OF LENDER THEREAFTER TO BRING AN ACTION OF FORECLOSURE, OR ANY OTHER ACTION, FOR
A DEFAULT OR DEFAULTS BY BORROWER EXISTING AT THE TIME SUCH EARLIER ACTION WAS
COMMENCED.
SECTION 7.6
EXAMINATION OF BOOKS AND RECORDS.
AT REASONABLE TIMES
AND UPON REASONABLE NOTICE, LENDER, ITS AGENTS, ACCOUNTANTS AND ATTORNEYS SHALL
HAVE THE RIGHT TO EXAMINE THE RECORDS, BOOKS, MANAGEMENT AND OTHER PAPERS OF
BORROWER WHICH REFLECT UPON THE FINANCIAL CONDITION OF THE PROPERTY OR OF
BORROWER, AT THE PROPERTY OR AT ANY OFFICE REGULARLY MAINTAINED BY BORROWER
WHERE THE BOOKS AND RECORDS ARE LOCATED.
LENDER AND ITS AGENTS SHALL HAVE THE
RIGHT TO MAKE COPIES AND EXTRACTS FROM THE FOREGOING RECORDS AND OTHER PAPERS.
IN ADDITION, AT REASONABLE TIMES AND UPON REASONABLE NOTICE, LENDER, ITS AGENTS,
ACCOUNTANTS AND ATTORNEYS SHALL HAVE THE RIGHT TO EXAMINE AND AUDIT THE BOOKS
AND RECORDS OF BORROWER PERTAINING TO THE INCOME, EXPENSES AND OPERATION OF THE
PROPERTY DURING REASONABLE BUSINESS HOURS AT ANY OFFICE OF BORROWER WHERE THE
BOOKS AND RECORDS ARE LOCATED.
THIS SECTION 7.6 SHALL APPLY THROUGHOUT THE TERM
OF THE NOTE AND WITHOUT REGARD TO WHETHER AN EVENT OF DEFAULT HAS OCCURRED OR IS
CONTINUING.
SECTION 7.7
OTHER RIGHTS, ETC.
(A)
THE FAILURE OF LENDER TO INSIST
UPON STRICT PERFORMANCE OF ANY TERM HEREOF SHALL NOT BE DEEMED TO BE A WAIVER OF
ANY TERM OF THIS SECURITY INSTRUMENT.
BORROWER SHALL NOT BE RELIEVED OF
BORROWER'S OBLIGATIONS HEREUNDER BY REASON OF (I) THE FAILURE OF LENDER TO
COMPLY WITH ANY REQUEST OF BORROWER OR ANY GUARANTOR OR INDEMNIFYING PERSON WITH
RESPECT TO THE LOAN TO TAKE ANY ACTION TO FORECLOSE THIS SECURITY INSTRUMENT OR
OTHERWISE ENFORCE ANY OF THE PROVISIONS HEREOF OR OF THE NOTE OR THE OTHER LOAN
DOCUMENTS, (II) THE RELEASE, REGARDLESS OF CONSIDERATION, OF THE WHOLE OR ANY
PART OF THE PROPERTY, OR OF ANY PERSON LIABLE FOR THE DEBT OR ANY PORTION
THEREOF, OR (III) ANY AGREEMENT OR STIPULATION BY LENDER EXTENDING THE TIME OF
PAYMENT OR OTHERWISE MODIFYING OR SUPPLEMENTING THE TERMS OF THE NOTE, THIS
SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS.
(B)
IT IS AGREED THAT THE RISK OF LOSS OR DAMAGE TO THE PROPERTY IS ON
BORROWER, AND LENDER SHALL HAVE NO LIABILITY WHATSOEVER FOR DECLINE IN VALUE OF
THE PROPERTY, FOR FAILURE TO MAINTAIN THE POLICIES, OR FOR FAILURE TO DETERMINE
WHETHER THE INSURANCE IN FORCE IS ADEQUATE AS TO THE AMOUNT OF RISKS INSURED.
POSSESSION BY LENDER SHALL NOT BE DEEMED AN ELECTION OF JUDICIAL RELIEF IF ANY
SUCH POSSESSION IS REQUESTED OR OBTAINED WITH RESPECT TO ANY PROPERTY OR
COLLATERAL NOT IN LENDER'S POSSESSION.
17
(C)
LENDER MAY RESORT FOR THE PAYMENT OF THE DEBT TO ANY OTHER
SECURITY HELD BY LENDER IN SUCH ORDER AND MANNER AS LENDER, IN ITS DISCRETION,
MAY ELECT.
LENDER MAY TAKE ACTION TO RECOVER THE DEBT, OR ANY PORTION THEREOF,
OR TO ENFORCE ANY COVENANT HEREOF WITHOUT PREJUDICE TO THE RIGHT OF LENDER
THEREAFTER TO FORECLOSE THIS SECURITY INSTRUMENT.
THE RIGHTS OF LENDER