OBLIGATIONS AND LIABILITIES OF BORROWER UNDER THIS SECTION SHALL
SURVIVE THE MATURITY DATE AND THE EXERCISE BY LENDER OF ANY OF ITS RIGHTS OR
REMEDIES UNDER THE LOAN DOCUMENTS.
SECTION 7.29.
MORTGAGE LOAN DEFAULTS.
(A)
WITHOUT LIMITING THE GENERALITY OF THE OTHER PROVISIONS OF THIS
AGREEMENT, AND WITHOUT WAIVING OR RELEASING BORROWER FROM ANY OF ITS OBLIGATIONS
HEREUNDER, IF THERE SHALL OCCUR ANY EVENT OF DEFAULT UNDER THE MORTGAGE LOAN
DOCUMENTS (WITHOUT REGARD TO ANY OTHER DEFENSES OR OFFSET RIGHTS OWNER MAY HAVE
AGAINST MORTGAGE LENDER), BORROWER HEREBY EXPRESSLY AGREES THAT LENDER SHALL
HAVE THE IMMEDIATE RIGHT, WITHOUT NOTICE TO OR DEMAND ON BORROWER OR OWNER, BUT
SHALL BE UNDER NO OBLIGATION:
(I) TO PAY ALL OR ANY PART OF THE MORTGAGE LOAN,
AND ANY OTHER SUMS, THAT ARE THEN DUE AND PAYABLE AND TO PERFORM ANY ACT OR TAKE
ANY ACTION ON BEHALF OF OWNER, AS MAY BE APPROPRIATE, TO CAUSE ALL OF THE TERMS,
COVENANTS AND CONDITIONS OF THE MORTGAGE LOAN DOCUMENTS ON THE PART OF OWNER TO
BE PERFORMED OR OBSERVED THEREUNDER TO BE PROMPTLY PERFORMED OR OBSERVED; AND
(II) TO PAY ANY OTHER AMOUNTS AND TAKE ANY OTHER ACTION AS LENDER, IN ITS SOLE
AND ABSOLUTE DISCRETION, SHALL DEEM ADVISABLE TO PROTECT OR PRESERVE THE RIGHTS
AND INTERESTS OF LENDER IN THE LOAN AND/OR THE COLLATERAL.
LENDER SHALL HAVE NO
OBLIGATION TO COMPLETE ANY CURE OR ATTEMPTED CURE UNDERTAKEN OR COMMENCED BY
LENDER.
ALL SUMS SO PAID AND THE THIRD PARTY COSTS AND EXPENSES ACTUALLY
INCURRED BY LENDER IN EXERCISING RIGHTS UNDER THIS SECTION (INCLUDING, WITHOUT
LIMITATION, REASONABLE ATTORNEYS' AND OTHER PROFESSIONAL FEES), WITH INTEREST AT
THE DEFAULT RATE, FOR THE PERIOD FROM THE DATE OF DEMAND BY LENDER TO BORROWER
FOR SUCH PAYMENTS TO THE DATE OF PAYMENT TO LENDER, SHALL CONSTITUTE A PORTION
OF THE DEBT, SHALL BE SECURED BY THIS AGREEMENT AND SHALL BE DUE AND PAYABLE TO
LENDER WITHIN TWO (2) BUSINESS DAYS FOLLOWING DEMAND THEREFOR.
IN THE EVENT
THAT LENDER MAKES ANY PAYMENT IN RESPECT OF THE MORTGAGE LOAN, LENDER SHALL BE
SUBROGATED TO ALL OF THE RIGHTS OF MORTGAGE LENDER UNDER THE MORTGAGE LOAN
DOCUMENTS AGAINST THE PREMISES AND OWNER IN ADDITION TO ALL OTHER RIGHTS LENDER
MAY HAVE UNDER THE LOAN DOCUMENTS OR APPLICABLE LAW.
(B)
SUBJECT TO THE RIGHTS OF TENANTS, BORROWER HEREBY GRANTS, AND
SHALL CAUSE OWNER TO GRANT, LENDER AND ANY PERSON DESIGNATED BY LENDER THE RIGHT
TO ENTER UPON THE PREMISES AT ANY TIME FOR THE PURPOSE OF CARRYING OUT THE
RIGHTS GRANTED TO LENDER UNDER THIS SECTION 7.29.
BORROWER SHALL NOT, AND SHALL
NOT CAUSE OR PERMIT OWNER OR ANY OTHER PERSON TO IMPEDE, INTERFERE WITH, HINDER
OR DELAY, ANY EFFORT OR ACTION ON THE PART OF LENDER TO CURE ANY EVENT OF
DEFAULT UNDER THE MORTGAGE LOAN AS PERMITTED BY THIS SECTION 7.29, OR TO
OTHERWISE PROTECT OR PRESERVE LENDER'S INTERESTS IN THE LOAN AND THE COLLATERAL,
INCLUDING THE PREMISES IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS.