MORTGAGE SHALL BE BINDING UPON
AND INURE TO THE BENEFIT OF MORTGAGOR AND MORTGAGEE AND THEIR RESPECTIVE
SUCCESSORS AND ASSIGNS FOREVER.
MORTGAGEE SHALL HAVE THE RIGHT TO SELL, ASSIGN,
PLEDGE, PARTICIPATE, TRANSFER OR DELEGATE ITS RIGHTS AND OBLIGATIONS UNDER THIS
MORTGAGE IN CONNECTION WITH ANY ASSIGNMENT OF THE LOAN AND THE LOAN DOCUMENTS TO
ANY PERSON IN ACCORDANCE WITH THE LOAN AGREEMENT.
ANY ASSIGNEE OR TRANSFEREE OF
MORTGAGEE SHALL BE ENTITLED TO ALL THE BENEFITS AFFORDED TO MORTGAGEE UNDER THIS
MORTGAGE.
EXCEPT AS SPECIFICALLY PERMITTED BY THE LOAN AGREEMENT, MORTGAGOR
SHALL NOT HAVE THE RIGHT TO ASSIGN, DELEGATE OR TRANSFER ITS RIGHTS OR
OBLIGATIONS UNDER THIS MORTGAGE WITHOUT THE PRIOR WRITTEN CONSENT OF MORTGAGEE
AND ANY ATTEMPTED ASSIGNMENT, DELEGATION OR TRANSFER WITHOUT SUCH CONSENT SHALL
BE NULL AND VOID.
SECTION 15.3
INAPPLICABLE PROVISIONS.
IF ANY TERM, COVENANT OR CONDITION OF
THE LOAN AGREEMENT, THE NOTE OR THIS MORTGAGE IS HELD TO BE INVALID, ILLEGAL OR
UNENFORCEABLE IN ANY RESPECT, THE LOAN AGREEMENT, THE NOTE AND THIS MORTGAGE
SHALL BE CONSTRUED WITHOUT SUCH PROVISION.
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SECTION 15.4
HEADINGS, ETC.
THE HEADINGS AND CAPTIONS OF VARIOUS SECTIONS OF
THIS MORTGAGE ARE FOR CONVENIENCE OF REFERENCE ONLY AND ARE NOT TO BE CONSTRUED
AS DEFINING OR LIMITING, IN ANY WAY, THE SCOPE OR INTENT OF THE PROVISIONS
HEREOF.
SECTION 15.5
NUMBER AND GENDER.
WHENEVER THE CONTEXT MAY REQUIRE, ANY
PRONOUNS USED HEREIN SHALL INCLUDE THE CORRESPONDING MASCULINE, FEMININE OR
NEUTER FORMS, AND THE SINGULAR FORM OF NOUNS AND PRONOUNS SHALL INCLUDE THE
PLURAL AND VICE VERSA.
SECTION 15.6
SUBROGATION.
IF ANY OR ALL OF THE PROCEEDS OF THE NOTE HAVE
BEEN USED TO EXTINGUISH, EXTEND OR RENEW ANY INDEBTEDNESS HERETOFORE EXISTING
AGAINST THE PROPERTY, THEN, TO THE EXTENT OF THE FUNDS SO USED, MORTGAGEE SHALL
BE SUBROGATED TO ALL OF THE RIGHTS, CLAIMS, LIENS, TITLES, AND INTERESTS
EXISTING AGAINST THE PROPERTY HERETOFORE HELD BY, OR IN FAVOR OF, THE HOLDER OF
SUCH INDEBTEDNESS AND SUCH FORMER RIGHTS, CLAIMS, LIENS, TITLES, AND INTERESTS,
IF ANY, ARE NOT WAIVED BUT RATHER ARE CONTINUED IN FULL FORCE AND EFFECT IN
FAVOR OF MORTGAGEE AND ARE MERGED WITH THE LIEN AND SECURITY INTEREST CREATED
HEREIN AS CUMULATIVE SECURITY FOR THE REPAYMENT OF THE INDEBTEDNESS, THE
PERFORMANCE AND DISCHARGE OF MORTGAGOR'S OBLIGATIONS HEREUNDER, UNDER THE LOAN
AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE PERFORMANCE AND
DISCHARGE OF THE OTHER OBLIGATIONS.
SECTION 15.7
ENTIRE AGREEMENT.
THE NOTE, THE LOAN AGREEMENT, THIS MORTGAGE
AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AND AGREEMENT
BETWEEN MORTGAGOR AND MORTGAGEE WITH RESPECT TO THE TRANSACTIONS ARISING IN
CONNECTION WITH THE INDEBTEDNESS AND SUPERSEDE ALL PRIOR WRITTEN OR ORAL
UNDERSTANDINGS AND AGREEMENTS BETWEEN MORTGAGOR AND MORTGAGEE WITH RESPECT
THERETO.
MORTGAGOR HEREBY ACKNOWLEDGES THAT, EXCEPT AS INCORPORATED IN WRITING
IN THE NOTE, THE LOAN AGREEMENT, THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS,
THERE ARE NOT, AND WERE NOT, AND NO PERSONS ARE OR WERE AUTHORIZED BY MORTGAGEE
TO MAKE, ANY REPRESENTATIONS, UNDERSTANDINGS, STIPULATIONS, AGREEMENTS OR
PROMISES, ORAL OR WRITTEN, WITH