AND WITHOUT FIRST HAVING
RECOURSE TO THE NOTE OR ANY OF THE PROPERTY, THROUGH FORECLOSURE OR ACCEPTANCE
OF A DEED IN LIEU OF FORECLOSURE OR OTHERWISE, AND IN THE EVENT BENEFICIARY
COMMENCES A FORECLOSURE ACTION AGAINST THE PROPERTY, BENEFICIARY IS ENTITLED TO
PURSUE A DEFICIENCY JUDGMENT WITH RESPECT TO SUCH OBLIGATIONS AGAINST TRUSTOR
WITH RESPECT TO THE LOAN.
THE PROVISIONS OF SECTION 8.2 AND SECTION 8.3 ARE
EXCEPTIONS TO ANY NON-RECOURSE OR EXCULPATION PROVISIONS IN THE LOAN AGREEMENT,
THE NOTE, THIS SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS, AND TRUSTOR WITH
RESPECT TO THE LOAN IS FULLY LIABLE FOR THE OBLIGATIONS PURSUANT TO SECTION 8.2
AND SECTION 8.3.
THE LIABILITY OF TRUSTOR WITH RESPECT TO THE LOAN PURSUANT TO
SECTION 8.2 AND SECTION 8.3 IS NOT LIMITED TO THE ORIGINAL PRINCIPAL AMOUNT OF
THE NOTE.
NOTWITHSTANDING THE FOREGOING, NOTHING HEREIN SHALL INHIBIT OR
PREVENT BENEFICIARY FROM FORECLOSING OR EXERCISING ANY OTHER RIGHTS AND REMEDIES
PURSUANT TO THE LOAN AGREEMENT,
20
the Note, this Security Instrument and the other Loan Documents, whether
simultaneously with foreclosure proceedings or in any other sequence.
A
separate action or actions may be brought and prosecuted against Trustor
pursuant to Section 8.2 and Section 8.3 whether or not action is brought against
any other Person or whether or not any other Person is joined in the action or
actions.
SECTION 7.11.
RIGHT OF ENTRY.
UPON REASONABLE NOTICE TO TRUSTOR,
BENEFICIARY AND ITS AGENTS SHALL HAVE THE RIGHT TO ENTER AND INSPECT THE
PROPERTY AT ALL REASONABLE TIMES.
SECTION 7.12.
GENERAL AUTHORITY.
TRUSTOR HEREBY IRREVOCABLY APPOINTS
BENEFICIARY AND ANY OFFICER OR AGENT THEREOF AS ITS TRUE AND LAWFUL
ATTORNEY-IN-FACT, WITH FULL POWER OF SUBSTITUTION, IN THE NAME OF TRUSTOR,
BENEFICIARY OR OTHERWISE, FOR THE SOLE USE AND BENEFIT OF BENEFICIARY, BUT AT
TRUSTOR'S EXPENSE, TO THE EXTENT PERMITTED BY LAW, TO EXERCISE AT ANY TIME AND
FROM TIME TO TIME ALL OR ANY OF THE FOLLOWING POWERS WITH RESPECT TO ALL OR ANY
OF THE PROPERTY, ALL ACTS OF SUCH ATTORNEY BEING HEREBY RATIFIED AND CONFIRMED;
SUCH POWER, BEING COUPLED WITH AN INTEREST, IS IRREVOCABLE UNTIL THE OBLIGATIONS
(EXCLUDING CONTINGENT INDEMNIFICATION OBLIGATIONS) ARE PAID IN FULL:
(A)
TO EXERCISE AND PERFECT ANY AND ALL RIGHTS AND REMEDIES AVAILABLE
TO BENEFICIARY AT LAW OR IN EQUITY, INCLUDING WITHOUT LIMITATION, SUCH RIGHTS
AND REMEDIES AVAILABLE TO BENEFICIARY PURSUANT TO SECTION 5.1, SECTION 5.2 AND,
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, THIS ARTICLE VII;
(B)
TO TAKE ANY AND ALL APPROPRIATE ACTION AND TO EXECUTE ANY AND ALL
DOCUMENTS AND INSTRUMENTS WHICH MAY BE NECESSARY OR DESIRABLE TO CARRY OUT THE
TERMS OF THIS SECURITY INSTRUMENT;
(C)
TO RECEIVE, TAKE, ENDORSE, ASSIGN AND DELIVER ANY AND ALL CHECKS,
NOTES, DRAFTS, ACCEPTANCES, DOCUMENTS AND OTHER NEGOTIABLE AND NON-NEGOTIABLE
INSTRUMENTS TAKEN OR RECEIVED BY TRUSTOR AS, OR IN CONNECTION WITH, THE
PROPERTY;
(D)
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, TO COMMENCE, SETTLE,
COMPROMISE, COMPOUND, PROSECUTE, DEFEND OR ADJUST ANY CLAIM, SUIT, ACTION OR
PROCEEDING WITH RESPECT TO,