of
the Indebtedness after such date.
6.14
Occupancy After Foreclosure.
The purchaser at any
foreclosure sale pursuant to Paragraph 6.1(d) shall become the legal owner of
the Mortgaged Property or the portion thereof foreclosed. All occupants (except
those which have previously executed a prior written agreement with purchaser)
of the Mortgaged Property or any part thereof shall become tenants at sufferance
of the purchaser at the foreclosure sale and shall deliver possession thereof
immediately to the purchaser upon demand.
6.15
Waiver of Borrower's Rights.
BY EXECUTION OF THIS SECURITY
DEED AND BY INITIALING THIS PARAGRAPH 6.15, BORROWER EXPRESSLY: (A) ACKNOWLEDGES
THE RIGHT OF LENDER TO ACCELERATE THE INDEBTEDNESS EVIDENCED BY THE NOTE AND ANY
OTHER INDEBTEDNESS SECURED BY THIS SECURITY DEED AND THE POWER OF ATTORNEY GWEN
HEREIN TO LENDER TO SELL THE MORTGAGED PROPERTY BY NONJUDICIAL FORECLOSURE UPON
AN EVENT OF DEFAULT BY BORROWER WITHOUT ANY JUDICIAL HEARING AND WITHOUT ANY
NOTICE OTHER THAN SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED TO BE GIVEN
UNDER THE PROVISIONS OF THIS SECURITY DEED; (B) WAIVES ANY AND ALL RIGHTS WHICH
BORROWER MAY HAVE UNDER THE
25
CONSTITUTION OF THE UNITED STATES OF AMERICA (INCLUDING, WITHOUT LIMITATION, THE
FIFTH AND FOURTEENTH AMENDMENTS THEREOF), THE VARIOUS PROVISIONS OF THE
CONSTITUTIONS FOR THE SEVERAL STATES, OR BY REASON OF ANY OTHER APPLICABLE LAW,
(1) TO NOTICE AND TO JUDICIAL HEARING PRIOR TO THE EXERCISE BY LENDER OF ANY
RIGHT OR REMEDY HEREIN PROVIDED TO LENDER, EXCEPT SUCH NOTICE (IF ANY) AS IS
SPECIFICALLY REQUIRED TO BE GWEN UNDER THE PROVISIONS OF THIS SECURITY DEED AND
(2) CONCERNTNG THE APPLICATION, RIGHTS OR BENEFITS OF ANY STATUTE OF LIMITATION
OR ANY MORATORIUM, REINSTATEMENT, MARSHALLING, FORBEARANCE, APPRAISEMENT,
VALUATION, STAY, EXTENSION, HOMESTEAD, EXEMPTION OR REDEMPTION LAWS; (C)
ACKNOWLEDGES THAT BORROWER HAS READ THIS SECURITY DEED AND ANY AND ALL QUESTIONS
OF BORROWER REGARDING THE LEGAL EFFECT OF THIS SECURITY DEED AND ITS PROVISIONS
HAVE BEEN EXPLAINED FULLY TO BORROWER, AND BORROWER HAS CONSULTED WITH COUNSEL
OF BORROWER'S CHOICE PRIOR TO EXECUTING THIS SECURITY DEED AND INITIALING THIS
PARAGRAPH 6.15; AND (D) ACKNOWLEDGES THAT ALL WAIVERS OF THE AFORESAID RIGHTS OF
BORROWER HAVE BEEN MADE KNOWINGLY, INTENTIONALLY AND WILLINGLY BY BORROWER AS
PART OF A BARGAINED FOR LOAN TRANSACTION AND THAT THIS SECURITY DEED IS VALID
AND ENFORCEABLE BY LENDER AGAINST BORROWER IN ACCORDANCE WITH ALL THE TERMS AND
CONDITIONS HEREOF.
INITIALED BY BORROWER:
/s/ GMB
ARTICLE VII SECURITY AGREEMENT
7.1
Security Interest.
This Security Deed shall be construed as
a deed to secure debt on the Mortgaged Property, and it shall also constitute
and serve as a "Security Agreement" on personal property within the meaning of,
and shall constitute until this Security Deed shall terminate, as provided in
Article II hereinabove, a first and prior security interest under the Uniform
Commercial Code as enacted in the State of Georgia with respect to the
Personalty, Fixtures, Leases and Rents. To this end, Borrower has GRANTED,
BARGAINED, CONVEYED, ASSIGNED, TRANSFERRED and SET OVER, and by these presents,
does