THE GENERALITY OF THE FOREGOING, BORROWER AGREES THAT IF AN
EVENT OF DEFAULT IS CONTINUING, (I) TO THE EXTENT PERMITTED BY APPLICABLE LAW,
LENDER IS NOT SUBJECT TO ANY "ONE
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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, THE
SECURITY INSTRUMENT HAS BEEN FORECLOSED, THE PROPERTY HAS BEEN SOLD AND/OR
OTHERWISE REALIZED UPON IN SATISFACTION OF THE DEBT OR THE DEBT HAS BEEN PAID IN
FULL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NOTHING CONTAINED IN ANY LOAN
DOCUMENT SHALL BE CONSTRUED AS REQUIRING LENDER TO RESORT TO ANY PARTICULAR
PROPERTY OR ANY PORTION OF THE PROPERTY FOR THE SATISFACTION OF ANY OF THE DEBT
IN PREFERENCE OR PRIORITY TO ANY OTHER PORTION, AND LENDER MAY SEEK SATISFACTION
OUT OF THE ENTIRE PROPERTY OR ANY PART THEREOF, IN ITS DISCRETION.
8.2.3
SEVERANCE. 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 IN SUCH DENOMINATIONS AND PRIORITIES OF PAYMENT AND LIENS AS LENDER
SHALL DETERMINE IN ITS DISCRETION FOR PURPOSES OF EVIDENCING AND ENFORCING ITS
RIGHTS AND REMEDIES. BORROWER SHALL EXECUTE AND DELIVER TO LENDER FROM TIME TO
TIME, PROMPTLY AFTER THE REQUEST OF LENDER, A SEVERANCE AGREEMENT AND SUCH 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 SUCH SEVERANCE, BORROWER
RATIFYING ALL THAT SUCH ATTORNEY SHALL DO BY VIRTUE THEREOF.
8.2.4
DELAY. NO DELAY OR OMISSION TO EXERCISE ANY REMEDY, RIGHT OR POWER
ACCRUING UPON AN EVENT OF DEFAULT, OR THE GRANTING OF ANY INDULGENCE OR
COMPROMISE BY LENDER SHALL IMPAIR ANY SUCH REMEDY, RIGHT OR POWER HEREUNDER OR
BE CONSTRUED AS A WAIVER THEREOF, BUT ANY SUCH REMEDY, RIGHT OR POWER MAY BE
EXERCISED FROM TIME TO TIME AND AS OFTEN AS MAY BE DEEMED EXPEDIENT. A WAIVER OF
ONE DEFAULT OR EVENT OF DEFAULT SHALL NOT BE CONSTRUED TO BE A WAIVER OF ANY
SUBSEQUENT DEFAULT OR EVENT OF DEFAULT OR TO IMPAIR ANY REMEDY, RIGHT OR POWER
CONSEQUENT THEREON. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT,
LENDER RESERVES THE RIGHT TO SEEK A DEFICIENCY JUDGMENT OR PRESERVE A DEFICIENCY
CLAIM IN CONNECTION WITH THE FORECLOSURE OF THE SECURITY INSTRUMENT TO THE
EXTENT NECESSARY TO FORECLOSE ON ALL OR ANY PORTION OF THE PROPERTY, THE RENTS,
THE CASH MANAGEMENT ACCOUNTS OR ANY OTHER COLLATERAL.
8.2.5
LENDER'S RIGHT TO PERFORM. IF BORROWER FAILS TO PERFORM ANY COVENANT
OR OBLIGATION CONTAINED HEREIN AND SUCH FAILURE SHALL CONTINUE FOR