OTHER THAN AS
EXPRESSLY PERMITTED PURSUANT TO THE TERMS OF THE LOAN AGREEMENT.
ARTICLE VII.
RIGHTS AND REMEDIES UPON DEFAULT
SECTION 7.1.
REMEDIES.
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF ANY EVENT OF DEFAULT, TRUSTOR AGREES THAT BENEFICIARY MAY, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND,
AS IT DEEMS ADVISABLE TO PROTECT AND ENFORCE ITS RIGHTS AGAINST TRUSTOR AND IN
AND TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING ACTIONS, EACH
OF WHICH MAY BE PURSUED CONCURRENTLY OR OTHERWISE, AT SUCH TIME AND IN SUCH
ORDER AS BENEFICIARY MAY DETERMINE, IN ITS SOLE DISCRETION, WITHOUT IMPAIRING OR
OTHERWISE AFFECTING THE OTHER RIGHTS AND REMEDIES OF BENEFICIARY:
(A)
DECLARE THE ENTIRE UNPAID DEBT TO BE IMMEDIATELY DUE AND PAYABLE;
(B)
INSTITUTE PROCEEDINGS, JUDICIAL OR OTHERWISE, FOR THE COMPLETE
FORECLOSURE OF THIS SECURITY INSTRUMENT UNDER ANY APPLICABLE PROVISION OF LAW,
IN WHICH CASE THE PROPERTY OR ANY INTEREST THEREIN MAY BE SOLD FOR CASH OR UPON
CREDIT IN ONE OR MORE PARCELS OR IN SEVERAL INTERESTS OR PORTIONS AND IN ANY
ORDER OR MANNER;
(C)
WITH OR WITHOUT ENTRY, TO THE EXTENT PERMITTED AND PURSUANT TO THE
PROCEDURES PROVIDED BY APPLICABLE LAW, INSTITUTE PROCEEDINGS FOR THE PARTIAL
FORECLOSURE OF THIS SECURITY INSTRUMENT FOR THE PORTION OF THE DEBT THEN DUE AND
PAYABLE, SUBJECT TO THE CONTINUING LIEN AND SECURITY INTEREST OF THIS SECURITY
INSTRUMENT FOR THE BALANCE OF THE DEBT NOT THEN DUE, UNIMPAIRED AND WITHOUT LOSS
OF PRIORITY;
(D)
SELL FOR CASH OR UPON CREDIT THE PROPERTY OR ANY PART THEREOF AND
ALL ESTATE, CLAIM, DEMAND, RIGHT, TITLE AND INTEREST OF TRUSTOR THEREIN AND
RIGHTS OF REDEMPTION THEREOF, PURSUANT TO POWER OF SALE OR OTHERWISE, AT ONE OR
MORE SALES, AS AN ENTIRETY OR IN PARCELS, AT SUCH TIME AND PLACE, UPON SUCH
TERMS AND AFTER SUCH NOTICE THEREOF AS MAY BE REQUIRED OR PERMITTED BY LAW;
(E)
INSTITUTE ACTIONS, SUITS OR PROCEEDINGS (I) IN EQUITY FOR THE
SPECIFIC PERFORMANCE OF ANY COVENANT, CONDITION OR AGREEMENT CONTAINED HEREIN,
IN THE NOTE, THE LOAN AGREEMENT OR IN THE OTHER LOAN DOCUMENTS OR (II) AS
BENEFICIARY OTHERWISE MAY DEEM APPROPRIATE TO PROTECT AND ENFORCE THE RIGHTS
VESTED IN BENEFICIARY BY THIS SECURITY INSTRUMENT;
15
(F)
RECOVER JUDGMENT ON THE NOTE EITHER BEFORE, DURING OR AFTER ANY
PROCEEDINGS FOR THE ENFORCEMENT OF THIS SECURITY INSTRUMENT OR THE OTHER LOAN
DOCUMENTS;
(G)
APPLY FOR THE APPOINTMENT OF A RECEIVER, TRUSTEE, LIQUIDATOR OR
CONSERVATOR OF THE PROPERTY, WITHOUT NOTICE AND WITHOUT REGARD FOR THE ADEQUACY
OF THE SECURITY FOR THE DEBT AND WITHOUT REGARD FOR THE SOLVENCY OF TRUSTOR, ANY
GUARANTOR, INDEMNITOR WITH RESPECT TO THE LOAN OR OF ANY PERSON LIABLE FOR THE
PAYMENT OF THE DEBT;
(H)
THE LICENSE GRANTED TO TRUSTOR UNDER SECTION 1.2 SHALL BE
AUTOMATICALLY REVOKED, AND, SUBJECT TO ANY APPLICABLE LEGAL REQUIREMENTS,
BENEFICIARY MAY ENTER INTO OR UPON THE PROPERTY, EITHER PERSONALLY OR BY ITS
AGENTS, NOMINEES OR ATTORNEYS AND DISPOSSESS TRUSTOR AND ITS AGENTS AND SERVANTS
THEREFROM, WITHOUT