8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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counsel, and any expenses or liabilities incurred by the Trustee hereunder. Section 7.8. Trustee May Enforce Demand. In case the Borrower shall have failed to pay such principal and interest and other amounts upon demand, the Trustee, in its own name, may institute such actions or proceedings at law or in equity for the collection of the amounts so due and unpaid and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Borrower and collect the moneys adjudged or decreed to be payable out of the property of the Borrower wherever situated, in the manner provided by law. The Trustee shall, if permitted by law, be entitled to recover judgment as aforesaid either before or after or during the pendency of any proceedings for the enforcement of the lien of this Loan Agreement; and, to the extent permitted by law, the right of the Trustee to recover such judgment shall not be affected by any entry or sale hereunder or by the exercise of any other right, power or remedy for the enforcement of the provisions of this Loan Agreement or the foreclosure of the lien hereof; and in case of a sale of the Mortgaged Property and of the application of the proceeds of sale, as in Section 7. 6 provided, to the payment of the debt hereby secured, the Trustee shall be entitled to enforce payment and to receive all amounts then remaining due and unpaid upon the Notes then outstanding, and shall be entitled to recover judgment for any portion of the debt remaining unpaid, with interest. To the extent permitted by law, no recovery of any judgment by the Trustee and no levy of an execution under any judgment upon the Mortgaged Property or upon any other property, shall affect the lien of this Loan Agreement upon the Mortgaged Property or any part thereof, or any lien, rights, powers or remedies of the Trustee hereunder, but such lien, rights, powers or remedies of the Trustee shall continue unimpaired as before. Any moneys thus collected by the Trustee under this Section shall be applied by the Trustee, as follows: FIRST: To the payment of all advances by the Issuer or Trustee with interest at the rate of interest equal to two percent (2%) above the National Prime Rate, adjusted monthly on the first day of the month, and all expenses and disbursements. SECOND: To the payment of the amounts then due and unpaid upon the Notes (whether for principal, interest or premium) in respect of which such moneys shall have been collected, ratably and without preference or priority of any kind, according to the amounts due and payable upon the Notes, upon presentation of the Notes and the notation thereon of such payment, if partly paid, and upon surrender thereof, if fully paid. -39-