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� 2� 1 ��835 �� apply the und�s�ursed balance of any Net Proceeds Deficiency deposxt, together w�th �nterest there�n, to the payment of the Debt �n such �rder, priar�ty and propor�ions as Lender sha�l de�m to be appropr�ate in its snle and absolute discretion. In the event of a sale, by fareclosure, power of�a�e or otherw�se �n accordance w�th th�s Section 7.1, of less than a�� of the Praperty, this Secur�t� Instrument sha11 continue as a l�en and security �nterest on the rema�ning portion of the Property un�mpaired and with�ut loss of pri�rity. Section 7.Z A �ication of Praceeds. Upon the occurren�e and during the cont�nuance of an Event of Default, the purc�iase mon�y, proceeds and avai�s of any d�sp�s�tion �f the Property, or a.ny part thereof, i�. a�c�rdance w�t� Section 7.1, or any other sums �o��ected by Lender pursua.nt to the Note, this Se�urity Instrument or the ather Loan Do�uments, may be a�plied by �er�der t� the paym�nt �f the De�t in such pr�or�ty and proport�ons as Lender �n �ts dis�reti�n shal� deem pr�per. Sect�on 7.3 R��ht to �ure Defa�lts. Upon the o�currence and dux ing the ----.. continuance nf any Event of Default, Lender may, but without any obligat�on t� do so and v�rithout n�tice to or demand on Individua� Borrower and without re�easing Indiv�duai Borrawer from any ab��gation hereund�r, make any payment or d� ar�y act required of Indiv�dua� Borrnwer hereunder giv�ng rise to such Event of Default �n such manner and to such e�tent as Lender ma� deem necessary to prot�ct the s�cur�ty hereof. Lender is author�zed to enter upan the Pr�perty for such purposes, or appear�n, defend, ar bring ar�y action ar proceeding to protect its interest in th� Pr�perty or, up�n the �ccurrence and during the continuance of any Event of Defau�t, ta f�reciose this Se�urity Instrument or col�ect the Debt, and the reasonable and d�cumented ��st and expens� thereof (inc�ud�ng reasonab�e and documented attorneys' fees to the extent perm�tted by �aw}, with interest as provided �n this Section 7.3, sha�l constitute a p�rtion af the Debt ar�d shal�be due and payable to Lender upan demand. A�� suCh reasnnab�e and d�cumented costs and �xpenses in�urred by Lender �n remedying such Event of Defau�t or in appearing in, defending, �r bringing an�r such aetian ar proceed�ng shal� bear interest at the Default Rate, far the per��d after natxce from Lender that such cost�r expense was incurred to the date of pa�ment to Lender. All such reasonab�e ar�d documented �osts and ex�enses �ncurred by Lender tagether - with �nterest thereon ca�culated at the Default Rate sha11 be deemed to constitute a port�on of the Debt and be secured by this S�curity Instrumerit and the ather Loan Documents and shall be �mrnediately due and payable upon d�mand by Lender therefor. . Secti�n 7.4 Actions and Proce�din s. So �ong as an E�ent �f Default has occurr�d and is continu�ng, i�ender has the right to appear in and defend any action�r proceeding br�ught w�th respect to the Property and to bring any action or proceedxng, in the name and an beha�f �f B�rrower, wh�ch Lender, zn �ts discreti�n, decides should be brought to pr�tect its inter�st in the Property. Sectian 7.5 Reco�veryo uf Sums Required To Be Paid. So lang as an Event of Defauit has oc�urred and is c�ntinuing, Lender shal� have the right from time t� time to ta�e action to recover any sum. or sums which constitute a part �f the Debt as the same be��me due, with�ut regard t� whether ar not the ba�an�e �f the Debt sha�l be due, and w�th�ut prejudice to the right �f Lender thereafter ta bring an a�ti�n of f�reclosure, or an� other a�t�on, for a defau�t ar defaults by Individua� Borrower existing at the time such ear�2er act�on was comrnenced. 1� {NEWY�RK 31�9827 4]