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 AND 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 AND THE PERSONAL
PROPERTY, AND (II) REQUEST BORROWER AT ITS EXPENSE TO ASSEMBLE THE FIXTURES, THE
EQUIPMENT AND 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 AND/OR 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 SECURITY INSTRUMENT OR ANY OTHER LOAN DOCUMENT TO THE PAYMENT OF
THE FOLLOWING ITEMS IN ANY ORDER IN ITS UNCONTROLLED DISCRETION:
(I)
INTEREST ON THE UNPAID PRINCIPAL BALANCE OF THE NOTE;
(II)
AMORTIZATION OF THE UNPAID PRINCIPAL BALANCE OF THE NOTE;
(III)
TAXES AND OTHER CHARGES;
(IV)
INSURANCE PREMIUMS;
16
(V)
ALL OTHER SUMS PAYABLE PURSUANT TO THE NOTE, THE LOAN AGREEMENT,
THIS SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS, INCLUDING WITHOUT
LIMITATION ADVANCES MADE BY LENDER PURSUANT TO THE TERMS OF THIS SECURITY
INSTRUMENT;
(K)
PURSUE SUCH OTHER REMEDIES AS LENDER MAY HAVE UNDER
APPLICABLE LAW; OR
(L)
APPLY THE UNDISBURSED BALANCE OF ANY NET SALE PROCEEDS TO
THE DEFICIENCY DEPOSIT, TOGETHER WITH INTEREST THEREON, TO THE PAYMENT OF THE
DEBT IN SUCH ORDER, PRIORITY AND PROPORTIONS AS LENDER SHALL DEEM TO BE
APPROPRIATE IN ITS DISCRETION.
In the event of a sale, by foreclosure, power of sale or otherwise, of less than
all of Property, this Security Instrument shall continue as a lien and security
interest on the remaining portion of the Property unimpaired and without loss of
priority.
SECTION 7.2
APPLICATION OF PROCEEDS.
THE PURCHASE MONEY, PROCEEDS
AND AVAILS OF ANY DISPOSITION OF THE PROPERTY, OR ANY PART THEREOF, OR ANY OTHER
SUMS COLLECTED BY LENDER PURSUANT TO THE NOTE, THIS