ALL RIGHTS AND POWERS OF
BORROWER WITH RESPECT TO THE PROPERTY, WHETHER IN THE NAME OF BORROWER OR
OTHERWISE, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO MAKE, CANCEL, ENFORCE OR
MODIFY LEASES, OBTAIN AND EVICT TENANTS, AND DEMAND, SUE FOR, COLLECT AND
RECEIVE ALL RENTS OF THE PROPERTY AND EVERY PART THEREOF; (V) REQUIRE BORROWER
TO PAY MONTHLY IN ADVANCE TO LENDER, OR ANY RECEIVER APPOINTED TO COLLECT THE
RENTS, THE FAIR AND REASONABLE RENTAL VALUE FOR THE USE AND OCCUPATION OF SUCH
PART OF THE PROPERTY AS MAY BE OCCUPIED BY BORROWER; (VI) REQUIRE BORROWER TO
VACATE AND SURRENDER POSSESSION OF THE PROPERTY TO LENDER OR TO SUCH RECEIVER
AND, IN DEFAULT THEREOF, BORROWER MAY BE EVICTED BY SUMMARY PROCEEDINGS OR
OTHERWISE; AND (VII) APPLY THE RECEIPTS FROM THE PROPERTY TO THE PAYMENT OF THE
DEBT, IN SUCH ORDER, PRIORITY AND PROPORTIONS AS LENDER SHALL DEEM APPROPRIATE
IN ITS SOLE DISCRETION AFTER DEDUCTING THEREFROM ALL EXPENSES (INCLUDING
REASONABLE ATTORNEYS' FEES) INCURRED IN CONNECTION WITH THE AFORESAID OPERATIONS
AND ALL AMOUNTS NECESSARY TO PAY THE TAXES, OTHER CHARGES, INSURANCE PREMIUM AND
OTHER EXPENSES IN CONNECTION WITH THE PROPERTY, AS WELL AS JUST AND REASONABLE
COMPENSATION FOR THE SERVICES OF LENDER, ITS COUNSEL, AGENTS AND EMPLOYEES;
(I)
EXERCISE ANY AND ALL RIGHTS AND REMEDIES GRANTED TO A SECURED
PARTY UPON DEFAULT UNDER THE UNIFORM COMMERCIAL CODE, INCLUDING, WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING:
(I) THE RIGHT TO TAKE POSSESSION OF
THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY OR ANY PART THEREOF, AND TO
TAKE SUCH OTHER MEASURES AS LENDER MAY DEEM NECESSARY FOR THE CARE, PROTECTION
AND PRESERVATION OF THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY, AND (II)
REQUEST BORROWER AT ITS EXPENSE TO ASSEMBLE THE FIXTURES, THE EQUIPMENT, THE
PERSONAL PROPERTY AND MAKE IT AVAILABLE TO LENDER AT A CONVENIENT PLACE
ACCEPTABLE TO LENDER.
ANY NOTICE OF SALE, DISPOSITION OR OTHER INTENDED ACTION
BY LENDER WITH RESPECT TO THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY
SENT TO BORROWER IN ACCORDANCE WITH THE PROVISIONS HEREOF AT LEAST TEN (10) DAYS
PRIOR TO SUCH ACTION, SHALL CONSTITUTE COMMERCIALLY REASONABLE NOTICE TO
BORROWER;
(J)
APPLY ANY SUMS THEN DEPOSITED OR HELD IN ESCROW OR OTHERWISE BY
OR ON BEHALF OF LENDER IN ACCORDANCE WITH THE TERMS OF THE LOAN AGREEMENT, THIS
SECURITY INSTRUMENT OR ANY OTHER LOAN DOCUMENT TO THE PAYMENT OF THE FOLLOWING
ITEMS IN ANY ORDER IN ITS UNCONTROLLED DISCRETION:
15
(I)
TAXES AND OTHER CHARGES;
(II)
INSURANCE PREMIUMS;
(III)
INTEREST ON THE UNPAID PRINCIPAL BALANCE OF THE NOTE;
(IV)
AMORTIZATION OF THE UNPAID PRINCIPAL BALANCE OF THE NOTE;
(V)
ALL OTHER SUMS PAYABLE PURSUANT TO THE NOTE, THE LOAN AGREEMENT,
THIS SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS, INCLUDING WITHOUT
LIMITATION ADVANCES MADE BY LENDER PURSUANT TO THE TERMS OF THIS SECURITY
INSTRUMENT;
(K)
PURSUE SUCH OTHER REMEDIES AS LENDER MAY HAVE UNDER APPLICABLE
LAW; OR
(L)
APPLY THE UNDISBURSED BALANCE OF ANY NET PROCEEDS DEFICIENCY
DEPOSIT, TOGETHER WITH INTEREST THEREON, TO THE PAYMENT OF THE DEBT IN SUCH