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unconditionally waives and releases (a) all benefit that might accrue to Grantor by
virtje of any present or future statute of limitations or law or judicial decision
exempting the Mortgaged property fmm attachment, levy or sale on execution or
providing for any appraisement, valuation. stay of execution, exemption from civil
process, redemption or extension of time for paymen4 (b) without abrogating
Beneficiary's obligations to provide notices required under the Loan Documents, all
notices of any Event of Default or of Trustee's election to exercise or his actual
exercise of any right, remedy or recourse provided for under the Loan Documents, and
(c) any right to a marshaling of assets or a sale iu inverse order of alienation.
Section 4,6 Dx oatin .nee of ProrM+tinvs. If Beneficiary shall have
proceeded to invoke any right, remedy or recourse permitted under the Loan
Documents and shall thereafter elect to discontinue or abrndon it for any reason,
Beneficiary shall have the unqualified right to do so and, in such an event, Grantor and
Beneficiary shall be restored to their former positions with respect to the Indebtedness,
the Obligations, the Loan Documents, the Mortgaged Property and otherwise, and the
rights, remedies, recourses and powers of Beneficiary shall continue as if the right,
remedy or recourse had never been invoked, but no such discontinuance or
abandou ment shall waive any Event of Default which may then exist or the right of
® Beueficiary thereafter to exercise any right, remedy or recourse under the Loan.
M Documents for such Event of Default.
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X Section 4.7 Aoo1i tion of Proceeds The proceeds of any sale of, and
the Rents and Odder amounts generated by the holding, leasing, management, operation
or other use of the Mortgaged Property, shall be applied by Beneficiary or Trustee (or
the receiver, if one is appointed) in the following order unless otherwise required by
applicable law:
(a) to the payment of the costs and expenses of taking possession of
the Mortgaged Property and of bolding, using, leasing, n7au u& umproving and
selling the same, including, without limitation (1) trustees and receivees f es and
expenses. (2) court costs, (3) .ettomcys' and accountants' fees and expenses, (4) costs of
advertisement, and (5) the payment of all ground rent, real estate taxes and
assessments, except any taxes, assessments. or other charge subjecttowhich the
Mortgaged Property shall have been sold:
(b) W the payment of all amounts (including interest), other thaw the
unpaid principal balance of the Senior Note and accrued but unpaid interest, which
may be due toBeneficiary under the Loan Documents;
(c) to the payment of the unpaid principal balance of the Senior Note
and other portions of the Indebtedness and performance of the obligations, excluding