THE LICENSE
GRANTED TO BORROWER UNDER SECTION 1.2 HEREOF SHALL AUTOMATICALLY BE REINSTATED;
(I)
APPLY ANY SUMS THEN DEPOSITED OR HELD IN ESCROW OR OTHERWISE
BY OR ON BEHALF OF MORTGAGEE IN ACCORDANCE WITH THE TERMS OF THE LOAN AGREEMENT,
THIS SECURITY INSTRUMENT OR ANY OTHER LOAN DOCUMENT TO THE PAYMENT OF THE
FOLLOWING ITEMS IN ANY ORDER IN ITS SOLE DISCRETION: (I) TAXES AND OTHER
CHARGES; (II) INSURANCE PREMIUMS; (III) INTEREST ON THE UNPAID PRINCIPAL BALANCE
OF THE NOTE; (IV) AMORTIZATION OF THE UNPAID PRINCIPAL BALANCE OF THE NOTE; (V)
ALL OTHER SUMS PAYABLE PURSUANT TO THE NOTE, THE LOAN AGREEMENT, THIS SECURITY
INSTRUMENT AND THE OTHER LOAN DOCUMENTS, INCLUDING WITHOUT LIMITATION ADVANCES
MADE BY MORTGAGEE PURSUANT TO THE TERMS OF THIS SECURITY INSTRUMENT;
10
(J)
SURRENDER THE INSURANCE POLICIES (EXCEPT FOR BLANKET
INSURANCE POLICIES) MAINTAINED PURSUANT TO THE LOAN AGREEMENT, COLLECT THE
UNEARNED INSURANCE PREMIUMS FOR SUCH INSURANCE POLICIES AND APPLY SUCH SUMS AS A
CREDIT ON THE DEBT IN SUCH PRIORITY AND PROPORTION AS MORTGAGEE IN ITS
DISCRETION SHALL DEEM PROPER, AND IN CONNECTION THEREWITH, BORROWER HEREBY
APPOINTS MORTGAGEE AS AGENT AND ATTORNEY-IN-FACT (WHICH IS COUPLED WITH AN
INTEREST AND IS THEREFORE IRREVOCABLE) FOR BORROWER TO COLLECT SUCH INSURANCE
PREMIUMS;
(K)
APPLY THE UNDISBURSED BALANCE OF ANY DEPOSIT MADE BY BORROWER
WITH MORTGAGEE IN CONNECTION WITH THE RESTORATION OF THE PROPERTY AFTER A
CASUALTY THERETO OR CONDEMNATION THEREOF, TOGETHER WITH INTEREST THEREON, TO THE
PAYMENT OF THE DEBT IN SUCH ORDER, PRIORITY AND PROPORTIONS AS MORTGAGEE SHALL
DEEM TO BE APPROPRIATE IN ITS DISCRETION; AND/OR
(L)
PURSUE SUCH OTHER REMEDIES AS MORTGAGEE AND LENDERS MAY HAVE
UNDER APPLICABLE LAW.
In the event of a sale, by foreclosure, power of sale or otherwise, of less than
all of Property, this Security Instrument shall continue as a lien and security
interest on the remaining portion of the Property unimpaired and without loss of
priority.
Notwithstanding the provisions of this Section to the contrary, if
any Event of Default as described in Section 10.1(f) of the Loan Agreement shall
occur, the entire unpaid Debt shall be automatically due and payable, without
any further notice, demand or other action by Mortgagee or Lenders.
SECTION 8.2
APPLICATION OF PROCEEDS.
THE PURCHASE MONEY, PROCEEDS
AND AVAILS OF ANY DISPOSITION OF THE PROPERTY, AND OR ANY PART THEREOF, OR ANY
OTHER SUMS COLLECTED BY MORTGAGEE FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
LENDERS PURSUANT TO THE NOTE, THE LOAN AGREEMENT, THIS SECURITY INSTRUMENT OR
THE OTHER LOAN DOCUMENTS, MAY BE APPLIED BY MORTGAGEE TO THE PAYMENT OF THE DEBT
IN SUCH PRIORITY AND PROPORTIONS AS SET FORTH IN SECTION 10.2 OF THE LOAN
AGREEMENT.
SECTION 8.3
RIGHT TO CURE DEFAULTS.
UPON THE OCCURRENCE AND DURING
THE CONTINUANCE OF ANY EVENT OF DEFAULT, MORTGAGEE MAY, BUT WITHOUT ANY
OBLIGATION TO DO SO AND WITHOUT NOTICE TO OR DEMAND ON BORROWER AND WITHOUT
RELEASING BORROWER FROM ANY OBLIGATION HEREUNDER, MAKE ANY PAYMENT OR DO ANY ACT
REQUIRED OF BORROWER HEREUNDER IN SUCH MANNER