3.3
OTHER SECURITY.
LENDER MAY (I) TAKE OR RELEASE OTHER
SECURITY FOR THE PAYMENT AND PERFORMANCE OF THE OBLIGATIONS, (II) RELEASE ANY
PARTY PRIMARILY OR SECONDARILY LIABLE THEREFOR, AND/OR (III) APPLY ANY OTHER
SECURITY HELD BY IT TO THE PAYMENT AND PERFORMANCE OF THE OBLIGATIONS, IN EACH
INSTANCE, WITHOUT PREJUDICE TO ANY OF ITS RIGHTS UNDER THIS ASSIGNMENT.
SECTION 3.4
NON-WAIVER.
THE EXERCISE BY LENDER OF THE OPTION
GRANTED IT IN SECTION 3.1 OF THIS ASSIGNMENT AND THE COLLECTION OF THE RENTS AND
THE SUMS DUE UNDER THE LEASE GUARANTIES AND THE APPLICATION THEREOF AS PROVIDED
IN THE LOAN DOCUMENTS SHALL NOT BE CONSIDERED A WAIVER OF ANY DEFAULT OR EVENT
OF DEFAULT BY BORROWER UNDER THE NOTE, THE LOAN AGREEMENT, THE MORTGAGE, THIS
ASSIGNMENT OR THE OTHER LOAN DOCUMENTS.
THE FAILURE OF LENDER TO INSIST UPON
STRICT PERFORMANCE OF ANY TERM HEREOF SHALL NOT BE DEEMED TO BE A WAIVER OF ANY
TERM OF THIS ASSIGNMENT.
BORROWER SHALL NOT BE RELIEVED OF BORROWER'S
OBLIGATIONS HEREUNDER BY REASON OF (A) THE FAILURE OF LENDER TO COMPLY WITH ANY
REQUEST OF BORROWER OR ANY OTHER PARTY TO TAKE ANY ACTION TO ENFORCE ANY OF THE
PROVISIONS HEREOF OR OF THE LOAN AGREEMENT, THE NOTE OR THE OTHER LOAN
DOCUMENTS, (B) THE RELEASE, REGARDLESS OF CONSIDERATION, OF THE WHOLE OR ANY
PART OF THE PROPERTY, OR (C) ANY AGREEMENT OR STIPULATION BY LENDER EXTENDING
THE TIME OF PAYMENT OR OTHERWISE MODIFYING OR SUPPLEMENTING THE TERMS OF THIS
ASSIGNMENT, THE LOAN AGREEMENT, THE NOTE OR THE OTHER LOAN DOCUMENTS (EXCEPT TO
THE EXTENT EXPRESSLY PROVIDED IN A WRITTEN MODIFICATION OR SUPPLEMENT EXECUTED
BY LENDER).
LENDER MAY RESORT FOR THE PAYMENT AND PERFORMANCE OF THE
OBLIGATIONS TO ANY OTHER SECURITY HELD BY LENDER IN SUCH ORDER AND MANNER AS
LENDER, IN ITS SOLE DISCRETION, MAY ELECT.
LENDER MAY TAKE ANY ACTION TO
RECOVER THE OBLIGATIONS, OR ANY PORTION THEREOF, OR TO ENFORCE ANY COVENANT
HEREOF WITHOUT PREJUDICE TO THE RIGHT OF LENDER THEREAFTER TO ENFORCE ITS RIGHTS
UNDER THIS ASSIGNMENT.
THE RIGHTS OF LENDER UNDER THIS ASSIGNMENT SHALL BE
SEPARATE, DISTINCT AND CUMULATIVE AND NONE SHALL BE GIVEN EFFECT TO THE
EXCLUSION OF THE OTHERS.
NO ACT OF LENDER SHALL BE CONSTRUED AS AN ELECTION TO
PROCEED UNDER ANY ONE PROVISION HEREIN TO THE EXCLUSION OF ANY OTHER PROVISION.
5
SECTION 3.5
BANKRUPTCY.
(A)
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT, LENDER SHALL HAVE THE RIGHT TO PROCEED IN ITS OWN NAME OR IN THE NAME
OF BORROWER IN RESPECT OF ANY CLAIM, SUIT, ACTION OR PROCEEDING RELATING TO THE
REJECTION OF ANY LEASE, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO FILE AND
PROSECUTE, TO THE EXCLUSION OF BORROWER, ANY PROOFS OF CLAIM, COMPLAINTS,
MOTIONS, APPLICATIONS, NOTICES AND OTHER DOCUMENTS, IN ANY CASE IN RESPECT OF
THE LESSEE UNDER SUCH LEASE UNDER THE BANKRUPTCY CODE.
(B)
IF THERE SHALL BE FILED BY OR AGAINST BORROWER A PETITION
UNDER THE BANKRUPTCY CODE, AND BORROWER, AS LESSOR UNDER ANY LEASE, SHALL