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2� 15�81 �7 Lender a Lender ir�possession in the absence of the a�tua� taking of possessian of the Mortgaged Prop er�y by Ler�der pursuant to thi s Instrument. �h� Relationship of Lender and Trustor. Lender sha1� in no event be construed for any � purpase to be a�artner,j oint v�ntur�r, a�ent �r a�s�ciate of Trustor or of any beneficiary, lessee, op�rator, concess��naire or licensee �f Trustor in the conduct of thexr. respective businesses, and without��mit�r�g the foregoing, Lend�r sha1�na�be deemed to be such partner,j oint venturer, agen� ar assoc�at�on acc�unt of Lender becomir��a Lender in possess�on�r exercisxng any rights pursuant to thi s Instrument, any�f the other Laan D a cuments, �r otherwi se. �i� Txm� of the Essence. T�me is af the essence of the payment by Trustor and zts benefic�ary of a11 amounts due and owing to Lender under the Note and the performance and observance by Trust�r �f a�l terms, cond�t�on�, �bligations and agreements c�ntained in th�s Instrument. (j� No Mer��r. It b�ing the desire and intention of the parties heret�that the Instrument and the lien thereof da not merge in fee sirn.p�� title to the Mor�gaged Property, it is her�by understo�d and agre�d that sh�uld Lend�r acquire any additi�na� or other interest in or to the Mortgaged Property or the ovvnership thereof,then,unless a contrary intent is manifested by L�nder as evidenced by an�xpr�ss statement to that eff�ct in an appropriate dacum�nt duly record�d,th�s Ins�rument and the lxe�. thereof shall nat merge in the fee simple tztle, tovvard the �nd that th�s Instrument may be for�c�osed as if owned by a stranger to the fee simp�e title. (k� Valu�for Pu oses of Insurance. Upon request b�Lender,Trustor agrees to furn�sh �vidence�f r�placement value,without cost to Lender, of the type wh�ch is regu�ar�y ar�d�rdinaril� made for insurance c�mpanies, v�ith respect to the buildings and improvements nn the Mortgaged Praperty. (1� Late �harges. The Note requires the payment of a late charge in the event any xnstallm.�nt�f pr�r�cipal andlor int�r�st due thereunder sha�l becom�averdue far a period in e�cess of f�fteen�15�days.The Not�r�quires the payment to Lender of a�at�charge�f�ve percent�5.�%}af the am.ount of such payment to compensate Lender for the c�st af co�lection. Said late charge shall b� deerned part of the S ecured �b�igat��ns secur�d hereby. �m� No �aiver. L�nder sha11 nat be deem.ed to have waived any rights under this Instrument unless such waiv�r is given in writing and sxgned by L�r�der.Na delay or omission on the � part of Lender in e�ercising any right sha11 operate as a Waxv�r of such right ar any other r�ght. A Wa�ver by Lender of a provxs�on �f this Instrument sha�l not prejudice or constitute a vvaiver of Lender's right atherv�ise t� demand strict cornpliance wxth that pravision or any other provisi�n of th�s Instrument. N�ith�r prx�r v�aiver by Lender, nor any c�urse of dea��ng betWeen Lender and Assignor,shall constitute a waiver af any�f Lender's r�ghts or of an�of Assignar's obligations as to any future transactions. Whene�rer the�e�nsent of Lender is required under this Instrument, the grant�ng af such cons�nt by Lender in an}� �nstance shall not cnnstitute C�11t1I1Ult7� C�I1S�I7t t� subsequent instances where such consent�s requi red a1�d in all cases such cansent ma�be granted or vvithheld in the sole discretion af Lender. �4 �3��11�l��<i��771 [�(]�f�