LOAN AGREEMENT, THE NOTE OR THIS SECURITY INSTRUMENT IS HELD TO
BE INVALID, ILLEGAL OR UNENFORCEABLE IN ANY RESPECT, THE LOAN AGREEMENT, THE
NOTE AND THIS SECURITY INSTRUMENT SHALL BE CONSTRUED WITHOUT SUCH PROVISION.
SECTION 14.4.
HEADINGS, ETC.
THE HEADINGS AND CAPTIONS OF VARIOUS
ARTICLES AND SECTIONS OF THIS SECURITY INSTRUMENT ARE FOR CONVENIENCE OF
REFERENCE ONLY AND ARE NOT TO BE CONSTRUED AS DEFINING OR LIMITNG, BIN ANY WAY,
THE SCOPE OR INTENT OF THE PROVISIONS HEREOF.
SECTION 14.5.
NUMBER AND GNDER .
_HENEVER THE CONTEXT MAY REQUIRE, ANY
PRONOUNS USED HEREIN SHALL INCLUDE THE CORRESPONDING MASC}LINE, FEMININE OR
NEUTER FORMS, AND THE SINGULAR FORM OF NOUNS AND PRONOUNS SHALL INCLUDE THE
PLURAL AND VICE VERSA.
SECTION 14.6.
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,
BENEFICIARY 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 BIF ANY, ARE NOT WAIVED BUT RATHER ARE CONTINUED IN FULL FORCE AND
EFFECT IN FAVOR OF BENEFICIARY AND ARE MERGED WITH THE LIEN AND SECURITY
INTEREST CREATED HEREIN AS CUMULATIVE SECURITY FOR THE REPAYMENT OF THE DEBT,
THE PERFORMANCE AND DISCHARGE OF TRUSTOR'S OBLIGATIONS HEREUNDER, UNDER THE LOAN
AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE PERFORMANCE AND
DISCHARGE OF THE OTHER OBLIGATIONS.
SECTION 14.7.
ENTIRE AGREEMENT.
THE NOTE, THE LOAN AGREEMENT, THIS
SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE
UNDERSTANDING AND AGREEMENT BETWEEN TRUSTOR AND BENEFICIARY WITH RESPECT TO THE
TRANSACTIONS ARISING IN CONNECTION WITH THE DEBT AND SUPERSEDE ALL PRIOR WRITTEN
OR ORAL UNDERSTANDINGS AND AGREEMENTS BETWEEN TRUSTOR AND BENEFICIARY WITH
RESPECT THERETO.
TRUSTOR HEREBY ACKNOWLEDGES THAT, EXCEPT AS INCORPORATED IN
WRITING IN THE NOTE, THE LOAN AGREEMENT, THIS SECURITY INSTRUMENT AND THE OTHER
LOAN DOCUMENTS, THERE ARE NOT, AND WERE NOT, AND NO PERSONS ARE OR WERE
AUTHORIZED BY BENEFICIARY TO MAKE, ANY REPRESENTATIONS, UNDERSTANDINGS,
STIPULATIONS, AGREEMENTS OR PROMISES, ORAL OR WRITTEN, WITH RESPECT TO THE
TRANSACTION WHICH IS THE SUBJECT OF THE NOTE, THE LOAN AGREEMENT, THIS SECURITY
INSTRUMENT AND THE OTHER LOAN DOCUMENTS.
SECTION 14.8.
LIMITATION ON BENEFICIARY'S RESPONSIBILITY.
NO PROVISION
OF THIS SECURITY INSTRUMENT SHALL OPERATE TO PLACE ANY OBLIGATION OR LIABILITY
FOR THE CONTROL, CARE, MANAGEMENT OR REPAIR OF THE PROPERTY UPON BENEFICIARY,
NOR SHALL IT OPERATE TO MAKE BENEFICIARY RESPONSIBLE OR LIABLE FOR ANY WASTE
COMMITTED ON THE PROPERTY BY 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 OR ANY OTHER PERSON.
NOTHING
HEREIN CONTAINED SHALL BE CONSTRUED AS CONSTITUTING BENEFICIARY A "MORTGAGEE IN
POSSESSION."
27
SECTION