OBSERVE THE OBLIGATIONS CONTAINED IN THE NOTE, THIS AGREEMENT, THE SECURITY
INSTRUMENT OR THE OTHER LOAN DOCUMENTS BY ANY ACTION OR PROCEEDING WHEREIN A
MONEY JUDGMENT SHALL BE SOUGHT AGAINST BORROWER, EXCEPT THAT LENDER MAY BRING A
FORECLOSURE ACTION, AN ACTION FOR SPECIFIC PERFORMANCE OR ANY OTHER APPROPRIATE
ACTION OR
180
PROCEEDING TO ENABLE LENDER TO ENFORCE AND REALIZE UPON ITS INTEREST UNDER THE
NOTE, THIS AGREEMENT, THE SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS, OR
IN THE PROPERTY, THE RENTS, OR ANY OTHER COLLATERAL GIVEN TO LENDER PURSUANT TO
THE LOAN DOCUMENTS; PROVIDED, THAT, EXCEPT AS SPECIFICALLY PROVIDED HEREIN, ANY
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE ENFORCEABLE AGAINST BORROWER
ONLY TO THE EXTENT OF BORROWER'S INTEREST IN THE PROPERTY, IN THE RENTS AND IN
ANY OTHER COLLATERAL GIVEN TO LENDER, AND LENDER, BY ACCEPTING THE NOTE, THIS
AGREEMENT, THE SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS, AGREES THAT IT
SHALL NOT SUE FOR, SEEK OR DEMAND ANY DEFICIENCY JUDGMENT AGAINST BORROWER IN
ANY SUCH ACTION OR PROCEEDING UNDER, OR BY REASON OF, OR IN CONNECTION WITH, THE
NOTE, THIS AGREEMENT, THE SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS.
THE
PROVISIONS OF THIS SECTION 9.4(A) SHALL NOT, HOWEVER, (I) CONSTITUTE A WAIVER,
RELEASE OR IMPAIRMENT OF ANY OBLIGATION EVIDENCED OR SECURED BY ANY OF THE LOAN
DOCUMENTS; (II) IMPAIR THE RIGHT OF LENDER TO NAME BORROWER AS A PARTY DEFENDANT
IN ANY ACTION OR SUIT FOR FORECLOSURE AND SALE UNDER THE SECURITY INSTRUMENT;
(III) AFFECT THE VALIDITY OR ENFORCEABILITY OF OR ANY GUARANTY MADE IN
CONNECTION WITH THE LOAN OR ANY OF THE RIGHTS AND REMEDIES OF LENDER THEREUNDER;
(IV) IMPAIR THE RIGHT OF LENDER TO OBTAIN THE APPOINTMENT OF A RECEIVER; (V)
IMPAIR THE ENFORCEMENT OF THE ASSIGNMENT OF LEASES; OR (VI) CONSTITUTE A
PROHIBITION AGAINST LENDER TO SEEK A DEFICIENCY JUDGMENT AGAINST BORROWER IN
ORDER TO FULLY REALIZE THE SECURITY GRANTED BY THE SECURITY INSTRUMENT OR TO
COMMENCE ANY OTHER APPROPRIATE ACTION OR PROCEEDING IN ORDER FOR LENDER TO
EXERCISE ITS REMEDIES AGAINST THE PROPERTY.
(B)
THE PROVISIONS OF SECTION 9.4(A) SHALL NOT CONSTITUTE A WAIVER OF
THE RIGHT OF LENDER TO ENFORCE THE LIABILITY AND OBLIGATION OF BORROWER, BY
MONEY JUDGMENT OR OTHERWISE, TO THE EXTENT OF ANY LOSS, DAMAGE, COST, EXPENSE,
LIABILITY, CLAIM OR OTHER OBLIGATION INCURRED BY LENDER (INCLUDING ATTORNEYS'
FEES AND COSTS REASONABLY INCURRED) ARISING OUT OF OR IN CONNECTION WITH THE
FOLLOWING:
(I)
FRAUD OR MATERIAL MISREPRESENTATION BY BORROWER, GUARANTOR OR ANY
OF THEIR RESPECTIVE AFFILIATES;
(II)
ANY WILLFUL ACT OF MATERIAL WASTE OF THE PROPERTY OR ANY DAMAGE
TO THE PROPERTY ARISING FROM THE INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE OF
BORROWER, GUARANTOR OR ANY OF THEIR RESPECTIVE PRINCIPALS OR ANY REMOVAL OF THE
PROPERTY IN VIOLATION OF THE LOAN DOCUMENTS;
(III)
THE BREACH OF ANY REPRESENTATION, WARRANTY, COVENANT OR
INDEMNIFICATION PROVISION IN THE ENVIRONMENTAL INDEMNITY AGREEMENT OR IN THE
SECURITY INSTRUMENT CONCERNING ENVIRONMENTAL LAWS, HAZARDOUS SUBSTANCES AND
ASBESTOS AND ANY INDEMNIFICATION OF LENDER WITH RESPECT THERETO IN EITHER