THEREUPON A WRIT OF POSSESSION MAY IMMEDIATELY BE ISSUED
FOR POSSESSION OF THE MORTGAGED PROPERTY, WITHOUT ANY PRIOR WRIT OR PROCEEDING
WHATSOEVER, AND WITHOUT ANY STAY OF EXECUTION.
THE MORTGAGOR AND ADDITIONAL
MORTGAGOR EACH HEREBY IRREVOCABLY WAIVES AND RELEASES ALL ERRORS IN SAID
PROCEEDINGS AND IN THE ENTRY OF ANY JUDGMENT RESULTING THEREFROM, STAY OF
EXECUTION, THE RIGHT OF INQUISITION AND EXTENSION OF TIME OF PAYMENT.
IF FOR
ANY REASON AFTER SUCH ACTION HAS BEEN COMMENCED IT SHALL BE DISCONTINUED, OR
POSSESSION OF THE MORTGAGED PROPERTY SHALL REMAIN IN OR BE RESTORED TO THE
MORTGAGOR, THE MORTGAGEE SHALL HAVE THE RIGHT FOR THE SAME EVENT OF DEFAULT OR
ANY SUBSEQUENT EVENT OF DEFAULT TO BRING ONE OR MORE FURTHER ACTIONS AS ABOVE
PROVIDED TO RECOVER POSSESSION OF THE MORTGAGED PROPERTY.
THE MORTGAGEE
MAY BRING AN ACTION IN EJECTMENT AND CONFESS JUDGMENT THEREIN BEFORE OR AFTER
THE INSTITUTION OF PROCEEDINGS TO FORECLOSE THIS MORTGAGE, OR AFTER ENTRY OF
JUDGMENT THEREIN, OR AFTER SHERIFF SALE OF THE MORTGAGED PROPERTY IN WHICH THE
MORTGAGEE IS THE SUCCESSFUL BIDDER.
THE AUTHORIZATION TO PURSUE SUCH
PROCEEDINGS FOR OBTAINING POSSESSION AND TO CONFESS JUDGMENT THEREIN IS AN
ESSENTIAL PART OF THE REMEDIES FOR ENFORCEMENT OF THIS MORTGAGE AND SHALL
SURVIVE ANY EXECUTION SALE TO THE MORTGAGEE.
THE MORTGAGOR AND ADDITIONAL MORTGAGOR EACH EXPRESSLY ACKNOWLEDGES THAT THIS IS
A COMMERCIAL TRANSACTION, THAT THE FOREGOING PROVISION FOR CONFESSION OF
JUDGMENT HAS BEEN READ, UNDERSTOOD AND VOLUNTARILY AGREED TO BY THE MORTGAGOR
AND ADDITIONAL MORTGAGOR AND THAT BY AGREEING TO SUCH PROVISION THE MORTGAGOR
AND ADDITIONAL MORTGAGOR EACH IS WAIVING IMPORTANT LEGAL RIGHTS, INCLUDING ANY
RIGHT TO NOTICE OR A HEARING WHICH MIGHT OTHERWISE BE REQUIRED BEFORE ENTRY OF
JUDGMENT HEREUNDER.
Mortgagor's Initials:
Additional Mortgagor's Initials:
(d)
The proceeds of any sale of any of the Mortgaged Property shall be
applied pursuant to the Loan Agreement.
(e)
The Mortgagor hereby waives the benefit of all appraisement,
valuation, stay, extension, reinstatement and redemption laws now or hereafter
in force and all rights of marshaling in the event of any sale of the Mortgaged
Property or any interest therein.
8.
Remedies Not Exclusive.
The Mortgagee shall be entitled to
enforce payment of the indebtedness and performance of the Indebtedness and to
exercise all rights and powers under this Mortgage or under any of the other
Loan Documents or other agreement or any laws now or hereafter in force,
notwithstanding some or all of the Indebtedness may now or hereafter be
otherwise secured, whether by deed of trust, deed to secure debt, mortgage,
security agreement, pledge, lien, assignment or otherwise.
Neither the
acceptance of this Mortgage nor its enforcement, shall prejudice or in any
manner affect the Mortgagee's right to realize upon or enforce any other
security now or hereafter held by the Mortgagee, it being agreed that the
Mortgagee shall be entitled to enforce this Mortgage and any other security now
or hereafter held by the Mortgagee in such order and manner as the Mortgagee may
determine in its absolute