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8s- ..ip5854
<br />lubulum and the Note are declared to be severable In the event that any applicable law limiting the amount of interest or ah" timsrges
<br />permitted to be collected from Borrower is interpreted so that any charge provided for in ibis lastrunwat or in the Note, wberh" eonsideted
<br />separawly or together with odher charges levied is connection with this Instrument and the Note, violates such law, and Borrower is entitled to the
<br />bnellt of seek law. such charge is hereby reduced so the extent necessary to eliminate such violation. The amounts, if gay, previously Arid to
<br />Leader is excess of the amounts payable to Leader parmam to such charges as reduced shag be applied by Leader to reduce she principal of the
<br />isdebtadam evidtnmd by sloe Nase. For the purpose of determining whether any applicable law bmidag the asaunt of interest or other charges
<br />permitted so be collected from Borrower has been vitiated. all indebtedness which is secured by this Instrument or evidenced by the Nose and
<br />which comakow interes. as well as all other charges levied in cosmetics with such indebtedness which constituse interest, shag be dean ed to be
<br />allocated and spread over the wire ten of the Nose. Ustless otherwise requited by applicable law, saes allocation and spreading shag be effected
<br />in cede a mass" that the ate of interest OwWO d thereby is uniform throughout she anted ten of the Note.
<br />33. WAIVER OF STATUTE OF LIMITATIONS Borrower hereby waives the right so users any astute of limitations as a bar a the
<br />- A -meat of the lint of this Internment or to any acting brought to enforce the Note or any other obligation secured by this Instrument.
<br />24 WAIVER OF MARSHALI.E & Notwithstanding the txuteam of any other security in evests in the Property held by Leader or by any other
<br />party. I sad" shag have the tight to determine the order in which say or all of the Property shall be subjected to the remedies provided herein.
<br />I ender sball have the right so determine the order in which any or all portions of the indebtedness sectored hereby arc satisfied from the proceeds
<br />realized Upon the exercise of the remedies provided herein. Bomower. any party who consents to this Instrument and any party who now or
<br />beseafler acquires a security interest in the Property age who has aill.ul or const=dve nctkA hereof hereby waives say and all right to require the
<br />marshalling of assets in connection with the exercise of any of the remedies permitted by applicable law or provided herein.
<br />21 CONSTRUCTION LOAN PROVISIONS Borrower agrees m comply with the covenants and conditions of the Constructing Loan
<br />AgommeiK if any. which is hereby incorporated by reference in and made a part of this Instrument. All advances made by Lender pursuant to the
<br />Coutrmuios Loan Agreement shall be indebtedness of Borrower seared by this Instrument, and such advances may be obligatory as provided in
<br />the Cosa[uaion Loan Agreement. All sums disbursed by Leader prior so completion of the improvements to protect the security of this Instrument
<br />up to the 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 ate stated in the Note, unless collection from Borrower of interest as such rate would be contrary to
<br />applicable law in which event such amounts shall bear interest at the highest ate which may be collected from Borrower under applicable law and
<br />shag be payable upon notice from Lender to Borrower requesting payment therefor.
<br />From time to time as Lends deems necessary to protect Lender's interests, Borrower shall, upon request of Lender, execute and deliver to
<br />Lead", in such form as Leader shall direct, assignments of any and all rights or daims which relate to the construction of the Property and which
<br />Borrower may have against any patty supplying or who has supplied labor, materials or services in connection with construction of the Property. In
<br />case 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 the 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 (iii) may do both. If after the commencement of
<br />amortization of the Note, the Nose sod this Instrument are sold by Leader, from and after such sale the Construction Loan Agreement shall cease
<br />to be a part of ibis Instrument sad Borrower shall not assert any fight of set -cif counterclaim or other claim or defense arising out of or in
<br />eossectioto with the Construction Loan Agreement against the obligations or the Now and this Instrument.
<br />26, 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 unconditionally assigns and transfers to Leader 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 />pan of the Property, regardless of to whom the rents and revenues of the Property arc payable. Borrower hereby authorizes Lender or Lender's
<br />agents to collect the aforesaid rents and revenues and hereby directs each tenant of the Property to pay such remit to Leader or Lender's agents;
<br />provided, however, that prior to written notice given by Leader to Borrower of the breach by Borrower of any covenant or agreement of Borrower
<br />is 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 rats and revenues so collected to the sums secured by this Instrument in the order provided so paragraph 3 hereof with the balance. so
<br />long as so such breach has occurred, to the amount of Borrower, it hemg 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 entice notice by Lender to Borrower of the breach by
<br />Borrower of any covenant or agreement of Borrower in this Instrument. and without the necessity of Leader 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 />an rests Mad revenues of the Property as -pealed in this paragraph 26 as the same become due and payable, including
<br />due and unpaid, and an 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 Burrower shall contain a statement that Lender exercises its
<br />lights eo Such rats Borrower agrees that comatesang upon delivery of such written notice of Borrower's breach by Lender to Borrower, each
<br />tenant of the Property shag nuke such rents payable to and pay such rents to Lender or Len.er s agents on Leader's writtes demand to each tenant
<br />therefor, delivered to each tenant personally, by mail or by delivemg wch demand to each rental unit, without any liability on the pan of said
<br />recant to inquire further as to the existence of a default by Borrower.
<br />Borrower hereby covenants that Borrower has not executed any prior assignment of said rents, that Borrower has not performed. and will not
<br />perform, any acts or has am executed, and will rim execute, any instrument which would prevent Lender from exercising its rights under this
<br />paragraph 26, and that at the time of execution of ibis instrument there has been no anticipation or prepayment of any of the rents of the Propcny
<br />for more than two months print to the due dates of such rents Borrower covenants that Borrower will not hereafter collect or ao mpt payment of
<br />say Feats of the Property gas than two months prior to the due data of such rents. Borrower further covenants that Borrower will execute sod
<br />deliver to Lender suck further assignmems of hems and revenues of the Property as Leader may from time to time request.
<br />Upon Borrower's breach of any covenant or agreement of Borrower is this Instrument. Lender may in person, by agent or by a owun-
<br />appowited receiver, regardless of the adequacy of Leader's secunty, enter upon and take and maintain full control of the Property in order to
<br />perform all sets necessary and appropriate for the operation sad maintenance thereof including, but not limited to, the execution, cancellation or
<br />modification of leases, the collection of an rests and revenues of the Property, the making of repairs to the Property and the execution or
<br />termination of costtacts providing for the management or maintenance of the Property, all on such terms as are deemed bat to protect the security
<br />of this lnstrument. In the event Lender elects so seek the appointment of a receiver for the Property upon Borrower's breach of any covenant or
<br />agreement of Borrower in the lostrumeat Borrower hereby expressly consents to the appointment of such receiver. Lender or the receiver shall be
<br />entitled to receive a reasonable fee for so managing the Property.
<br />AN rears 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 dus lauameat shag be applied first to the costs, if any, of taking control of and managing the Property and collecting the
<br />now including, live awt limited to, attorney's fees, receivers fees, premiums on receiver's bonds, costs of repair to the Property, premiums on
<br />insurance polities, taxes, assessments said other charges on the Property, and the acts of disdoarging any obligation or liability of Borrower as
<br />lector or landlord of the Property and then so the sums secured by this lnstatnent. Leader or the receiver shall have access to the books and
<br />records mad in the operation and mauteasaa of the Property and shall be liable to account only for those rents actually received. Leader shall not
<br />be hable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Property by reason of anything done or left
<br />undone by Leader under this paragraph 26.
<br />frills recta *(*A Property are rat sulgtiear to am the costs, if any, of taking control of and managing the Property and colleting the rents,
<br />any funds expended by Lender for such purposes sha8 become iadebirds= of Borrower to Lender secured by this Instrument pursuant to
<br />paragraph g hereof. Unless Lender and Borrower agree in writing to other terms of payment, such amounts shall be payable upon notice from
<br />Lender io Borrower requesting payment thereof and shall bear interest from the date of dubursemew at the rate stated in the Note unless payment
<br />of interest at such rate would be contrary to applicable taw, in which event such amounts shall bear interest at the highest rate whtrh may be
<br />collected from Borrower under applicable law.
<br />Any entering upon and taking and manmaiasg of control of the Property by Lender or the receiver and any applreatwrn of rents as provided
<br />beteis shag not cute or waive any default hereunder m invalidate any other right or remedy of Lender under appltrable law ere provided herein
<br />Thu ""Prue of rests of the Property %hall terminate at such unit as this Instrument ceases to sesvm indebtedness held by 1 code,
<br />UstUnrw Covenants - Multifamily - -- 1/77 -- FNMA /FIII MC Uniform Instrument (p4g, 6 1411,,)
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