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<br />that Lender may at any time, without the consent of or notice to Grantor, without incurring responsibility
<br />to Grantor and without impairing, releasing, reducing or affecting the obligations of Grantor hereunder or
<br />the enforceability or validity of this Instrument: (i) sell, exchange, release, surrender, subordinate, realize
<br />upon or otherwise deal with in any manner and in any order any collateral for all or any part of the
<br />Indebtedness or setoff against all or any part of the Indebtedness; (ii) neglect, delay, omit, fail or refuse to
<br />take or prosecute any action for the collection of all or any part of the Indebtedness or this Instrument or
<br />to take or prosecute any action in connection with any of the Loan Documents; (iii) exercise or refrain
<br />from exercising any rights against Grantor or others, or otherwise act or refrain from acting; (iv) settle or
<br />compromise all or any part of the Indebtedness and subordinate the payment of all or any part of the
<br />Indebtedness to the payment of any obligations, indebtedness or liabilities which may be due or become
<br />due to Lender or others. Should Lender seek to enforce this Instrument and/or the obligations of Grantor
<br />hereunder by action in any court or otherwise, Grantor waives any requirement, substantive or procedural,
<br />that (i) Lender first enforce any rights or remedies against Grantor or any other person or entity liable to
<br />Lender for all or any part of the Indebtedness or any assets of Grantor or other collateral for the
<br />Indebtedness, including without limitation that a judgment first be rendered against Grantor or any other
<br />person or entity, or that Grantor or any other person or entity should be joined in such cause. Such waiver
<br />shall be without prejudice to Lender's right, at its option, to proceed against Grantor or any other person
<br />or entity, whether by separate action or by joinder.
<br />ARTICLE VII
<br />INSURANCE, TAXES, AND CONDEMNATION
<br />7.1 TITLE INSURANCE. Grantor shall, at its sole cost and expense, obtain and maintain
<br />mortgagee title insurance (in the form of a commitment, binder, or policy as Lender may require) in form
<br />acceptable to Lender in an amount equal to the original, maximum stated amount of the Note.
<br />7.2 LIABILITY AND HAZARD INSURANCE.
<br />(a) Grantor shall, at its sole cost and expense, obtain and maintain public liability
<br />insurance policies covering the Property and the operations on the Property, in form and amounts and with
<br />companies acceptable to Lender.
<br />(b) Grantor shall, at its sole cost and expense, obtain and maintain insurance upon
<br />and relating to the Property covering fire and the perils insured by extended coverage, in form and with
<br />companies acceptable to Lender, in an amount equal to one hundred percent (100%) of the replacement
<br />cost of the Property, but in no event less than the outstanding balance of the Note, with loss made payable
<br />to Lender and with a standard form mortgage clause.
<br />(c) Grantor shall deliver the policies of insurance to Lender promptly as issued; and,
<br />if Grantor fails to do so, Lender, at its option, may procure such insurance at Grantor's expense. Lender
<br />shall have the right to hold the policies, and Grantor shall promptly furnish to Lender all renewal notices
<br />and all receipts of paid premiums. All renewal and substitute policies of insurance shall be delivered at the
<br />office of Lender, premiums paid, at least thirty (30) days before termination of policies previously
<br />delivered to Lender.
<br />(d) In the event of loss, Grantor shall give immediate written notice to the insurance
<br />carrier and to Lender. Grantor hereby authorizes and empowers Lender as attorney-in-fact for Grantor, to
<br />make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and
<br />prosecute any action arising from such insurance policies, to collect and receive insurance proceeds, and to
<br />deduct therefrom Lender's expenses incurred in the collection of such proceeds; provided however, that
<br />nothing contained in this Section shall require Lender to incur any expense or take any action under this
<br />Instrument.
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