OTHER OBLIGATIONS, LENDER CAN RECOVER THE DEBT BY A SALE OF THE PROPERTY.
SECTION 6.2
NO TRANSFER.
BORROWER SHALL NOT PERMIT OR SUFFER ANY
TRANSFER TO OCCUR, UNLESS SPECIFICALLY PERMITTED BY SECTION 18.1 OF THE LOAN
AGREEMENT OR UNLESS LENDER SHALL CONSENT THERETO IN WRITING.
SECTION 6.3
TRANSFER DEFINED.
AS USED IN THIS ARTICLE 6, "TRANSFER"
SHALL MEAN ANY SALE, TRANSFER, LEASE, CONVEYANCE, ALIENATION, PLEDGE,
ASSIGNMENT, MORTGAGE, ENCUMBRANCE, HYPOTHECATION OR OTHER DISPOSITION OF (I) ALL
OR ANY PORTION OF THE PROPERTY, (II) ALL OR ANY PORTION OF BORROWER'S RIGHT,
TITLE AND INTEREST (LEGAL OR EQUITABLE) IN AND TO THE PROPERTY OR (III) ANY
TRANSFER, AS SUCH TERM IS DEFINED IN THE LOAN AGREEMENT.
NOTWITHSTANDING THE
FOREGOING, THE SALE OF ANY UNITS OR FACILITIES IN ACCORDANCE WITH THE TERMS OF
ARTICLE XV OF THE LOAN AGREEMENT SHALL NOT CONSTITUTE TRANSFERS HEREUNDER.
SECTION 6.4
LENDER'S RIGHTS.
LENDER SHALL NOT BE REQUIRED TO
DEMONSTRATE ANY ACTUAL IMPAIRMENT OF ITS SECURITY OR ANY INCREASED RISK OF
DEFAULT HEREUNDER IN ORDER TO DECLARE THE DEBT IMMEDIATELY DUE AND PAYABLE UPON
A TRANSFER WITHOUT LENDER'S CONSENT IN VIOLATION OF THE TERMS AND PROVISIONS OF
THE LOAN AGREEMENT.
THIS PROVISION SHALL APPLY TO EVERY
13
TRANSFER, OTHER THAN ANY TRANSFER PERMITTED PURSUANT TO THE LOAN AGREEMENT,
REGARDLESS OF WHETHER VOLUNTARY OR NOT, OR WHETHER OR NOT LENDER HAS CONSENTED
TO ANY PREVIOUS TRANSFER.
ARTICLE 7 - RIGHTS AND REMEDIES UPON DEFAULT
SECTION 7.1
REMEDIES.
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF ANY EVENT OF DEFAULT, BORROWER AGREES THAT LENDER MAY TAKE SUCH
ACTION, WITHOUT NOTICE OR DEMAND, AS IT 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 CONCURRENTLY OR
OTHERWISE, AT SUCH TIME AND IN SUCH ORDER AS LENDER MAY DETERMINE, IN ITS SOLE
DISCRETION, WITHOUT IMPAIRING OR OTHERWISE AFFECTING THE OTHER RIGHTS AND
REMEDIES OF LENDER:
(A)
DECLARE THE ENTIRE UNPAID DEBT TO BE IMMEDIATELY DUE AND
PAYABLE;
(B)
INSTITUTE PROCEEDINGS, JUDICIAL OR OTHERWISE, FOR THE
COMPLETE FORECLOSURE OF THIS SECURITY INSTRUMENT UNDER ANY APPLICABLE PROVISION
OF LAW, IN WHICH CASE THE PROPERTY OR ANY INTEREST THEREIN MAY BE SOLD FOR CASH
OR UPON CREDIT IN ONE OR MORE PARCELS OR IN SEVERAL INTERESTS OR PORTIONS AND IN
ANY ORDER OR MANNER;
(C)
WITH OR WITHOUT ENTRY, TO THE EXTENT PERMITTED AND
PURSUANT TO THE PROCEDURES PROVIDED BY APPLICABLE LAW, INSTITUTE PROCEEDINGS FOR
THE PARTIAL FORECLOSURE OF THIS SECURITY INSTRUMENT FOR THE PORTION OF THE DEBT
THEN DUE AND PAYABLE, SUBJECT TO THE CONTINUING LIEN AND SECURITY INTEREST OF
THIS SECURITY INSTRUMENT FOR THE BALANCE OF THE DEBT NOT THEN DUE, UNIMPAIRED
AND WITHOUT LOSS OF PRIORITY;
(D)
SELL FOR CASH OR UPON CREDIT THE PROPERTY OR ANY PART
THEREOF AND ALL ESTATE, CLAIM, DEMAND, RIGHT, TITLE AND INTEREST OF BORROWER
THEREIN AND RIGHTS OF REDEMPTION THEREOF, PURSUANT TO POWER OF SALE OR
OTHERWISE, AT ONE OR MORE SALES, AS AN ENTIRETY