TITLE REPORT WILL BE DUE AND PAYABLE BY BORROWER
ON DEMAND, TOGETHER WITH INTEREST AT THE DEFAULT RATE, AND WILL BE SECURED BY
THIS SECURITY INSTRUMENT.
SECTION 13.09.
LATE PAYMENT CHARGE.
IF ANY PORTION OF THE DEBT IS NOT PAID IN
FULL ON OR BEFORE THE DAY ON WHICH IT IS DUE AND PAYABLE HEREUNDER (OTHER THAN
THE PRINCIPAL PORTION OF THE
104
DEBT DUE ON THE MATURITY DATE), BORROWER SHALL PAY TO LENDER AN AMOUNT EQUAL TO
FIVE PERCENT (5%) OF SUCH UNPAID PORTION OF THE DEBT ("LATE CHARGE") TO DEFRAY
THE EXPENSE INCURRED BY LENDER IN HANDLING AND PROCESSING SUCH DELINQUENT
PAYMENT, AND SUCH AMOUNT SHALL CONSTITUTE A PART OF THE DEBT.
SECTION 13.10.
RECOVERY OF SUMS REQUIRED TO BE PAID.
LENDER SHALL HAVE THE
RIGHT FROM TIME TO TIME TO TAKE ACTION TO RECOVER ANY SUM OR SUMS WHICH
CONSTITUTE A PART OF THE DEBT AS THE SAME BECOME DUE AND PAYABLE HEREUNDER
(AFTER THE EXPIRATION OF ANY GRACE PERIOD OR THE GIVING OF ANY NOTICE HEREIN
PROVIDED, IF ANY), WITHOUT REGARD TO WHETHER OR NOT THE BALANCE OF THE DEBT
SHALL BE DUE, AND WITHOUT PREJUDICE TO THE RIGHT OF LENDER THEREAFTER TO BRING
AN ACTION OF FORECLOSURE, OR ANY OTHER ACTION, FOR A DEFAULT OR DEFAULTS BY
BORROWER EXISTING AT THE TIME SUCH EARLIER ACTION WAS COMMENCED.
SECTION 13.11.
MARSHALLING AND OTHER MATTERS.
BORROWER HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, THE BENEFIT OF ALL APPRAISEMENT, VALUATION,
STAY, EXTENSION, REINSTATEMENT, REDEMPTION (BOTH EQUITABLE AND STATUTORY) AND
HOMESTEAD LAWS NOW OR HEREAFTER IN FORCE AND ALL RIGHTS OF MARSHALLING IN THE
EVENT OF ANY SALE HEREUNDER OF THE PROPERTY OR ANY PART THEREOF OR ANY INTEREST
THEREIN.
FURTHER, BORROWER HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS OF
REDEMPTION FROM SALE UNDER ANY ORDER OR DECREE OF FORECLOSURE OF THIS SECURITY
INSTRUMENT ON BEHALF OF BORROWER, WHETHER EQUITABLE OR STATUTORY AND ON BEHALF
OF EACH AND EVERY PERSON ACQUIRING ANY INTEREST IN OR TITLE TO THE PROPERTY OR
ANY PART THEREOF SUBSEQUENT TO THE DATE OF THIS SECURITY INSTRUMENT AND ON
BEHALF OF ALL PERSONS TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.
SECTION 13.12.
TAX REDUCTION PROCEEDINGS.
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, BORROWER SHALL BE DEEMED TO HAVE APPOINTED
LENDER AS ITS ATTORNEY-IN-FACT TO SEEK A REDUCTION OR REDUCTIONS IN THE ASSESSED
VALUATION OF THE PROPERTY FOR REAL PROPERTY TAX PURPOSES OR FOR ANY OTHER
PURPOSE AND TO PROSECUTE ANY ACTION OR PROCEEDING IN CONNECTION THEREWITH.
THIS
POWER, BEING COUPLED WITH AN INTEREST, SHALL BE IRREVOCABLE FOR SO LONG AS ANY
PART OF THE DEBT REMAINS UNPAID AND ANY EVENT OF DEFAULT SHALL BE CONTINUING.
SECTION 13.13.
GENERAL PROVISIONS REGARDING REMEDIES.
(A)
RIGHT TO TERMINATE PROCEEDINGS.
LENDER MAY TERMINATE OR RESCIND
ANY PROCEEDING OR OTHER ACTION BROUGHT IN CONNECTION WITH ITS EXERCISE OF THE
REMEDIES PROVIDED IN SECTION 13.02 AT ANY TIME BEFORE THE CONCLUSION THEREOF, AS
DETERMINED IN LENDER'S SOLE DISCRETION AND WITHOUT PREJUDICE TO