OR MORE
OF THE RIGHTS, POWERS, PRIVILEGES AND OTHER REMEDIES AVAILABLE TO LENDER AGAINST
BORROWER UNDER THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS EXECUTED AND
DELIVERED BY, OR APPLICABLE TO, BORROWER OR AT LAW OR IN EQUITY MAY BE EXERCISED
BY LENDER AT ANY TIME AND FROM TIME TO TIME, WHETHER OR NOT ALL OR ANY OF THE
DEBT SHALL BE DECLARED DUE AND PAYABLE, AND WHETHER OR NOT LENDER SHALL HAVE
COMMENCED ANY FORECLOSURE PROCEEDING OR OTHER ACTION FOR THE ENFORCEMENT OF ITS
RIGHTS AND REMEDIES UNDER ANY OF THE LOAN DOCUMENTS WITH RESPECT TO ALL OR ANY
PART OF ANY INDIVIDUAL PROPERTY.
ANY SUCH ACTIONS TAKEN BY LENDER SHALL BE
CUMULATIVE AND CONCURRENT AND MAY BE PURSUED INDEPENDENTLY, SINGLY,
SUCCESSIVELY, TOGETHER OR OTHERWISE, AT SUCH TIME AND IN SUCH ORDER AS LENDER
MAY DETERMINE IN ITS SOLE DISCRETION, TO THE FULLEST EXTENT PERMITTED BY LAW,
WITHOUT IMPAIRING OR OTHERWISE AFFECTING THE OTHER RIGHTS AND REMEDIES OF LENDER
PERMITTED BY LAW, EQUITY OR CONTRACT OR AS SET FORTH HEREIN OR IN THE OTHER LOAN
DOCUMENTS.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BORROWER AGREES
THAT IF AN EVENT OF DEFAULT IS CONTINUING (I) LENDER IS NOT SUBJECT TO ANY "ONE
ACTION" OR "ELECTION OF REMEDIES" LAW OR RULE, AND (II) ALL LIENS AND OTHER
RIGHTS, REMEDIES OR PRIVILEGES PROVIDED TO LENDER SHALL REMAIN IN FULL FORCE AND
EFFECT UNTIL LENDER HAS EXHAUSTED ALL OF ITS REMEDIES AGAINST THE PROPERTIES AND
EACH MORTGAGE HAS BEEN FORECLOSED, SOLD AND/OR OTHERWISE REALIZED UPON IN
SATISFACTION OF THE DEBT OR THE DEBT HAS BEEN PAID IN FULL.
(B)
WITH RESPECT TO BORROWER AND THE PROPERTIES, NOTHING CONTAINED
HEREIN OR IN ANY OTHER LOAN DOCUMENT SHALL BE CONSTRUED AS REQUIRING LENDER TO
RESORT TO ANY INDIVIDUAL PROPERTY FOR THE SATISFACTION OF ANY OF THE DEBT IN ANY
PREFERENCE OR PRIORITY TO ANY OTHER INDIVIDUAL PROPERTY, AND LENDER MAY SEEK
SATISFACTION OUT OF ALL OF THE PROPERTIES, OR ANY PART THEREOF, IN ITS ABSOLUTE
DISCRETION IN RESPECT OF THE DEBT.
IN ADDITION, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, LENDER SHALL HAVE THE RIGHT FROM TIME TO TIME TO PARTIALLY
FORECLOSE THE MORTGAGES IN ANY MANNER AND FOR ANY AMOUNTS SECURED BY THE
MORTGAGES THEN DUE AND PAYABLE AS DETERMINED BY LENDER IN ITS SOLE DISCRETION
INCLUDING, WITHOUT LIMITATION, THE FOLLOWING CIRCUMSTANCES: (I) IN THE EVENT
BORROWER DEFAULTS BEYOND ANY APPLICABLE GRACE PERIOD IN THE PAYMENT OF ONE OR
MORE SCHEDULED
101
PAYMENTS OF PRINCIPAL AND INTEREST, LENDER MAY FORECLOSE ONE OR MORE OF THE
MORTGAGES TO RECOVER SUCH DELINQUENT PAYMENTS, OR (II) IN THE EVENT LENDER
ELECTS TO ACCELERATE LESS THAN THE ENTIRE OUTSTANDING PRINCIPAL BALANCE OF THE
LOAN, LENDER MAY FORECLOSE ONE OR MORE OF THE MORTGAGES TO RECOVER SO MUCH OF
THE PRINCIPAL BALANCE OF THE LOAN AS LENDER MAY ACCELERATE AND SUCH OTHER SUMS
SECURED BY ONE OR MORE OF THE MORTGAGES AS LENDER MAY ELECT.
NOTWITHSTANDING
ONE OR MORE PARTIAL FORECLOSURES, THE PROPERTIES SHALL REMAIN SUBJECT TO