SHALL IN ANY MANNER BE MODIFIED, CHANGED, SUPPLEMENTED, ALTERED, OR AMENDED
WITHOUT THE PRIOR WRITTEN CONSENT OF LENDER, OR IF BORROWER SHALL FAIL TO
EXERCISE ANY OPTION TO RENEW THE GROUND LEASE OR SHALL FAIL TO OR NEGLECT TO
PURSUE DILIGENTLY ALL ACTIONS NECESSARY TO EXERCISE SUCH RENEWAL RIGHTS PURSUANT
TO THE TERMS OF THE GROUND LEASE; OR
(Y)
IF A DEFAULT SHALL OCCUR UNDER ANY OF THE OTHER TERMS, COVENANTS
OR CONDITIONS OF THE NOTE, THIS SECURITY INSTRUMENT OR ANY OTHER LOAN DOCUMENT,
OTHER THAN AS SET FORTH IN (A) THROUGH (X) ABOVE, FOR TEN (10) DAYS AFTER NOTICE
FROM LENDER IN THE CASE OF ANY DEFAULT WHICH CAN BE CURED BY THE PAYMENT OF A
SUM OF MONEY, OR FOR THIRTY (30) DAYS AFTER NOTICE FROM LENDER IN THE CASE OF
ANY OTHER DEFAULT OR AN ADDITIONAL NINETY (90) DAYS IF BORROWER IS DILIGENTLY
AND CONTINUOUSLY EFFECTUATING A CURE OF A CURABLE NON-MONETARY DEFAULT, OTHER
THAN AS SET FORTH IN (A) THROUGH (X) ABOVE.
NOTWITHSTANDING THE FOREGOING,
BORROWER'S FAILURE TO PROMPTLY COMMENCE THE WORK SUBSEQUENT TO A CASUALTY OR
TAKING SHALL NOT BE A DEFAULT HEREUNDER IF (I) A SUBSTANTIAL CASUALTY OR
SUBSTANTIAL TAKING HAS OCCURRED, (II) LENDER HAS NOT MADE AVAILABLE LOSS
PROCEEDS TO BORROWER FOR THE WORK FOR ANY REASON OTHER THAN BECAUSE A DEFAULT
EXISTS AND (III) BORROWER HAS GIVEN WRITTEN NOTICE TO LENDER THAT IT SHALL REPAY
THE LOAN WITHIN SIX (6) MONTHS OF LENDER APPLYING LOSS PROCEEDS FROM THE
PROPERTY TOWARDS THE REPAYMENT OF THE DEBT AND BORROWER
98
DILIGENTLY SEEKS CONSTRUCTION FINANCING FOR THE WORK DURING SUCH PERIOD AND
DELIVERS TO LENDER EVIDENCE THEREOF.
SECTION 13.02.
REMEDIES.
(A) UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF
ANY EVENT OF DEFAULT, LENDER MAY, IN ADDITION TO ANY OTHER RIGHTS OR REMEDIES
AVAILABLE TO IT HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT, AT LAW OR IN EQUITY,
TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND, AS IT REASONABLY DEEMS ADVISABLE TO
PROTECT AND ENFORCE ITS RIGHTS AGAINST BORROWER AND IN AND TO THE PROPERTY
INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING ACTIONS, EACH OF WHICH MAY BE
PURSUED SINGLY, CONCURRENTLY OR OTHERWISE, AT SUCH TIME AND IN SUCH ORDER AS
LENDER MAY DETERMINE, IN ITS SOLE DISCRETION, WITHOUT IMPAIRING OR OTHERWISE
AFFECTING ANY OTHER RIGHTS AND REMEDIES OF LENDER HEREUNDER, AT LAW OR IN
EQUITY:
(I) DECLARE ALL OR ANY PORTION OF THE UNPAID DEBT TO BE IMMEDIATELY DUE
AND PAYABLE; PROVIDED, HOWEVER, THAT UPON THE OCCURRENCE OF ANY OF THE EVENTS
SPECIFIED IN SECTION 13.01(I), THE ENTIRE DEBT WILL BE IMMEDIATELY DUE AND
PAYABLE WITHOUT NOTICE OR DEMAND OR ANY OTHER DECLARATION OF THE AMOUNTS DUE AND
PAYABLE; OR (II) BRING AN ACTION TO FORECLOSE THIS SECURITY INSTRUMENT AND
WITHOUT APPLYING FOR A RECEIVER FOR THE RENTS, BUT SUBJECT TO THE RIGHTS OF THE
TENANTS UNDER THE LEASES, ENTER INTO OR UPON THE PROPERTY OR ANY PART THEREOF,
EITHER PERSONALLY OR BY ITS AGENTS, NOMINEES OR ATTORNEYS, AND DISPOSSESS
BORROWER AND ITS AGENTS