OR SERVANTS WHOLLY THEREFROM, AND
TAKE POSSESSION OF ALL BOOKS, RECORDS AND ACCOUNTS RELATING THERETO AND BORROWER
AGREES TO SURRENDER POSSESSION OF THE PROPERTY AND OF SUCH BOOKS, RECORDS AND
ACCOUNTS TO LENDER UPON DEMAND, AND THEREUPON LENDER MAY (I) USE, OPERATE,
MANAGE, CONTROL, INSURE, MAINTAIN, REPAIR, RESTORE AND OTHERWISE DEAL WITH ALL
AND EVERY PART OF THE PROPERTY AND CONDUCT THE BUSINESS THEREAT; (II) COMPLETE
ANY CONSTRUCTION ON THE PROPERTY IN SUCH MANNER AND FORM AS LENDER DEEMS
ADVISABLE; (III) MAKE ALTERATIONS, ADDITIONS, RENEWALS, REPLACEMENTS AND
IMPROVEMENTS TO OR ON THE PROPERTY; (IV) EXERCISE ALL RIGHTS AND POWERS OF
BORROWER WITH RESPECT TO THE PROPERTY, WHETHER IN THE NAME OF BORROWER OR
OTHERWISE, INCLUDING, WITHOUT LIMITATION, THE
15
RIGHT TO MAKE, CANCEL, ENFORCE OR MODIFY LEASES, OBTAIN AND EVICT TENANTS, AND
DEMAND, SUE FOR, COLLECT AND RECEIVE ALL RENTS OF THE PROPERTY AND EVERY PART
THEREOF; (V) REQUIRE BORROWER TO PAY MONTHLY IN ADVANCE TO LENDER, OR ANY
RECEIVER APPOINTED TO COLLECT THE RENTS, THE FAIR AND REASONABLE RENTAL VALUE
FOR THE USE AND OCCUPATION OF SUCH PART OF THE PROPERTY AS MAY BE OCCUPIED BY
BORROWER; (VI) REQUIRE BORROWER TO VACATE AND SURRENDER POSSESSION OF THE
PROPERTY TO LENDER OR TO SUCH RECEIVER AND, IN DEFAULT THEREOF, BORROWER MAY BE
EVICTED BY SUMMARY PROCEEDINGS OR OTHERWISE; AND (VII) APPLY THE RECEIPTS FROM
THE PROPERTY TO THE PAYMENT OF THE DEBT, IN SUCH ORDER, PRIORITY AND PROPORTIONS
AS LENDER SHALL DEEM APPROPRIATE IN ITS SOLE DISCRETION AFTER DEDUCTING
THEREFROM ALL EXPENSES (INCLUDING REASONABLE ATTORNEYS' FEES) INCURRED IN
CONNECTION WITH THE AFORESAID OPERATIONS AND ALL AMOUNTS NECESSARY TO PAY THE
TAXES, OTHER CHARGES, INSURANCE AND OTHER EXPENSES IN CONNECTION WITH THE
PROPERTY, AS WELL AS JUST AND REASONABLE COMPENSATION FOR THE SERVICES OF
LENDER, ITS COUNSEL, AGENTS AND EMPLOYEES;
(I)
EXERCISE ANY AND ALL RIGHTS AND REMEDIES GRANTED TO A SECURED
PARTY UPON DEFAULT UNDER THE UNIFORM COMMERCIAL CODE, INCLUDING, WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING: (I) THE RIGHT TO TAKE POSSESSION OF
THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY OR ANY PART THEREOF, AND TO
TAKE SUCH OTHER MEASURES AS LENDER MAY DEEM NECESSARY FOR THE CARE, PROTECTION
AND PRESERVATION OF THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY, AND
(II) REQUEST BORROWER AT ITS EXPENSE TO ASSEMBLE THE FIXTURES, THE EQUIPMENT,
THE PERSONAL PROPERTY AND MAKE IT AVAILABLE TO LENDER AT A CONVENIENT PLACE
ACCEPTABLE TO LENDER. ANY NOTICE OF SALE, DISPOSITION OR OTHER INTENDED ACTION
BY LENDER WITH RESPECT TO THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY
SENT TO BORROWER IN ACCORDANCE WITH THE PROVISIONS HEREOF AT LEAST FIVE (5) DAYS
PRIOR TO SUCH ACTION, SHALL CONSTITUTE COMMERCIALLY REASONABLE NOTICE TO
BORROWER;
(J)
APPLY ANY SUMS THEN DEPOSITED OR HELD IN ESCROW OR OTHERWISE BY
OR ON BEHALF OF LENDER IN ACCORDANCE WITH THE TERMS OF THE LOAN AGREEMENT, THIS
MORTGAGE OR ANY OTHER LOAN DOCUMENT TO THE PAYMENT OF THE FOLLOWING ITEMS IN ANY
ORDER IN ITS UNCONTROLLED DISCRETION:
(I)
TAXES AND OTHER CHARGES;
(II)