FOR THE DEBT,
A SECURITY
INTEREST IN THE PROPERTY TO THE FULL EXTENT THAT THE PROPERTY MAY BE SUBJECT TO
THE UCC (SAID PORTION OF THE PROPERTY SO SUBJECT TO THE UCC BEING CALLED IN THIS
SECTION 18.14 THE "COLLATERAL").
IF AN EVENT OF DEFAULT SHALL OCCUR, AND SHALL
BE CONTINUING, LENDER, IN ADDITION TO ANY OTHER RIGHTS AND REMEDIES WHICH IT MAY
HAVE, SHALL HAVE AND MAY EXERCISE IMMEDIATELY AND WITHOUT DEMAND, ANY AND ALL
RIGHTS AND REMEDIES GRANTED TO A SECURED PARTY UPON DEFAULT UNDER THE UCC,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE RIGHT TO TAKE
POSSESSION OF THE COLLATERAL OR ANY PART THEREOF, AND TO TAKE SUCH OTHER
MEASURES AS LENDER MAY DEEM NECESSARY FOR THE CARE, PROTECTION AND PRESERVATION
OF THE COLLATERAL.
UPON REQUEST OR DEMAND OF LENDER FOLLOWING AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, BORROWER SHALL, AT ITS EXPENSE, ASSEMBLE THE
COLLATERAL AND MAKE IT AVAILABLE TO LENDER AT A CONVENIENT PLACE ACCEPTABLE TO
LENDER.
BORROWER SHALL PAY TO LENDER ON DEMAND ANY AND ALL EXPENSES, INCLUDING
REASONABLE LEGAL EXPENSES AND ATTORNEYS' FEES, INCURRED OR PAID BY LENDER IN
PROTECTING ITS INTEREST IN THE COLLATERAL AND IN ENFORCING ITS RIGHTS HEREUNDER
WITH RESPECT TO THE COLLATERAL.
ANY DISPOSITION PURSUANT TO THE UCC OF SO MUCH
OF THE COLLATERAL AS MAY CONSTITUTE PERSONAL PROPERTY SHALL BE CONSIDERED
COMMERCIALLY REASONABLE IF MADE PURSUANT TO A PUBLIC SALE WHICH IS ADVERTISED AT
LEAST TWICE IN A NEWSPAPER IN WHICH SHERIFF'S SALES ARE ADVERTISED IN THE COUNTY
WHERE THE PREMISES IS LOCATED.
ANY NOTICE OF SALE, DISPOSITION OR OTHER
INTENDED ACTION BY LENDER WITH RESPECT TO THE COLLATERAL GIVEN TO BORROWER IN
ACCORDANCE WITH THE PROVISIONS HEREOF AT LEAST TEN (10) DAYS PRIOR TO SUCH
ACTION, SHALL CONSTITUTE REASONABLE NOTICE TO BORROWER.
THE PROCEEDS OF ANY
DISPOSITION OF THE COLLATERAL, OR ANY PART THEREOF, MAY BE APPLIED BY LENDER TO
THE PAYMENT OF THE DEBT IN SUCH PRIORITY AND PROPORTIONS AS LENDER IN ITS
DISCRETION SHALL DEEM PROPER.
IT IS NOT NECESSARY THAT THE COLLATERAL BE
PRESENT AT ANY DISPOSITION THEREOF.
LENDER SHALL HAVE NO OBLIGATION TO CLEAN-UP
OR OTHERWISE PREPARE THE COLLATERAL FOR DISPOSITION.
(II)
THE MENTION IN A FINANCING STATEMENT FILED IN THE RECORDS
NORMALLY PERTAINING TO PERSONAL PROPERTY OF ANY PORTION OF THE PROPERTY SHALL
NOT DEROGATE FROM OR IMPAIR IN ANY MANNER THE INTENTION OF THIS SECURITY
INSTRUMENT.
LENDER HEREBY DECLARES
102
THAT ALL ITEMS OF COLLATERAL ARE PART OF THE REAL PROPERTY ENCUMBERED HEREBY TO
THE FULLEST EXTENT PERMITTED BY LAW, REGARDLESS OF WHETHER ANY SUCH ITEM IS
PHYSICALLY ATTACHED TO THE IMPROVEMENTS OR WHETHER SERIAL NUMBERS ARE USED FOR
THE BETTER IDENTIFICATION OF CERTAIN ITEMS.
SPECIFICALLY, THE MENTION IN ANY
SUCH FINANCING STATEMENT OF ANY ITEMS INCLUDED IN THE PROPERTY SHALL NOT BE
CONSTRUED TO ALTER, IMPAIR OR IMPUGN ANY RIGHTS OF LENDER AS DETERMINED BY THIS
SECURITY INSTRUMENT OR THE PRIORITY OF LENDER'S LIEN UPON AND SECURITY INTEREST
IN THE PROPERTY IN THE EVENT THAT