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9J ��i `7759 <br /> successors and assigns of Borrower and Lender, including without limitation, any <br /> subsequent owner of the Property. There shall be no third party beneficiaries of <br /> this Assignment. <br /> 13. TIME. <br /> Time is of the essence of each term of this Assignment. <br /> 14. HEADINGS. , <br /> All headings appearing in this Assignment are for convenience only and shall be <br /> disregarded in construing the substantive provisions of this Assignment. <br /> 15. LAw. <br /> This Assignment shall be governed by and construed in accordance with the Laws <br /> of the State in which the Property is located, except to the extent that Federal <br /> laws or the rules and regulations of the Office of Thrift Supervision, or its <br /> successor, preempt the laws of the State in which the Property is located, in <br /> which case Lender shall be entitled to such Federal rights and remedies without <br /> regard to conflicting limitation imposed by State law. <br /> 16. SEVERABILITY. <br /> In the event any one of the provisions contained in this Assignment shall for any <br /> reason be held to be invalid, illegal or unenforceable in any respect under <br /> applicable law, such invalidity, illegality or unenforceability, at the option of <br /> Lender, shall not effect any other provision of this Assignment, but this <br /> Assignment shall be construed as if such invalid, illegal or unenforceable <br /> provision has never been contained herein. <br /> 17. WAIVER. <br /> Nothing contained in this Assignment, and no act done or omitted by Lender <br /> pursuant to the powers and rights granted Lender, shall be deemed to be a waiver <br /> by Lender of its rights and remedies under the other Loan Documents; and this <br /> Assignment is made and accepted without prejudice to any of the rights and <br /> remedies possessed by Lender under the terms of the other Loan Documents. The <br /> rights and remedies of Lender under this Assignment are cumulative, and no <br /> exercise of any right or remedy shall preclude the exercise of any other right or <br /> remedy or the later exercise of the same right or remedy. Waivers and approvals <br /> under this Assignment must be in writing to be effective; and, unless expressly <br /> stated, waivers and approvals shall apply only to the specific circumstances <br /> addressed. No waiver under this Assignment shall operate under any of the other <br /> Loan Documents. <br /> 1g. SATISFACTION. <br /> Upon payment in full of all indebtedness secured by this Assignment, this <br /> Assignment shall terminate and be of no further effect; but the affidavit of any <br /> officer of Lender showing that any part of said indebtedness remains unpaid shall <br /> be conclusive evidence of the validity, effectiveness and continuing force of this <br /> Assignment; and any person may, and is hereby authorized to rely upon any such <br /> affidavit. <br /> 19. INTEREST. <br /> In the event Lender expends funds on behalf of Borrower in exercising any of <br /> Lender's rights or remedies under this Assignment, such sums, including <br /> attorneys' fees, shall be secured by this Assignment and the other Loan <br /> Documents, and any such sums shall bear interest at FIFTEEN AND THREE <br /> FOURTHS percent(15.75%)per annum until reimbursed by Borrower to Lender. <br /> 8 <br />