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, EACH
BORROWER AGREES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT IF AN EVENT OF
DEFAULT IS CONTINUING (I) LENDER SHALL NOT BE 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, THE IP
AND ANY OTHER COLLATERAL AND THE MORTGAGE HAS BEEN FORECLOSED, SOLD AND/OR
OTHERWISE REALIZED UPON IN SATISFACTION OF THE DEBT OR THE DEBT HAS BEEN PAID IN
FULL.
(B)
DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT, WITH RESPECT TO EACH BORROWER AND THE PROPERTIES AND THE IP, NOTHING
CONTAINED HEREIN OR IN ANY OTHER LOAN DOCUMENT SHALL BE CONSTRUED AS REQUIRING
LENDER TO RESORT TO ANY PARTICULAR PROPERTY OR TO THE IP FOR THE SATISFACTION OF
ANY OF THE OBLIGATIONS IN PREFERENCE OR PRIORITY TO ANY OTHER PROPERTY OR THE
IP, AND LENDER MAY SEEK SATISFACTION OUT OF ALL OF THE PROPERTIES, ANY PROPERTY,
THE IP OR ANY PART
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OF ANY THEREOF, IN ITS ABSOLUTE DISCRETION IN RESPECT OF THE OBLIGATIONS.
IN
ADDITION, TO THE EXTENT PERMITTED BY APPLICABLE LAW, LENDER SHALL HAVE THE RIGHT
FROM TIME TO TIME TO PARTIALLY FORECLOSE THE MORTGAGE IN ANY MANNER AND FOR ANY
AMOUNTS SECURED BY THE MORTGAGE THEN DUE AND PAYABLE AS DETERMINED BY LENDER IN
ITS SOLE DISCRETION, INCLUDING, WITHOUT LIMITATION, THE FOLLOWING CIRCUMSTANCES:
(I) IN THE EVENT BORROWERS DEFAULT BEYOND ANY APPLICABLE GRACE PERIOD IN THE
PAYMENT OF ONE OR MORE SCHEDULED PAYMENTS OF INTEREST, LENDER MAY FORECLOSE THE
MORTGAGE TO RECOVER SUCH DELINQUENT PAYMENTS, AND/OR (II) IN THE EVENT LENDER
ELECTS TO ACCELERATE LESS THAN THE ENTIRE OUTSTANDING PRINCIPAL BALANCE, LENDER
MAY FORECLOSE THE MORTGAGE TO RECOVER SO MUCH OF THE OUTSTANDING PRINCIPAL
BALANCE AS LENDER MAY ACCELERATE AND SUCH OTHER SUMS SECURED BY THE MORTGAGE AS
LENDER MAY ELECT IN ITS SOLE DISCRETION.
NOTWITHSTANDING ONE OR MORE PARTIAL
FORECLOSURES, THE PROPERTIES, THE IP AND ANY OTHER COLLATERAL SHALL REMAIN
SUBJECT TO THE MORTGAGE TO SECURE PAYMENT OF SUMS SECURED BY THE MORTGAGE AND
NOT PREVIOUSLY RECOVERED.
(C)
SUBJECT TO APPLICABLE GAMING LAWS, LENDER
SHALL HAVE THE RIGHT, AT LENDER'S SOLE COST AND EXPENSE EXCEPT DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, IN WHICH EVENT THE SAME SHALL BE AT
BORROWERS' SOLE COST AND EXPENSE, FROM TIME TO TIME TO SEVER THE NOTE AND THE
OTHER LOAN DOCUMENTS INTO ONE OR MORE SEPARATE NOTES, MORTGAGES AND OTHER
SECURITY DOCUMENTS (THE "SEVERED LOAN DOCUMENTS") IN SUCH DENOMINATIONS AS
LENDER SHALL DETERMINE IN ITS SOLE DISCRETION FOR PURPOSES OF EVIDENCING AND
ENFORCING ITS RIGHTS AND REMEDIES PROVIDED HEREUNDER, PROVIDED THAT BORROWERS'
LIABILITY OR OBLIGATION SHALL NOT BE INCREASED BY