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F 85--- 0045581 and without notice, declare the whole of the principal and accrued interest on the Notes remaining unpaid immediately due and payable; and the Trustee may, at its option, insti- tute proceedings for the collection at law or in equity of all indebtedness due under the provisions of the Agreement, the Notes, and this Mortgage; and upon any such default, the Trustee may immediately cause this Mortgage to be foreclosed in the manner prescribed by law, and upon the commencement of foreclosure proceedings, shall be entitled to have a receiver appointed to take possession and charge of the Project during the pendency of the foreclosure proceedings and during the prepayment period, to rent same and receive and collect the rents, issues and profits thereof, under the direction of the court, and any amount so collected-by such receiver shall be applied under direction of the court upon the costs and expenses of the receivership, expense of insurance on the improvements, expense of repairs, 'taxes, assessments and on the Mortgage indebtedness as provided in the Indenture. Upon the occurrence of an Event of Default hereunder, and at any time thereafter, the Trustee shall have all the rights and remedies available to a secured party under the Uniform Commercial Code (the "UCC "), and in conjunction or in addition to such rights and remedies, the Borrower (i) hereby agrees that the Trustee or its representatives may take possession of such of the Project as is not real estate and may enter any premises of the Borrower to take possession of said properties and the proceeds thereof;-(ii) authorizes and empowers the Trustee and its representatives to take possession of said premises and the proceeds thereof from any and all third parties; and (iii) acknowledges and agrees that the Trustee's taking possession of said prop- erties and the proceeds thereof will not be considered as a breach of the peace and may be done without the order of any court. The Borrower hereby agrees that upon the Trustee's taking possession of the said properties and the proceeds thereof, the Trustee shall have and is hereby granted the right to use, improve, operate, hold, lease, sell or other- wise dispose of said properties and the proceeds thereof or any portion thereof, in such a manner and for such an amount as the Trustee, in its sole discretion, deems to be in the best interest of the holders of the Bonds. In the event the Trustee sells or otherwise disposes of all or any portion of said properties, the Borrower acknowledges and agrees that any sale of such of the properties, after having given the Borrower fifteen (15) days' written notice, including the method, manner, time, place and terms, shall be conclusively deemed to be commercially reasonable and such disposition shall be deemed to be commercially reasonable and the Bor- rower hereby waives any and all further notice of the time -17- E V