NOTES AND THE
SECURITY DOCUMENTS, OR IN AID OF THE EXECUTION OF ANY POWER GRANTED IN THIS
MORTGAGE, OR FOR ANY FORECLOSURE HEREUNDER, OR FOR THE ENFORCEMENT OF ANY OTHER
APPROPRIATE LEGAL OR EQUITABLE REMEDY OR OTHERWISE AS THE MORTGAGEE SHALL ELECT.
24
SECTION 11.3
SALE OF MORTGAGED PROPERTY IF EVENT OF DEFAULT OCCURS; PROCEEDS OF
SALE.
(I)
IF ANY EVENT OF DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING,
THE MORTGAGEE MAY INSTITUTE AN ACTION TO FORECLOSE THIS MORTGAGE OR TAKE SUCH
OTHER ACTION AS MAY BE PERMITTED AND AVAILABLE TO THE MORTGAGEE AT LAW OR IN
EQUITY FOR THE ENFORCEMENT OF THE INDENTURE AND THE NOTES AND REALIZATION ON THE
MORTGAGED PROPERTY AND PROCEEDS THEREON THROUGH POWER OF SALE OR TO FINAL
JUDGMENT AND EXECUTION THEREOF FOR THE SECURED OBLIGATIONS, AND IN FURTHERANCE
THEREOF THE MORTGAGEE MAY SELL THE MORTGAGED PROPERTY AT ONE OR MORE SALES, AS
AN ENTIRETY OR IN PARCELS, AT SUCH TIME AND PLACE, UPON SUCH TERMS AND AFTER
SUCH NOTICE THEREOF AS MAY BE REQUIRED OR PERMITTED BY LAW OR STATUTE OR IN
EQUITY.
THE MORTGAGEE MAY EXECUTE AND DELIVER TO THE PURCHASER AT SUCH SALE A
CONVEYANCE OF THE MORTGAGED PROPERTY IN FEE SIMPLE AND AN ASSIGNMENT OR
CONVEYANCE OF ALL THE MORTGAGOR'S INTEREST IN THE LEASES AND THE MORTGAGED
PROPERTY, EACH OF WHICH CONVEYANCES AND ASSIGNMENTS SHALL CONTAIN RECITALS AS TO
THE EVENT OF DEFAULT UPON WHICH THE EXECUTION OF THE POWER OF SALE HEREIN
GRANTED DEPENDS, AND THE MORTGAGOR HEREBY CONSTITUTES AND APPOINTS THE MORTGAGEE
THE TRUE AND LAWFUL ATTORNEY IN FACT OF THE MORTGAGOR TO MAKE ANY SUCH RECITALS,
SALE, ASSIGNMENT AND CONVEYANCE, AND ALL OF THE ACTS OF THE MORTGAGEE AS SUCH
ATTORNEY IN FACT ARE HEREBY RATIFIED AND CONFIRMED.
THE MORTGAGOR AGREES THAT
SUCH RECITALS SHALL BE BINDING AND CONCLUSIVE UPON THE MORTGAGOR AND THAT ANY
ASSIGNMENT OR CONVEYANCE TO BE MADE BY THE MORTGAGEE SHALL DIVEST THE MORTGAGOR
OF ALL RIGHT, TITLE, INTEREST, EQUITY AND RIGHT OF REDEMPTION, INCLUDING ANY
STATUTORY REDEMPTION, IN AND TO THE MORTGAGED PROPERTY.
THE POWER AND AGENCY
HEREBY GRANTED ARE COUPLED WITH AN INTEREST AND ARE IRREVOCABLE BY DEATH OR
DISSOLUTION, OR OTHERWISE, AND ARE IN ADDITION TO ANY AND ALL OTHER REMEDIES
WHICH THE MORTGAGEE MAY HAVE HEREUNDER, AT LAW OR IN EQUITY.
SO LONG AS THE
SECURED OBLIGATIONS, OR ANY PART THEREOF, REMAIN UNPAID, THE MORTGAGOR AGREES
THAT POSSESSION OF THE MORTGAGED PROPERTY BY THE MORTGAGOR, OR ANY PERSON
CLAIMING UNDER THE MORTGAGOR, SHALL BE AS TENANT, AND, IN CASE OF A SALE UNDER
POWER OR UPON FORECLOSURE AS PROVIDED IN THIS MORTGAGE, THE MORTGAGOR AND ANY
PERSON IN POSSESSION UNDER THE MORTGAGOR, AS TO WHOSE INTEREST SUCH SALE WAS NOT
MADE SUBJECT, SHALL, AT THE OPTION OF THE PURCHASER AT SUCH SALE, THEN BECOME
AND BE TENANTS HOLDING OVER, AND SHALL FORTHWITH DELIVER POSSESSION TO SUCH
PURCHASER, OR BE SUMMARILY DISPOSSESSED IN ACCORDANCE WITH THE LAWS APPLICABLE
TO TENANTS HOLDING OVER.
IN CASE OF ANY SALE UNDER THIS MORTGAGE