SUBJECT TO SECTION 2.17 OF
THE LOAN AGREEMENT, SHALL BE LIABLE TO MORTGAGEE FOR ANY DEFICIENCY REMAINING
OWED.
6.5
SALE OF THE PROPERTY.
TO THE EXTENT PERMITTED BY
APPLICABLE LAW, MORTGAGOR HEREBY WAIVES ANY AND ALL RIGHTS TO HAVE THE SUBJECT
PROPERTY MARSHALLED.
IN EXERCISING ITS RIGHTS
16
AND REMEDIES, MORTGAGEE SHALL BE FREE TO SELL ALL OR ANY PART OF THE SUBJECT
PROPERTY, TOGETHER OR SEPARATELY IN ONE SALE, OR BY SEPARATE SALES.
MORTGAGEE
SHALL BE ENTITLED TO BID AT ANY PUBLIC SALE ON ALL OR ANY PORTION OF THE SUBJECT
PROPERTY.
6.6
NOTICE OF SALE.
MORTGAGEE SHALL GIVE MORTGAGOR
REASONABLE NOTICE OF THE TIME AND PLACE OF ANY PUBLIC SALE OF THE PERSONAL
PROPERTY OR OF THE TIME AFTER WHICH ANY PRIVATE SALE OR OTHER INTENDED
DISPOSITION OF THE PERSONAL PROPERTY IS TO BE MADE.
REASONABLE NOTICE SHALL
MEAN NOTICE THAT IS AT LEAST TEN (10) DAYS BEFORE THE TIME OF THE SALE OR
DISPOSITION.
6.7
ELECTION OF REMEDIES.
ELECTION BY MORTGAGEE TO
PURSUE ANY REMEDY SHALL NOT EXCLUDE PURSUIT OF ANY OTHER REMEDY, AND AN ELECTION
TO MAKE EXPENDITURES OR TO TAKE ACTION OR TO PERFORM AN OBLIGATION OF THE
MORTGAGOR UNDER THIS MORTGAGE, AFTER MORTGAGOR'S FAILURE TO PERFORM, SHALL NOT
AFFECT MORTGAGEE'S RIGHT TO DECLARE A DEFAULT AND EXERCISE ITS REMEDIES.
EXCEPT
AS OTHERWISE PROVIDED IN SECTION 2.17 OF THE LOAN AGREEMENT, NOTHING UNDER THIS
MORTGAGE OR OTHERWISE SHALL BE CONSTRUED SO AS TO LIMIT OR RESTRICT THE RIGHTS
AND REMEDIES AVAILABLE TO MORTGAGEE FOLLOWING EVENT OF DEFAULT, OR IN ANY WAY TO
LIMIT OR RESTRICT THE RIGHTS AND ABILITY OF MORTGAGEE TO PROCEED DIRECTLY
AGAINST MORTGAGOR AND/OR AGAINST ANY OTHER CO-MAKER, GUARANTOR, SURETY, OR
ENDORSER, AND/OR TO PROCEED AGAINST ANY OTHER COLLATERAL, DIRECTLY OR INDIRECTLY
SECURING THE INDEBTEDNESS.
6.8
APPLICATION OF FORECLOSURE SALE PROCEEDS.
EXCEPT AS
MAY BE OTHERWISE REQUIRED BY APPLICABLE LAW, AFTER DEDUCTING ALL COSTS,
INCLUDING, WITHOUT LIMITATION, COST OF EVIDENCE OF TITLE AND ATTORNEYS' FEES IN
CONNECTION WITH SALE AND COSTS AND EXPENSES OF SALE AND OF ANY JUDICIAL
PROCEEDING WHEREIN SUCH SALE MAY BE MADE, ALL PROCEEDS OF ANY FORECLOSURE SALE
SHALL BE APPLIED: (A) TO PAYMENT OF ALL SUMS EXPENDED BY MORTGAGEE UNDER THE
TERMS HEREOF AND NOT THEN REPAID, WITH ACCRUED INTEREST AT THE RATE OF INTEREST
SPECIFIED IN THE NOTES TO BE APPLICABLE ON OR AFTER MATURITY OR ACCELERATION OF
THE NOTES; (B) TO PAYMENT OF ALL OTHER SECURED OBLIGATIONS; AND (C) THE
REMAINDER, IF ANY, TO THE PERSON OR PERSONS LEGALLY ENTITLED THERETO.
6.9
APPLICATION OF OTHER SUMS.
ALL SUMS RECEIVED BY
MORTGAGEE UNDER THAT CERTAIN SECTION ENTITLED RIGHTS AND REMEDIES OR THAT
CERTAIN SECTION ENTITLED GRANT OF LICENSE, LESS ALL COSTS AND EXPENSES INCURRED
BY MORTGAGEE OR ANY RECEIVER UNDER EITHER OF SAID SECTIONS, INCLUDING, WITHOUT
LIMITATION, ATTORNEYS' FEES, SHALL BE APPLIED IN PAYMENT OF THE SECURED
OBLIGATIONS IN SUCH ORDER AS MORTGAGEE SHALL DETERMINE IN ITS SOLE DISCRETION;
PROVIDED, HOWEVER, MORTGAGEE SHALL HAVE NO LIABILITY FOR FUNDS NOT ACTUALLY
RECEIVED BY MORTGAGEE.
6.10
NO