ANY TERM OF THIS SECURITY INSTRUMENT.
BORROWER SHALL NOT BE RELIEVED
OF BORROWER'S OBLIGATIONS HEREUNDER BY REASON OF (I) THE FAILURE OF MORTGAGEE TO
COMPLY WITH ANY REQUEST OF BORROWER OR ANY GUARANTOR OR INDEMNITOR WITH RESPECT
TO THE LOAN TO TAKE ANY ACTION TO FORECLOSE THIS SECURITY INSTRUMENT OR
OTHERWISE ENFORCE ANY OF THE PROVISIONS HEREOF OR OF THE NOTE OR THE OTHER LOAN
DOCUMENTS, (II) THE RELEASE, REGARDLESS OF CONSIDERATION, OF THE WHOLE OR ANY
PART OF THE PROPERTY, OR OF ANY PERSON LIABLE FOR THE DEBT OR ANY PORTION
THEREOF, OR (III) ANY AGREEMENT OR STIPULATION BY MORTGAGEE AND/OR LENDERS
EXTENDING THE TIME OF PAYMENT OR OTHERWISE MODIFYING OR SUPPLEMENTING THE TERMS
OF THE NOTE, THIS SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS.
(B)
IT IS AGREED THAT THE RISK OF LOSS OR DAMAGE TO THE PROPERTY
IS ON BORROWER, AND MORTGAGEE AND LENDERS SHALL HAVE NO LIABILITY WHATSOEVER FOR
DECLINE IN THE VALUE OF THE PROPERTY, FOR FAILURE TO MAINTAIN THE INSURANCE
POLICIES REQUIRED TO BE MAINTAINED PURSUANT TO THE LOAN AGREEMENT, OR FOR
FAILURE TO DETERMINE WHETHER INSURANCE IN FORCE IS ADEQUATE AS TO THE AMOUNT OF
RISKS INSURED.
POSSESSION BY MORTGAGEE SHALL NOT BE DEEMED AN ELECTION OF
JUDICIAL RELIEF IF ANY SUCH POSSESSION IS REQUESTED OR OBTAINED WITH RESPECT TO
ANY PROPERTY OR COLLATERAL NOT IN MORTGAGEE'S POSSESSION.
(C)
MORTGAGEE MAY RESORT FOR THE PAYMENT OF THE DEBT TO ANY OTHER
SECURITY HELD BY MORTGAGEE IN SUCH ORDER AND MANNER AS SET FORTH IN SECTION 10.2
OF THE LOAN AGREEMENT OR AS OTHERWISE DETERMINED BY LENDERS.
MORTGAGEE MAY TAKE
ACTION TO RECOVER THE DEBT, OR ANY PORTION THEREOF, OR TO ENFORCE ANY COVENANT
HEREOF WITHOUT PREJUDICE TO THE RIGHT OF MORTGAGEE
THEREAFTER TO FORECLOSE THIS
SECURITY INSTRUMENT.
THE RIGHTS OF MORTGAGEE UNDER THIS SECURITY INSTRUMENT
SHALL BE SEPARATE, DISTINCT AND CUMULATIVE AND NONE SHALL BE GIVEN EFFECT TO THE
EXCLUSION OF THE OTHERS.
NO ACT OF MORTGAGEE SHALL BE CONSTRUED AS AN ELECTION
TO PROCEED UNDER ANY ONE PROVISION HEREIN TO THE EXCLUSION OF ANY OTHER
PROVISION.
MORTGAGEE SHALL NOT BE LIMITED EXCLUSIVELY TO THE RIGHTS AND
REMEDIES HEREIN STATED BUT SHALL BE ENTITLED TO EVERY RIGHT AND REMEDY NOW OR
HEREAFTER AFFORDED AT LAW OR IN EQUITY.
12
SECTION 8.7
RIGHT TO RELEASE ANY PORTION OF THE PROPERTY.
MORTGAGEE
MAY RELEASE ANY PORTION OF THE PROPERTY FOR SUCH CONSIDERATION AS MORTGAGEE MAY
REQUIRE WITHOUT, AS TO THE REMAINDER OF THE PROPERTY, IN ANY WAY IMPAIRING OR
AFFECTING THE LIEN OR PRIORITY OF THIS SECURITY INSTRUMENT, OR IMPROVING THE
POSITION OF ANY SUBORDINATE LIENHOLDER WITH RESPECT THERETO, EXCEPT TO THE
EXTENT THAT THE OBLIGATIONS HEREUNDER SHALL HAVE BEEN REDUCED BY THE ACTUAL
MONETARY CONSIDERATION, IF ANY, RECEIVED BY MORTGAGEE FOR SUCH RELEASE, AND MAY
ACCEPT BY ASSIGNMENT, PLEDGE OR OTHERWISE ANY OTHER PROPERTY IN PLACE THEREOF AS
MORTGAGEE MAY REQUIRE WITHOUT BEING ACCOUNTABLE FOR SO DOING TO ANY OTHER
LIENHOLDER.
THIS SECURITY INSTRUMENT SHALL CONTINUE AS A LIEN AND SECURITY
INTEREST IN