OR ANY PORTION THEREOF, OR TO ENFORCE ANY
COVENANT HEREOF WITHOUT PREJUDICE TO THE RIGHT OF BENEFICIARY THEREAFTER TO
FORECLOSE THIS SECURITY INSTRUMENT.
THE RIGHTS OF BENEFICIARY 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 BENEFICIARY SHALL BE
CONSTRUED AS AN ELECTION TO PROCEED UNDER ANY ONE PROVISION HEREIN TO THE
EXCLUSION OF ANY OTHER PROVISION.
BENEFICIARY 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.
SECTION 7.7.
RIGHT TO RELEASE ANY PORTION OF THE PROPERTY.
BENEFICIARY MAY RELEASE ANY PORTION OF THE PROPERTY FOR SUCH CONSIDERATION AS
BENEFICIARY 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 BENEFICIARY FOR SUCH
RELEASE, AND MAY ACCEPT BY ASSIGNMENT, PLEDGE OR OTHERWISE ANY OTHER PROPERTY IN
PLACE THEREOF AS BENEFICIARY MAY REQUIRE WITHOUT BEING ACCOUNTABLE FOR SO DOING
TO ANY OTHER LIENHOLDER.
THIS SECURITY INSTRUMENT SHALL CONTINUE AS A LIEN AND
SECURITY INTEREST IN THE REMAINING PORTION OF THE PROPERTY.
SECTION 7.8.
VIOLATION OF LAWS.
IF THE PROPERTY IS NOT IN MATERIAL
COMPLIANCE WITH ANY APPLICABLE LEGAL REQUIREMENTS, BENEFICIARY MAY IMPOSE
ADDITIONAL REQUIREMENTS UPON TRUSTOR IN CONNECTION HEREWITH INCLUDING, WITHOUT
LIMITATION, MONETARY RESERVES OR FINANCIAL EQUIVALENTS.
SECTION 7.9.
RECOURSE AND CHOICE OF REMEDIES.
NOTWITHSTANDING ANY
OTHER PROVISION OF THIS SECURITY INSTRUMENT OR THE LOAN AGREEMENT, INCLUDING,
WITHOUT LIMITATION, SECTION 9.4 OF THE LOAN AGREEMENT, BENEFICIARY AND OTHER
INDEMNIFIED PARTIES (AS HEREINAFTER DEFINED) ARE ENTITLED TO ENFORCE THE
OBLIGATIONS OF TRUSTOR CONTAINED IN SECTION 8.2 AND SECTION 8.3 WITHOUT FIRST
RESORTING TO OR EXHAUSTING ANY SECURITY OR COLLATERAL AND WITHOUT FIRST HAVING
RECOURSE TO THE NOTE OR ANY OF THE PROPERTY, THROUGH FORECLOSURE OR ACCEPTANCE
OF A DEED IN LIEU OF FORECLOSURE OR OTHERWISE, AND IN THE EVENT BENEFICIARY
COMMENCES A FORECLOSURE ACTION AGAINST THE PROPERTY, BENEFICIARY IS ENTITLED TO
PURSUE A DEFICIENCY JUDGMENT WITH RESPECT TO SUCH OBLIGATIONS AGAINST TRUSTOR
WITH RESPECT TO THE LOAN.
THE PROVISIONS OF SECTION 8.2 AND SECTION 8.3 ARE
EXCEPTIONS TO ANY NON-RECOURSE OR EXCULPATION PROVISIONS IN THE LOAN AGREEMENT,
THE NOTE, THIS SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS, AND TRUSTOR WITH
RESPECT TO THE LOAN IS FULLY LIABLE FOR THE OBLIGATIONS PURSUANT TO SECTION 8.2
AND SECTION 8.3.
THE LIABILITY OF TRUSTOR WITH RESPECT TO
18
THE LOAN PURSUANT TO SECTION 8.2 AND SECTION 8.3 IS NOT LIMITED TO THE ORIGINAL
PRINCIPAL AMOUNT OF THE NOTE.
NOTWITHSTANDING THE FOREGOING, NOTHING HEREIN
SHALL INHIBIT OR PREVENT BENEFICIARY FROM FORECLOSING OR EXERCISING ANY OTHER
RIGHTS AND REMEDIES PURSUANT TO THE LOAN AGREEMENT, THE NOTE, THIS SECURITY
INSTRUMENT AND THE OTHER LOAN