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<br />Isprumest and the Note are declared to he severable. In the event that any applicable law limiting h
<br />iting the amount of interest or other anes
<br />Perm aed so be collected from Borrower is interpreted so that any charge provided for in this Instrument or in the Note, whether considered
<br />separately or togedw with other charges levied in connection with this Instrument and the Nom, violates such law, and Borrower is entitled to the
<br />bomb of with law, such charge is bereby reduced to the extent aesswry to eliminate such violation. The amounts, if any, previously paid to
<br />Lepder.ia ex"0 of the amounts payable to E toder pursuant to such dhargea as reduced shall be applied by Lender to reduce the principal of the
<br />indebetelrhas evidenced by the Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges
<br />po to be collected Isom Borrower has been violated, all indebtedness which is secured by this Instrument or evidenced by the Note and
<br />which coalition ieterea. as well as all other charges levied to tuna curet with such indebtedness which constitute interest, shall be deemed to be
<br />aYocared and spread over the chased term of the Note. Unless otherwise required by applicable law, such allocation and spreading sball be effected
<br />in such a mama that the rate of interest computed tbemby is unikms throughout the stated term of the Note.
<br />21 WAIVER OF STATUTE OF LIMITATIONS. Borrower hereby waives the right to amen any statute of limitations as a bar to the
<br />enforcement of the lieri of this Instrument or to any action brought to enforce the Note or any other obligation secured by this Instrument.
<br />tf. WAIVER OF ]MARSHALLING. Notwithstanding the exiocisce of any other security interests in the Property held by Lender or by any other
<br />port: Lender "have the right to determine the order in which any or all of the Property shall be subjected to the remedies provided herein.
<br />Leader shall have the right a determine the order in which any or all portions of the indebtedness secured hereby arc satisfied from the proceeds
<br />seeloed upon tie exercise of the remedies provided herein- Borrower. any party who consents to this Instrument and any party who now or
<br />kappa acquires a security interest in the Property and who has actual or ovestrnctive •_once hereof hereby waives any and all right to require the
<br />marshalling of assets is connection with the exercise of any of the remedies permitted by applicable law or provided herein.
<br />2L CONSTRUCTION LOAN PROVISIONS, Borrower agrees to comply with the covenants and conditions of the Construction Loan
<br />Agreement, ifany, which is hereby incorporated by reference in and made a part of this Instrument. All advances made by Lender pursuant to the
<br />Construction Loan Agreement shalt be indebtedness of Borrower secured by this instrument, and such advances may be obligatory as provided in
<br />the Comttudion Loan Agreement. All sums disbursed by Lender prior to completion of the improvements to protect the security of this Instrument
<br />up to rite principal amount of the Note shall be treated as disbursements pursuant to the Construction Loan Agreement. All such sums shall bear
<br />interest from the date of disbursement at the rate stated in the Noe, unless collection from Borrower of interns at such rate would be contrary to
<br />applicable law in which event such amounts shall bear interest at the highest rate which may be collected from Borrower under applicable law and
<br />shall be payable upon notice from Lender to Borrower requesting payment therefor.
<br />From time to time as Lender deems necessary to protect Lenders interests, Borrower shall, upon request of Lender, execute and deliver to
<br />Leader, in such form as Lender shall direct. assignments of any and all rights or claims which relate to the construction of the Property and which
<br />Borrower may have against any party supplying or who has supplied labor, materials or services in connection with construction of the Property. In
<br />can of breach by Borrower of the covenants and conditions of the Construction Loan Agreement. Lender, at Lender's option, with or without entry
<br />upon tie Property, (i) may invoke any of the rights or remedies provided in the Construction Loan Agreement. (u) may accelerate the sums
<br />secured by this Instrument and invoke those remedies provided in paragraph 27 hereof, or 1 tit) may do both. If, after the commencement of
<br />amortization of the Note, the Note and this Instrument are sold by Leader, from and after such sale the Construction Loan Agreement shall cease
<br />to be a pan of this Instrument and Borrower shall not assert any right of setof counterclaim or other claim or defense arising out of or in
<br />connection with the Construction Loan Agreement against the obligations of the Note and this Instrument.
<br />X ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. As pan of the consideration for the
<br />indebtedness evidenced by the Note, Borrower hereby absolutely and unoondiaonally assigns and transfers to Lender all the rents and revenues of
<br />the Property, including those now due, past due, or to become due by virtue of any lease or other agreement for the occupancy or use of all or any
<br />part of the Property, regardless of to whom the rents and revenues of the Property are payable. Borrower hereby authorizes Lender or Lender's
<br />agents a collect the aforesaid rents and revenues and hereby directs each tenant of the Property to pay such rents to Leader or Lender's agents;
<br />provided, however, that prior to written notice given by Lender to Borrower of the breach by Borrower of any covenant or agreement of Borrower
<br />in this Instrument. Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower, to
<br />apply the heats and revenues so collected to the sums secured by this Instrument in the order provided in paragraph 3 hereof with the balance, so
<br />long as no such breach has occurred, to the account of Borrower, it being intended by Borrower and Lender that this assignment of rents constitutes
<br />an absolute assignment and not an assignment for additional security only. Upon delivery of wniten notice by Leader to Borrower of the breach by
<br />Borrower of any covenant or agreement of Borrower in this Instrument. and without the necessity of lender entering upon and taking and
<br />maintaining full control of the Property in person, by agent or by a court- appointed receiver. Lender shall immediately be entitled to possession of
<br />all rents and revenues of the Property as specified in this paragraph 26 as the same become due and payable, including but not limited to rents then
<br />due and unpaid, and all such rents shall immediately upon delivery of such notice be held by Borrower as trustee for the benefit of Lender only
<br />provided, however, that the written notice by Lender to Borrower of the breach by Borrower shall contain a statement that Lender exercises its
<br />rights to such rents Borrower agrees that commencing upon delivery of such written noun of Borrower's breach by Lender to Borrower, each
<br />tenant of the Property shall make such roots payable to and pay such rents to Lender or Len let's agents on Lender's written demand to each tenant
<br />therefor, delivered to each tenant personally. by marl or by delivering such demand to each rental unit, without any liability on the pan of said
<br />tenant to inquire further as to the existence of a default by Borrower.
<br />Borrower hereby covenants that Borrower has not executed any poor rssrgnment of said rerun, that Borrower has not performed, and will not
<br />perform, any acts or has not executed, and wdl not execute. any instrument which would prevent Lender from exercising its rights under this
<br />paragraph 26, and that at the came of execution of this Instrument there has been no anticipation or prepayment of any of the rents of the Property
<br />for more than two months prior to the due dates of such rents. Borrower covenants that Borrower will not hereafter collect or accept payment of
<br />any rents of the Property more than two months prior to the dire dates of such rents Borrower further covenants that Borrower will execute and
<br />deliver to Lender such further assignments of rents and revenues of the Property as Lender may from ume to ume request.
<br />Upon Borrowers breach of any covenant or agreement of Borrower in this Instrument. Lender may in person, by agent or by a coun-
<br />appointed receiver, regardless of the adequacy of Lender's security, enter upon and take and maintain full control of the Property in order to
<br />perform all acts necessary and appropriate for the operation and maintenance thereof iadudmg, but not limited to, the execution, cancellation or
<br />modification of leases. the collection of all rents and revenues of the Property. the making of repair to the Property and the execution or
<br />termination of contracts providing for the management or maintenance of the Property, all on such terms as are deemed best to protect the security
<br />of this Instrument. In the event Lender elects to seek the appointment of a monver for the Property ti u- Borrower's breach of any covenant or
<br />agreement of Borrower in this Instrument. Borrower hereby expressly consents to the appointment of such server Lender or the receiver shall be
<br />entitled to receive a reasonable fee for so managing the Property.
<br />All rents and revenues collected subsequent to delivery of written notice by Lender to Borrower of the breach by Borrower of any covenant or
<br />agreement of Borrower in this Instrument shall be applied first to the costs, dany, of taking control of and managing the Property and collecting the
<br />rears, including, but not limited to attorney's fees, receiver's foes, premiums on receiver's bonds, costs of repairs to the Property, premiums on
<br />insurance policies, taxes, assessments and other charges on the Property, and the costs of discharging any obligation er hability of Borrower as
<br />.. . or landlord of the Property and then to the sums secured by this Instrument Lender or the receiver shall have access to the books and
<br />records used in the operation and maintenance of the Property and shall be liable to account only for those rents actually received Lender shall not
<br />be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Property by reason of anything dune or left
<br />undone by Leader under this paragraph 26.
<br />If the reau of the Property are not suRtaeat m meet the costs, of any, of taking control of and managing the Property and collecting the rents,
<br />any foods etpeoded by Leader for such purposes shall become indebtedness of Borrower to Lender secured by this Instrument pursuant to
<br />paragraph It hereof. Unless Lender and Borrower agree in writing to other terms of payment, such Amounts shall he payable upon notice from
<br />Lender to Borrower requesting payment thereof and shall bear interest from the date of disbursement at the rate staird to the Note unless payment
<br />of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at tl,- highest rate which may he
<br />collleesed from Borrower under applicable law
<br />Any entering upon and taking and maintaining of control of the Property by Lender or the receiver and any application of rent, a, provided
<br />herein shall act cure or waive any default thereunder or invalidate any other right or remedy of Lender under appltwble law or pro, tiled herein
<br />This assignment of rents of the Property shall terminate at such time as this Instrument ceases w urure tndrhtedn ,, held hr I ender
<br />l)B(ittm Covenants -- Mulufamily 1177 FWAMILMC Uniform Instrument rtr. ^ ,1 , "'K...
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