DIRECT OR INDIRECT EQUITY INTEREST IN
BORROWER, ANY INDEMNITOR OR OTHER GUARANTOR OF THE LOAN, ANY CONSTITUENT OWNER
OR OTHER HOLDER OF A DIRECT OR INDIRECT EQUITY INTEREST IN SUCH INDEMNITOR OR
GUARANTOR, ANY MANAGER OR OPERATING LESSEE OF THE PROPERTY THAT IS AFFILIATED
WITH BORROWER OR ANY CONSTITUENT OWNER OR OTHER HOLDER OF A DIRECT OR INDIRECT
EQUITY INTEREST IN SUCH MANAGER OR SUCH OPERATING LESSEE, EXCEPT TO THE EXTENT
EXPRESSLY PERMITTED PURSUANT TO ARTICLE VI OF THE LOAN AGREEMENT.
8
ARTICLE VI
-
PREPAYMENT; RELEASE OF PROPERTY
SECTION 6.1
PREPAYMENT.
THE DEBT MAY NOT BE PREPAID IN WHOLE OR IN
PART EXCEPT IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE NOTE AND THE LOAN
AGREEMENT.
SECTION 6.2
RELEASE OF PROPERTY.
BORROWER SHALL NOT BE ENTITLED TO A
RELEASE OF ANY PORTION OF THE PROPERTY FROM THE LIEN OF THIS SECURITY INSTRUMENT
EXCEPT IN ACCORDANCE WITH TERMS AND CONDITIONS OF THE LOAN AGREEMENT OR
OTHERWISE WITH THE CONSENT OF REQUISITE LENDERS.
ARTICLE VII
-
DEFAULT
SECTION 7.1
EVENT OF DEFAULT.
THE TERM "EVENT OF DEFAULT" AS USED IN
THIS SECURITY INSTRUMENT SHALL HAVE THE MEANING ASSIGNED TO SUCH TERM IN THE
LOAN AGREEMENT.
ARTICLE VIII
-
RIGHTS AND REMEDIES UPON DEFAULT
SECTION 8.1
REMEDIES.
SUBJECT TO THE TERMS OF THE LOAN AGREEMENT,
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF ANY EVENT OF DEFAULT, BORROWER
AGREES THAT MORTGAGEE MAY TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND, AS IT
DEEMS ADVISABLE TO PROTECT AND ENFORCE ITS RIGHTS AGAINST BORROWER AND IN AND TO
THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING ACTIONS, EACH OF
WHICH MAY BE PURSUED CONCURRENTLY OR OTHERWISE, AT SUCH TIME AND IN SUCH ORDER
AS MORTGAGEE MAY DETERMINE, IN ITS SOLE DISCRETION, WITHOUT IMPAIRING OR
OTHERWISE AFFECTING THE OTHER RIGHTS AND REMEDIES OF MORTGAGEE:
(A)
DECLARE THE ENTIRE UNPAID DEBT TO BE IMMEDIATELY DUE AND
PAYABLE;
(B)
INSTITUTE PROCEEDINGS, JUDICIAL OR OTHERWISE, FOR THE COMPLETE
FORECLOSURE OF THIS SECURITY INSTRUMENT UNDER ANY APPLICABLE PROVISION OF LAW,
IN WHICH CASE THE PROPERTY OR ANY INTEREST THEREIN MAY BE SOLD FOR CASH OR UPON
CREDIT IN ONE OR MORE PARCELS OR IN SEVERAL INTERESTS OR PORTIONS AND IN ANY
ORDER OR MANNER;
(C)
WITH OR WITHOUT ENTRY, TO THE EXTENT PERMITTED AND PURSUANT
TO THE PROCEDURES PROVIDED BY APPLICABLE LAW, INSTITUTE PROCEEDINGS FOR THE
PARTIAL FORECLOSURE OF THIS SECURITY INSTRUMENT FOR THE PORTION OF THE DEBT THEN
DUE AND PAYABLE, SUBJECT TO THE CONTINUING LIEN AND SECURITY INTEREST OF THIS
SECURITY INSTRUMENT FOR THE BALANCE OF THE DEBT NOT THEN DUE, UNIMPAIRED AND
WITHOUT LOSS OF PRIORITY;
(D)
SELL FOR CASH OR UPON CREDIT THE PROPERTY OR ANY PART THEREOF
AND ALL ESTATE, CLAIM, DEMAND, RIGHT, TITLE AND INTEREST OF BORROWER THEREIN AND
RIGHTS OF REDEMPTION THEREOF, PURSUANT TO POWER OF SALE OR OTHERWISE, AT ONE OR
MORE SALES, AS AN ENTIRETY OR IN PARCELS, AT SUCH TIME AND PLACE, UPON SUCH
TERMS AND AFTER SUCH NOTICE THEREOF AS MAY BE REQUIRED OR PERMITTED BY