SECURITY INSTRUMENT OR THE
OTHER LOAN DOCUMENTS, SHALL BE APPLIED BY LENDER TO THE PAYMENT OF THE DEBT IN
SUCH ORDER OF PRIORITY AND PROPORTIONS AS LENDER IN ITS DISCRETION SHALL DEEM
PROPER, TO THE EXTENT CONSISTENT WITH LAW AND THE OTHER LOAN DOCUMENTS.
SECTION 7.3
RIGHT TO CURE DEFAULTS.
UPON THE OCCURRENCE AND DURING
THE CONTINUANCE OF ANY EVENT OF DEFAULT, LENDER MAY REMEDY SUCH EVENT OF DEFAULT
IN SUCH MANNER AND TO SUCH EXTENT AS LENDER MAY DEEM NECESSARY TO PROTECT THE
SECURITY HEREOF, BUT WITHOUT ANY OBLIGATION TO DO SO AND WITHOUT NOTICE TO OR
DEMAND ON BORROWER, AND WITHOUT RELEASING BORROWER FROM ANY OBLIGATION
HEREUNDER.
LENDER IS AUTHORIZED TO ENTER UPON THE PROPERTY FOR SUCH PURPOSES,
OR APPEAR IN, DEFEND, OR BRING ANY ACTION OR PROCEEDING TO PROTECT ITS INTEREST
IN THE PROPERTY OR TO FORECLOSE THIS SECURITY INSTRUMENT OR COLLECT THE DEBT,
AND THE COST AND EXPENSE THEREOF (INCLUDING REASONABLE ATTORNEYS' FEES TO THE
EXTENT PERMITTED BY LAW), WITH INTEREST AS PROVIDED IN THIS SECTION 7.3, SHALL
CONSTITUTE A PORTION OF THE DEBT AND SHALL BE DUE AND PAYABLE TO LENDER UPON
DEMAND.
ALL SUCH COSTS AND EXPENSES INCURRED BY LENDER IN REMEDYING SUCH EVENT
OF DEFAULT OR SUCH FAILED PAYMENT OR ACT OR IN APPEARING IN, DEFENDING, OR
BRINGING ANY SUCH ACTION OR PROCEEDING SHALL BEAR INTEREST AT THE DEFAULT RATE,
FOR THE PERIOD AFTER NOTICE FROM LENDER THAT SUCH COST OR EXPENSE WAS INCURRED
TO THE DATE OF PAYMENT TO LENDER.
ALL SUCH COSTS AND EXPENSES INCURRED BY
LENDER TOGETHER WITH INTEREST THEREON CALCULATED AT THE DEFAULT RATE SHALL BE
DEEMED TO CONSTITUTE A PORTION OF THE DEBT AND BE SECURED BY THIS SECURITY
INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND SHALL BE IMMEDIATELY DUE AND PAYABLE
UPON DEMAND BY LENDER THEREFOR.
SECTION 7.4
ACTIONS AND PROCEEDINGS.
LENDER HAS THE RIGHT TO APPEAR
IN AND DEFEND ANY ACTION OR PROCEEDING BROUGHT WITH RESPECT TO THE PROPERTY AND
TO BRING ANY ACTION OR PROCEEDING, IN THE NAME AND ON BEHALF OF BORROWER, WHICH
LENDER, IN ITS DISCRETION, DECIDES SHOULD BE BROUGHT TO PROTECT ITS INTEREST IN
THE PROPERTY.
17
SECTION 7.5
RECOVERY OF SUMS REQUIRED TO BE PAID.
LENDER SHALL HAVE
THE RIGHT FROM TIME TO TIME TO TAKE ACTION TO RECOVER ANY SUM OR SUMS WHICH
CONSTITUTE A PART OF THE DEBT AS THE SAME BECOME DUE, WITHOUT REGARD TO WHETHER
OR NOT THE BALANCE OF THE DEBT SHALL BE DUE, AND WITHOUT PREJUDICE TO THE RIGHT
OF LENDER THEREAFTER TO BRING AN ACTION OF FORECLOSURE, OR ANY OTHER ACTION, FOR
A DEFAULT OR DEFAULTS BY BORROWER EXISTING AT THE TIME SUCH EARLIER ACTION WAS
COMMENCED.
SECTION 7.6
EXAMINATION OF BOOKS AND RECORDS.
AT REASONABLE TIMES
AND UPON REASONABLE NOTICE, LENDER, ITS AGENTS, ACCOUNTANTS AND ATTORNEYS SHALL
HAVE THE RIGHT TO EXAMINE THE RECORDS, BOOKS, MANAGEMENT AND OTHER PAPERS OF
BORROWER WHICH REFLECT UPON ITS FINANCIAL CONDITION, AT THE PROPERTY OR AT ANY
OFFICE REGULARLY MAINTAINED BY BORROWER WHERE THE BOOKS AND