SHALL REMAIN IN FULL FORCE AND
EFFECT AND SHALL NOT BE AFFECTED BY THE ILLEGAL, INVALID OR UNENFORCEABLE
PROVISION OR BY ITS SEVERANCE FROM THIS MORTGAGE, UNLESS SUCH CONTINUED
EFFECTIVENESS OF THIS MORTGAGE, AS MODIFIED, WOULD BE CONTRARY TO THE BASIC
UNDERSTANDINGS AND INTENTIONS OF THE PARTIES AS EXPRESSED HEREIN.
19
SECTION 14.04
HEADINGS, ETC.
THE HEADINGS AND CAPTIONS OF THE VARIOUS
SECTIONS OF THIS MORTGAGE ARE FOR CONVENIENCE OF REFERENCE ONLY AND ARE NOT TO
BE CONSTRUED AS DEFINING OR LIMITING, IN ANY WAY, THE SCOPE OR INTENT OF THE
PROVISIONS HEREOF.
SECTION 14.05
SUBROGATION.
IF ANY OR ALL OF THE PROCEEDS OF THE NOTE HAVE
BEEN USED TO EXTINGUISH, EXTEND OR RENEW ANY INDEBTEDNESS HERETOFORE EXISTING
AGAINST THE PROPERTY, THEN, TO THE EXTENT OF THE FUNDS SO USED, MORTGAGEE SHALL
BE SUBROGATED TO ALL OF THE RIGHTS, CLAIMS, LIENS, TITLES AND INTERESTS EXISTING
AGAINST THE PROPERTY HERETOFORE HELD BY, OR IN FAVOR OF, THE HOLDER OF SUCH
INDEBTEDNESS AND SUCH FORMER RIGHTS, CLAIMS, LIENS, TITLES AND INTERESTS, IF
ANY, ARE NOT WAIVED, BUT RATHER ARE CONTINUED IN FULL FORCE AND EFFECT IN FAVOR
OF MORTGAGEE AND ARE MERGED WITH THE LIEN AND SECURITY INTEREST CREATED HEREIN
AS CUMULATIVE SECURITY FOR THE PAYMENT, PERFORMANCE AND DISCHARGE OF THE
OBLIGATIONS (INCLUDING, BUT NOT LIMITED TO, THE PAYMENT OF THE DEBT).
SECTION 14.06
ENTIRE AGREEMENT.
THE NOTE, THE LOAN AGREEMENT, THIS MORTGAGE
AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AND AGREEMENT
BETWEEN MORTGAGOR AND MORTGAGEE WITH RESPECT TO THE TRANSACTIONS ARISING IN
CONNECTION WITH THE OBLIGATIONS WHICH ARE THE SUBJECT OF THIS MORTGAGE AND THE
OTHER LOAN DOCUMENTS AND SUPERSEDE ALL PRIOR WRITTEN OR ORAL UNDERSTANDINGS AND
AGREEMENTS BETWEEN MORTGAGOR AND MORTGAGEE WITH RESPECT THERETO.
MORTGAGOR
HEREBY ACKNOWLEDGES THAT, EXCEPT AS INCORPORATED IN WRITING IN THE NOTE, THE
LOAN AGREEMENT, THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS, THERE ARE NOT, AND
WERE NOT, AND NO PERSONS ARE OR WERE AUTHORIZED BY MORTGAGEE TO MAKE, ANY
REPRESENTATIONS, UNDERSTANDINGS, STIPULATIONS, AGREEMENTS OR PROMISES, ORAL OR
WRITTEN, WITH RESPECT TO THE TRANSACTIONS WHICH ARE THE SUBJECT OF THE NOTE, THE
LOAN AGREEMENT, THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS.
SECTION 14.07
LIMITATION ON MORTGAGEE'S RESPONSIBILITY.
NO PROVISION OF THIS
MORTGAGE SHALL OPERATE TO PLACE ANY OBLIGATION OR LIABILITY FOR THE CONTROL,
CARE, MANAGEMENT OR REPAIR OF THE PROPERTY UPON MORTGAGEE, NOR SHALL IT OPERATE
TO MAKE MORTGAGEE RESPONSIBLE OR LIABLE FOR ANY WASTE COMMITTED ON THE PROPERTY
BY THE TENANTS OR ANY OTHER PERSON, OR FOR ANY DANGEROUS OR DEFECTIVE CONDITION
OF THE PROPERTY, OR FOR ANY NEGLIGENCE IN THE MANAGEMENT, UPKEEP, REPAIR OR
CONTROL OF THE PROPERTY RESULTING IN LOSS OR INJURY OR DEATH TO ANY TENANT,
LICENSEE, EMPLOYEE OR STRANGER.
NOTHING HEREIN CONTAINED SHALL BE CONSTRUED AS
CONSTITUTING MORTGAGEE A "MORTGAGEE IN POSSESSION."
SECTION 14.08
JOINT AND SEVERAL LIABILITY.
IF MORE THAN ONE PERSON HAS
EXECUTED THIS AGREEMENT AS "BORROWER," THE REPRESENTATIONS, COVENANTS,
WARRANTIES AND OBLIGATIONS OF ALL SUCH PERSONS HEREUNDER SHALL BE JOINT AND
SEVERAL.
SECTION 14.09
RECITALS.