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
PORTION OF THE PROPERTY OR COLLATERAL NOT IN MORTGAGEE'S POSSESSION.
(P)
MORTGAGEE MAY RESORT FOR THE PAYMENT OF THE INDEBTEDNESS TO ANY OTHER
SECURITY HELD BY MORTGAGEE IN SUCH ORDER AND MANNER AS MORTGAGEE, IN ITS
DISCRETION, MAY ELECT.
MORTGAGEE MAY TAKE ACTION TO RECOVER THE INDEBTEDNESS,
OR ANY PORTION THEREOF, OR TO ENFORCE THE OTHER OBLIGATIONS OR ANY COVENANT
HEREOF WITHOUT PREJUDICE TO THE RIGHT OF MORTGAGEE THEREAFTER TO FORECLOSE THIS
MORTGAGE.
THE RIGHTS OF MORTGAGEE UNDER THIS MORTGAGE 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.
-17-
SECTION 7.8
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 MORTGAGE, OR IMPROVING THE POSITION OF
ANY SUBORDINATE LIENHOLDER WITH RESPECT THERETO, EXCEPT TO THE EXTENT THAT THE
INDEBTEDNESS 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 MORTGAGE
SHALL CONTINUE AS A LIEN AND SECURITY INTEREST IN THE REMAINING PORTION OF THE
PROPERTY.
SECTION 7.9
INTENTIONALLY OMITTED.
SECTION 7.10
RECOURSE AND CHOICE OF REMEDIES.
NOTWITHSTANDING ANY OTHER
PROVISION OF THIS MORTGAGE OR THE LOAN AGREEMENT, MORTGAGEE AND OTHER
INDEMNIFIED PARTIES (AS HEREINAFTER DEFINED) ARE ENTITLED TO ENFORCE THE
OBLIGATIONS OF MORTGAGOR CONTAINED IN SECTIONS 9.2 AND 9.3
HEREIN 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 MORTGAGEE
COMMENCES A FORECLOSURE ACTION AGAINST THE PROPERTY, MORTGAGEE IS ENTITLED TO
PURSUE A DEFICIENCY JUDGMENT WITH RESPECT TO SUCH OBLIGATIONS AGAINST MORTGAGOR
AND ANY GUARANTOR OR INDEMNITOR WITH RESPECT TO THE LOAN.
THE PROVISIONS OF
SECTIONS 9.2 AND 9.3
HEREIN ARE EXCEPTIONS TO ANY NON-RECOURSE OR EXCULPATION
PROVISIONS APPLICABLE TO MORTGAGOR IN THE LOAN AGREEMENT, THE NOTE, THIS
MORTGAGE OR THE OTHER LOAN DOCUMENTS, AND MORTGAGOR IS FULLY AND PERSONALLY
LIABLE FOR THE OBLIGATIONS PURSUANT TO SECTIONS 9.2 AND 9.3
HEREIN.
THE
LIABILITY OF MORTGAGOR WITH RESPECT TO THE LOAN PURSUANT TO SECTIONS 9.2 AND
9.3
HEREIN IS NOT LIMITED TO THE ORIGINAL PRINCIPAL AMOUNT OF