SHALL NOT BE DEEMED MERGED INTO ANY JUDGMENT OF FORECLOSURE, BUT
RATHER SHALL REMAIN OUTSTANDING.
IT IS THE FURTHER INTENT AND UNDERSTANDING OF
THE PARTIES THAT THE MORTGAGEE, FOLLOWING AN EVENT OF DEFAULT, MAY PURSUE ALL OF
ITS COLLATERAL WITH THE OBLIGATIONS REMAINING OUTSTANDING AND IN FULL FORCE AND
EFFECT NOTWITHSTANDING ANY JUDGMENT OF FORECLOSURE OR ANY OTHER JUDGMENT WHICH
THE MORTGAGEE MAY OBTAIN.
(B)
THE MORTGAGOR ACKNOWLEDGES AND AGREES THAT THE MORTGAGED PROPERTY
AND THE PROPERTY WHICH MAY FROM TIME TO TIME BE ENCUMBERED BY THE OTHER
FINANCING DOCUMENTS MAY BE LOCATED IN MORE THAN ONE STATE OR COUNTRY AND
THEREFORE THE MORTGAGOR WAIVES AND RELINQUISHES ANY AND ALL RIGHTS IT MAY HAVE,
WHETHER AT LAW OR EQUITY, TO REQUIRE THE MORTGAGEE TO PROCEED TO ENFORCE OR
EXERCISE ANY RIGHTS, POWERS AND REMEDIES IT MAY HAVE UNDER THE FINANCING
DOCUMENTS IN ANY PARTICULAR MANNER, IN ANY PARTICULAR ORDER, OR IN ANY
PARTICULAR STATE OR OTHER JURISDICTION.
FURTHERMORE, THE MORTGAGOR ACKNOWLEDGES
AND AGREES THAT THE MORTGAGEE SHALL BE ALLOWED TO ENFORCE PAYMENT AND
PERFORMANCE OF THE OBLIGATIONS AND TO EXERCISE ALL RIGHTS AND POWERS PROVIDED
UNDER THIS MORTGAGE, OR THE OTHER FINANCING DOCUMENTS OR UNDER ANY PROVISION OF
LAW, BY ONE OR MORE PROCEEDINGS, (WHETHER CONTEMPORANEOUS, CONSECUTIVE OR BOTH)
IN ANY ONE OR MORE STATES OR COUNTRIES IN WHICH THE SECURITY IS LOCATED.
NEITHER THE ACCEPTANCE OF THIS MORTGAGE OR ANY FINANCING DOCUMENT NOR THE
ENFORCEMENT IN ONE STATE OR COUNTRY, WHETHER BY COURT ACTION, POWER OF SALE, OR
OTHERWISE, SHALL PREJUDICE OR IN ANY WAY LIMIT OR PRECLUDE ENFORCEMENT OF SUCH
DOCUMENTS THROUGH ONE OR MORE ADDITIONAL PROCEEDINGS, IN THAT STATE OR IN ANY
OTHER STATE OR COUNTRY.
(C)
THE MORTGAGOR FURTHER AGREES THAT ANY PARTICULAR REMEDY OR
PROCEEDING, INCLUDING, WITHOUT LIMITATION, FORECLOSURE THROUGH COURT ACTION (IN
A STATE OR FEDERAL COURT) OR POWER OF SALE, MAY BE BROUGHT AND PROSECUTED IN THE
LOCAL OR FEDERAL COURTS OF ANY ONE OR MORE STATES AS TO ALL OR ANY PART OF THE
MORTGAGED PROPERTY OR THE PROPERTY ENCUMBERED BY THE FINANCING DOCUMENTS,
WHEREVER LOCATED, WITHOUT REGARD TO THE FACT THAT ANY ONE OR MORE PRIOR OR
CONTEMPORANEOUS PROCEEDINGS HAVE BEEN SITUATED ELSEWHERE WITH RESPECT TO THE
SAME OR ANY OTHER PART OF THE MORTGAGED PROPERTY AND THE PROPERTY ENCUMBERED BY
THE FINANCING DOCUMENTS.
(D)
THE MORTGAGEE MAY RESORT TO ANY OTHER SECURITY HELD BY THE
MORTGAGEE FOR THE PAYMENT OF THE OBLIGATIONS IN SUCH ORDER AND MANNER AS THE
MORTGAGEE MAY ELECT.
(E)
NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE
MORTGAGEE SHALL BE UNDER NO DUTY TO THE MORTGAGOR OR OTHERS, INCLUDING, WITHOUT
LIMITATION, THE HOLDER OF ANY JUNIOR, SENIOR OR SUBORDINATE MORTGAGE ON THE
MORTGAGED PROPERTY OR ANY PART THEREOF OR ON ANY OTHER SECURITY HELD BY THE
MORTGAGEE, TO EXERCISE OR EXHAUST ALL OR ANY OF THE RIGHTS, POWERS AND REMEDIES
AVAILABLE TO THE MORTGAGEE.
ARTICLE VI
MISCELLANEOUS
6.01
GOVERNING LAW.
THE PROVISIONS OF THIS MORTGAGE REGARDING THE CREATION,
PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY