FOREGOING, IF AN EVENT OF
DEFAULT IS CONTINUING (I) LENDER IS NOT SUBJECT TO ANY "ONE ACTION" OR "ELECTION
OF REMEDIES" LAW OR RULE, AND (II) ALL LIENS AND OTHER RIGHTS, REMEDIES OR
PRIVILEGES PROVIDED TO LENDER SHALL REMAIN IN FULL FORCE AND EFFECT UNTIL LENDER
HAS EXHAUSTED ALL OF ITS REMEDIES AGAINST THE PROPERTY AND THE MORTGAGE HAS BEEN
FORECLOSED, SOLD AND/OR OTHERWISE REALIZED UPON IN SATISFACTION OF THE DEBT OR
THE DEBT HAS BEEN PAID IN FULL.
(B)
DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, LENDER SHALL HAVE
THE RIGHT FROM TIME TO TIME TO PARTIALLY FORECLOSE THE MORTGAGE IN ANY MANNER
AND FOR ANY AMOUNTS SECURED BY THE MORTGAGE THEN DUE AND PAYABLE AS DETERMINED
BY LENDER IN ITS SOLE DISCRETION INCLUDING, WITHOUT LIMITATION, THE FOLLOWING
CIRCUMSTANCES: (I) IN THE EVENT BORROWER DEFAULTS BEYOND ANY APPLICABLE GRACE
PERIOD IN THE PAYMENT OF ONE OR MORE SCHEDULED PAYMENTS OF PRINCIPAL AND
INTEREST, LENDER MAY FORECLOSE THE MORTGAGE TO RECOVER SUCH DELINQUENT PAYMENTS,
OR (II) IN THE EVENT LENDER ELECTS TO ACCELERATE LESS THAN THE ENTIRE
OUTSTANDING PRINCIPAL BALANCE OF THE LOAN, LENDER MAY FORECLOSE THE MORTGAGE TO
RECOVER SO MUCH OF THE PRINCIPAL BALANCE OF THE LOAN AS LENDER MAY ACCELERATE
AND SUCH OTHER SUMS SECURED BY THE MORTGAGE AS LENDER MAY ELECT. NOTWITHSTANDING
ONE OR MORE PARTIAL FORECLOSURES, THE PROPERTY SHALL REMAIN SUBJECT TO THE
MORTGAGE TO SECURE PAYMENT OF SUMS SECURED BY THE MORTGAGE AND NOT PREVIOUSLY
RECOVERED.
(C)
DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, LENDER SHALL HAVE
THE RIGHT FROM TIME TO TIME TO SEVER THE NOTE AND THE OTHER LOAN DOCUMENTS INTO
ONE OR MORE SEPARATE NOTES, MORTGAGES AND OTHER SECURITY DOCUMENTS (THE "SEVERED
LOAN DOCUMENTS") IN SUCH DENOMINATIONS AS LENDER SHALL DETERMINE IN ITS SOLE
DISCRETION FOR PURPOSES OF EVIDENCING AND ENFORCING ITS RIGHTS AND REMEDIES
PROVIDED HEREUNDER. BORROWER SHALL EXECUTE AND DELIVER TO LENDER FROM TIME TO
TIME, PROMPTLY AFTER THE REQUEST OF LENDER, A SEVERANCE AGREEMENT AND SUCH
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OTHER DOCUMENTS AS LENDER SHALL REQUEST IN ORDER TO EFFECT THE SEVERANCE
DESCRIBED IN THE PRECEDING SENTENCE, ALL IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO LENDER. BORROWER HEREBY ABSOLUTELY AND IRREVOCABLY APPOINTS
LENDER AS ITS TRUE AND LAWFUL ATTORNEY, COUPLED WITH AN INTEREST, IN ITS NAME
AND STEAD TO MAKE AND EXECUTE ALL DOCUMENTS NECESSARY OR DESIRABLE TO EFFECT THE
AFORESAID SEVERANCE, BORROWER RATIFYING ALL THAT ITS SAID ATTORNEY SHALL DO BY
VIRTUE THEREOF; PROVIDED, HOWEVER, LENDER SHALL NOT MAKE OR EXECUTE ANY SUCH
DOCUMENTS UNDER SUCH POWER UNTIL THREE (3) DAYS AFTER NOTICE HAS BEEN GIVEN TO
BORROWER BY LENDER OF LENDER'S INTENT TO EXERCISE ITS RIGHTS UNDER SUCH POWER.
EXCEPT AS MAY BE REQUIRED IN CONNECTION WITH A SECURITIZATION PURSUANT TO
SECTION 9.1 HEREOF, (I) BORROWER SHALL NOT BE OBLIGATED TO PAY ANY COSTS OR
EXPENSES INCURRED IN CONNECTION WITH THE PREPARATION, EXECUTION, RECORDING OR
FILING OF THE SEVERED LOAN DOCUMENTS, AND (II) THE SEVERED LOAN DOCUMENTS SHALL
NOT CONTAIN ANY REPRESENTATIONS, WARRANTIES OR COVENANTS NOT