DEBT, AFTER DEDUCTING THEREFROM ALL EXPENSES (INCLUDING, WITHOUT
LIMITATION, REASONABLE ATTORNEYS' FEES AND DISBURSEMENTS) REASONABLY INCURRED IN
CONNECTION WITH THE AFORESAID OPERATIONS AND ALL AMOUNTS NECESSARY TO PAY THE
IMPOSITIONS, INSURANCE AND OTHER CHARGES IN CONNECTION WITH THE