FOR THE DEBT OR ANY PORTION
THEREOF, OR (III) ANY AGREEMENT OR STIPULATION BY BENEFICIARY EXTENDING THE TIME
OF PAYMENT OR OTHERWISE MODIFYING OR SUPPLEMENTING THE TERMS OF THE NOTE, THIS
SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS.
19
(B)
IT IS AGREED THAT THE RISK OF LOSS OR DAMAGE TO THE PROPERTY IS ON
TRUSTOR, AND BENEFICIARY SHALL HAVE NO LIABILITY WHATSOEVER FOR DECLINE IN VALUE
OF THE PROPERTY, FOR FAILURE TO MAINTAIN THE POLICIES, OR FOR FAILURE TO
DETERMINE WHETHER INSURANCE IN FORCE IS ADEQUATE AS TO THE AMOUNT OF RISKS
INSURED.
POSSESSION BY BENEFICIARY 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 BENEFICIARY'S POSSESSION.
(C)
BENEFICIARY MAY RESORT FOR THE PAYMENT OF THE DEBT TO ANY OTHER
SECURITY HELD BY BENEFICIARY IN SUCH ORDER AND MANNER AS BENEFICIARY, IN ITS
DISCRETION, MAY ELECT.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, BENEFICIARY
MAY TAKE ACTION TO RECOVER THE DEBT, 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 7.8.
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 7.9.
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 7.10.
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