UNDER
THIS SECURITY INSTRUMENT SHALL BE SEPARATE, DISTINCT AND CUMULATIVE AND NONE
SHALL BE GIVEN EFFECT TO THE EXCLUSION OF THE OTHERS.
NO ACT OF LENDER SHALL BE
CONSTRUED AS AN ELECTION TO PROCEED UNDER ANY ONE PROVISION HEREIN TO THE
EXCLUSION OF ANY OTHER PROVISION.
LENDER SHALL NOT BE LIMITED EXCLUSIVELY TO
THE RIGHTS AND REMEDIES HEREIN STATED BUT SHALL BE ENTITLED TO EVERY RIGHT AND
REMEDY NOW OR HEREAFTER AFFORDED AT LAW OR IN EQUITY.
SECTION 7.8
RIGHT TO RELEASE ANY PORTION OF THE PROPERTY.
LENDER MAY
RELEASE ANY PORTION OF THE PROPERTY FOR SUCH CONSIDERATION AS LENDER MAY REQUIRE
WITHOUT, AS TO THE REMAINDER OF THE PROPERTY, IN ANY WAY IMPAIRING OR AFFECTING
THE LIEN OR PRIORITY OF THIS SECURITY INSTRUMENT, OR IMPROVING THE POSITION OF
ANY SUBORDINATE LIENHOLDER WITH RESPECT THERETO, EXCEPT TO THE EXTENT THAT THE
OBLIGATIONS HEREUNDER SHALL HAVE BEEN REDUCED BY THE ACTUAL MONETARY
CONSIDERATION, IF ANY, RECEIVED BY LENDER FOR SUCH RELEASE, AND MAY ACCEPT BY
ASSIGNMENT, PLEDGE OR OTHERWISE ANY OTHER PROPERTY IN PLACE THEREOF AS LENDER
MAY REQUIRE WITHOUT BEING ACCOUNTABLE FOR SO DOING TO ANY OTHER LIENHOLDER.
THIS SECURITY INSTRUMENT SHALL CONTINUE AS A LIEN AND SECURITY INTEREST IN THE
REMAINING PORTION OF THE PROPERTY.
SECTION 7.9
VIOLATION OF LAWS.
IF THE PROPERTY IS NOT IN MATERIAL
COMPLIANCE WITH LEGAL REQUIREMENTS, LENDER MAY IMPOSE ADDITIONAL REQUIREMENTS
UPON BORROWER IN CONNECTION HEREWITH INCLUDING, WITHOUT LIMITATION, MONETARY
RESERVES OR FINANCIAL EQUIVALENTS.
SECTION 7.10
RECOURSE AND CHOICE OF REMEDIES.
THE PROVISIONS OF SECTION
9.3 OF THE LOAN AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS
SECURITY INSTRUMENT TO THE SAME EXTENT AND WITH THE SAME FORCE AS IF FULLY SET
FORTH HEREIN.
SECTION 7.11
RIGHT OF ENTRY.
UPON REASONABLE NOTICE TO BORROWER, LENDER
AND ITS AGENTS SHALL HAVE THE RIGHT TO ENTER AND INSPECT THE PROPERTY AT ALL
REASONABLE TIMES.
SECTION 7.12
BANKRUPTCY.
(A)
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, LENDER SHALL HAVE THE RIGHT TO PROCEED IN
ITS OWN NAME OR IN THE NAME OF BORROWER IN RESPECT OF ANY CLAIM, SUIT, ACTION OR
PROCEEDING RELATING TO THE REJECTION OF ANY LEASE, INCLUDING, WITHOUT
LIMITATION, THE RIGHT TO FILE AND PROSECUTE, TO THE EXCLUSION OF BORROWER, ANY
PROOFS OF CLAIM, COMPLAINTS, MOTIONS, APPLICATIONS, NOTICES AND OTHER DOCUMENTS,
IN ANY CASE IN RESPECT OF THE LESSEE UNDER SUCH LEASE UNDER THE BANKRUPTCY CODE.
(b)
If there shall be filed by or against Borrower a petition under
the Bankruptcy Code and Borrower, as lessor under any Lease, shall determine to
reject such Lease pursuant to Section 365(a) of the Bankruptcy Code, then
Borrower shall give Lender not less than ten (10) days' prior notice of the date
on which Borrower shall apply
18
to the bankruptcy court for authority to reject the Lease.
Lender shall have
the right, but not the obligation, to serve upon Borrower within such ten-day
period a notice stating that (i) Lender demands that Borrower assume and assign
the Lease to Lender