THE REMAINING PORTION OF THE PROPERTY.
SECTION 8.8
RIGHT OF ENTRY.
MORTGAGEE AND LENDERS SHALL HAVE THE
RIGHT TO ENTER AND INSPECT THE PROPERTY PURSUANT TO SECTION 4.7 OF THE LOAN
AGREEMENT.
SECTION 8.9
BANKRUPTCY.
(A)
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, MORTGAGEE 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
(DEFINED BELOW).
(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 MORTGAGEE NOT LESS THAN TEN (10) DAYS' PRIOR
NOTICE OF THE DATE ON WHICH BORROWER SHALL APPLY TO THE BANKRUPTCY COURT FOR
AUTHORITY TO REJECT THE LEASE.
MORTGAGEE SHALL HAVE THE RIGHT, BUT NOT THE
OBLIGATION, TO SERVE UPON BORROWER WITHIN SUCH TEN-DAY PERIOD A NOTICE STATING
THAT (I) MORTGAGEE DEMANDS THAT BORROWER ASSUME AND ASSIGN THE LEASE TO
MORTGAGEE PURSUANT TO SECTION 365 OF THE BANKRUPTCY CODE AND (II) MORTGAGEE
COVENANTS TO CURE OR PROVIDE ADEQUATE ASSURANCE OF FUTURE PERFORMANCE UNDER THE
LEASE.
IF MORTGAGEE SERVES UPON BORROWER THE NOTICE DESCRIBED IN THE PRECEDING
SENTENCE, BORROWER SHALL NOT SEEK TO REJECT THE LEASE AND SHALL COMPLY WITH THE
DEMAND PROVIDED FOR IN CLAUSE (I) OF THE PRECEDING SENTENCE WITHIN THIRTY (30)
DAYS AFTER THE NOTICE SHALL HAVE BEEN GIVEN, SUBJECT TO THE PERFORMANCE BY
MORTGAGEE OF THE COVENANT PROVIDED FOR IN CLAUSE (II) OF THE PRECEDING SENTENCE.
SECTION 8.10
SUBROGATION.
IF ANY OR ALL OF THE PROCEEDS OF THE NOTE HAVE
BEEN USED TO EXTINGUISH, EXTEND OR RENEW ANY INDEBTEDNESS HERETOFORE EXISTING
AGAINST THE PROPERTY, THEN, TO THE EXTENT OF THE FUNDS SO USED, MORTGAGEE SHALL
BE SUBROGATED TO ALL OF THE RIGHTS, CLAIMS, LIENS, TITLES, AND INTERESTS
EXISTING AGAINST THE PROPERTY HERETOFORE HELD BY, OR IN FAVOR OF, THE HOLDER OF
SUCH INDEBTEDNESS AND SUCH FORMER RIGHTS, CLAIMS, LIENS, TITLES, AND INTERESTS,
IF ANY, ARE NOT WAIVED BUT RATHER ARE CONTINUED IN FULL FORCE AND EFFECT IN
FAVOR OF MORTGAGEE AND ARE MERGED WITH THE LIEN AND SECURITY INTEREST CREATED
HEREIN AS CUMULATIVE SECURITY FOR THE REPAYMENT OF THE DEBT, THE PERFORMANCE AND
DISCHARGE OF THE OTHER OBLIGATIONS.
BORROWER AND MORTGAGEE ACKNOWLEDGE THAT
MORTGAGEE HAS TAKEN AN ASSIGNMENT OF THE PRIOR MORTGAGES.
13
ARTICLE IX
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ENVIRONMENTAL HAZARDS
SECTION 9.1
ENVIRONMENTAL COVENANTS.
BORROWER HAS PROVIDED
REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING ENVIRONMENTAL MATTERS SET
FORTH IN THE ENVIRONMENTAL INDEMNITY AND BORROWER SHALL COMPLY WITH THE
AFORESAID COVENANTS REGARDING ENVIRONMENTAL MATTERS.
ARTICLE X
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WAIVERS
SECTION 10.1
MARSHALLING AND OTHER MATTERS.
BORROWER HEREBY WAIVES, TO