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process, redemption or extension of time for payment, (b) without abrogating
Beneficiary's obligations to provide ootices required under the Loan Dmuments, all
notices of any Event of Default or of Trustee's election to exercise or his actual
exercise of airy right, remedy or recourse provided for wider the Loan Documents, and
(c) any right to a marshaling of assets or a sale in inverse order of alienation.
Section 4.6 if Beneficiary shall have
proceeded to invoke any right, remedy or recourse permitted under the Loan
Documents and shall thereafter elect to discontinue or abandon 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
abandonment shall waive any Event of Default which may then exist or the right of
Beneficiary thercaftn to exercise any right, remedy or recourse under the Loan
Documents for such Event of Default.
Section 4.7 AAApghr utiQA1LProeeeds. The proceeds of any sale of, and
the Rents and other amounts generated by the holding, leasing, management, operation
of 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 holding, using, leasing, repairing, improving and
stalling the same, including, without limitation (1) bustee's and m=ive's fees and
expenses, (2) court costs, (3) attorneys' and accotm a n& fees and expenses (4) cods of
advertisement, and (5) the payment of ail ground rent, real estate taxes and
assessments, except any taxes, assessments, or other charges subject to which the
Mortgaged Property shall have been sold;
(b) to the payment of all amounts (including intense), other thatt the
unpaid principal balance of the Senior Mote and accreted but unpaid interest, which
may be due to Beneficiary under the Loan Documents;
(c) to the payment of the unpaid principal balance of the Senior Note
and other portions of the Indebtedness and perfa aimace of the Obligations, excluding
any amounts owing under the Junior Note or the Junior Deed of Trust in such manner
and order of preference as Beneficiary in its sole discretion may determine;
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