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 FIVE (5) 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 MORTGAGE OR ANY OTHER LOAN DOCUMENT TO THE PAYMENT OF
THE FOLLOWING ITEMS IN ANY ORDER IN ITS UNCONTROLLED DISCRETION:
(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 MORTGAGE AND THE OTHER LOAN DOCUMENTS, INCLUDING
WITHOUT LIMITATION ADVANCES MADE BY LENDER PURSUANT TO THE TERMS OF THIS
MORTGAGE;
(K)
PURSUE SUCH OTHER REMEDIES AS LENDER MAY
HAVE UNDER APPLICABLE LAW; OR
16
(L)
APPLY THE UNDISBURSED BALANCE OF ANY NET
PROCEEDS DEFICIENCY DEPOSIT, TOGETHER WITH INTEREST THEREON, TO THE PAYMENT OF
THE DEBT IN SUCH ORDER, PRIORITY AND PROPORTIONS AS LENDER SHALL DEEM TO BE
APPROPRIATE IN ITS DISCRETION.
In the event of a sale, by foreclosure, power of sale or otherwise, of less than
all of Property, this Mortgage shall continue as a lien and security interest on
the remaining portion of the Property unimpaired and without loss of priority.
7.2
APPLICATION OF PROCEEDS.
THE PURCHASE
MONEY, PROCEEDS AND AVAILS OF ANY DISPOSITION OF THE PROPERTY, AND OR ANY PART
THEREOF, OR ANY OTHER SUMS COLLECTED BY LENDER PURSUANT TO THE NOTE, THIS
MORTGAGE OR THE OTHER LOAN DOCUMENTS, MAY BE APPLIED BY LENDER TO THE PAYMENT OF
THE DEBT IN SUCH PRIORITY AND PROPORTIONS AS LENDER IN ITS DISCRETION SHALL DEEM
PROPER.
7.3
RIGHT TO CURE DEFAULTS.
UPON THE OCCURRENCE
AND DURING THE CONTINUANCE OF ANY EVENT OF DEFAULT OR IF BORROWER FAILS TO MAKE
ANY PAYMENT OR TO DO ANY ACT AS HEREIN PROVIDED, LENDER MAY, BUT WITHOUT ANY
OBLIGATION TO DO SO AND WITHOUT NOTICE TO OR DEMAND ON BORROWER AND WITHOUT
RELEASING BORROWER FROM ANY OBLIGATION HEREUNDER, MAKE OR DO THE SAME IN SUCH
MANNER AND TO SUCH EXTENT AS LENDER MAY DEEM NECESSARY TO PROTECT THE SECURITY
HEREOF.
LENDER IS AUTHORIZED TO ENTER UPON ACTION OR PROCEEDING TO THE PROPERTY
FOR SUCH PURPOSES, OR APPEAR IN,