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NAI- 1502659666v3 201703609 obligated to, take into account all or any of the following: (i) appraisals of the Property as such appraisals may be discounted or adjusted by Grantee in its sole and absolute underwriting discretion; (ii) expenses and costs incurred by Grantee with respect to the Property prior to foreclosure; (iii) expenses and costs which Grantee anticipates will be incurred with respect to the Property after foreclosure, but prior to resale, including, without limitation, costs of structural reports and other due diligence, costs to carry the Property prior to resale, costs of resale (e.g. commissions, attorneys' fees, and taxes), costs of any hazardous materials clean-up and monitoring, costs of deferred maintenance, repair, refurbishment and retrofit, costs of defending or settling litigation affecting the Property, and lost opportunity costs (if any), including the time value of money during any anticipated holding period by Grantee; (iv) declining trends in real property values generally and with respect to properties similar to the Property; (v) anticipated discounts upon resale of the Property as a distressed or foreclosed property; (vi) the fact of additional collateral (if any), for the Secured Indebtedness; and (vii) such other factors or matters that Grantee (in its sole and absolute discretion) deems appropriate. In regard to the above, Grantor acknowledges and agrees that: (w) Grantee is not required to use any or all of the foregoing factors to determine the amount of its credit bid; (x) this Section does not impose upon Grantee any additional obligations that are not imposed by law at the time the credit bid is made; (y) the amount of Grantee's credit bid need not have any relation to any loan-to -value ratios specified in the Loan Documents or previously discussed between Grantor and Grantee; and (z) Grantee's credit bid may be (at Grantee's sole and absolute discretion) higher or lower than any appraised value of the Property. (b) Grantee's Other Rights. Grantee shall have the right to take such other steps to protect and enforce its rights, whether by action, suit or proceeding at law or in equity for the specific performance of any covenant, condition or agreement contained in this Security Instrument, or in aid of the execution of any power granted in this Security Instrument, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Grantee and/or the trustees shall elect to the extent permitted hereunder or by applicable law. Upon the completion of any foreclosure of all or a portion of the Property, Grantee may commence an action to recover any of the Secured Indebtedness that remains unpaid or unsatisfied. (c) Grantee's Rights with Regard to Personal Property. In addition to Grantee's rights as a "Secured Party" under the UCC, Grantee may, but shall not be obligated to, at any time without notice and at the expense of Grantor: (a) give notice to any person of Grantee's rights hereunder and enforce such rights at law or in equity; (b) insure, protect, defend and preserve the Personal Property or any rights or interests of Grantee therein; (c) inspect the Personal Property; and (d) endorse, collect and receive any right to payment of money owing to Grantor under or from the Personal Property. Upon the occurrence of an Event of Default under this Security Instrument, then in addition to all of Grantee's rights as a "Secured Party" under the UCC or otherwise at law and in addition to Grantee's rights under the Loan Documents: