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(b) unless specifically required herein, all notices of Mortgagor's
default or of Mortgagee's election to exercise, or Mortgagee's
actual exercise, of any option or remedy under the Note or the
Security Documents, and
( c) any right to have the ~iortgaged Property marshalled; -
provided that if any of the rights waived by Mortgagor in this Section 7.8
affect or extend tlie time for sale of the Mortgaged Property, affect Mort-
gagee's rights to enforce this 11~iortgage or affect h~iortgagor's right to
redeem, 1~~Iortgagee shall ha~•e the right to elect to accept or reject the
waiver of such right by D~Iortgagor, and such elecdon may be made by
Niortgagee at the time of or at any time prior to the entty of a decree or
judgment of foreclosure in the court in ~vhich this Niortgage is being
foreclosed.
~ 7.9 DISCONTINUANCE OF PROCEEDINGS. Iri case Mortgagee SZl~
hace proceeded to enforce any right under the Note or the Security Docu-
ments and such proceedings shall have been discontinued or abandoned
for any reason, then in eve'ry such case Nlortgagor and Mortgagee shali be
- restored to their former positions and the rights, remedies and powers of
D'Iortgagee shall continuE as if no such proceedings had been taken.
7.10 APPLICATION OF PROCEEDS. TIl@ ~?iOCQQ~S Of 371y S31@ OP ~ OI
any portion of the 114ortgaged Property shall be applied by 111ortgagee in
the follo~ving order:
( a) first, to the payment of receiver's fees and expenses, to th@
payment of ~iortgagee's attorney's fees and other legal expenses
and to the payment of costs and expenses~f Niortgagee in con- '
nection ~vith proceedings under this Article 7;
(b) second, to the payment of the lndebtedness (other than the
Note) and accrued interest;
(c) third, to the payment of accrued and unpaid interest on ~
the Note; and
( d) fourth, to the payment of the unpaid principal balance of the
Note; or
(e) in such order as required by the laws of the state in ~vhich
the ;1lortgaged I'roperty is situated.
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