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observe any other covenant, agreement or undertaking
under this Agreement, or any covenant, agreement or
undertaking under the Lease, or under any agreement
contemplated by the second paragraph of Section 11
hereof to which Borrower is a party, or under any other
agreement or document given to evidence or secure any
of the Secured Obligations; (c) of the occurrence of an
Event of Default (as therein defined) under the Lease
or of a default by Lessee of its obligations under the
Acknowledgment and Consent to Assignment referred to in
Section 15 hereof; (d) that any representation or
warranty, made by the Borrower in connection with this
transaction, whether contained in the Lease, any
related document, in this Agreement or any certificate
or other related document delivered to MHLC in
connection herewith, or in any of the agreements
contemplated by the second paragraph of Section 11
hereof, shall prove to be incorrect or untrue in any
material respect; * * * then in any such event, MHLC
may accelerate the full amount of the then outstanding
Secured Obligations in which event such amounts will
become immediately due and payable by the Borrower
without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived, and
MHLC may thereafter pursue all of the rights and
remedies with respect to the Collateral accruing to
MHLC hereunder or by operation of law as a secured
creditor under the Uniform Commercial Code or other
applicable law, and all such available rights and
remedies, to the full extent permitted by the law,
shall be cumulative and not exclusive.
* * * * * * *
16. Borrower's Obligation. MHLC and the Borrower
agree that the Note and the obligations evidenced
thereby are without recourse to the Borrower and the
Borrower shall have no personal liability for the
payment of the Secured Obligations. Notwithstanding
the foregoing, however, the Borrower expressly agrees
that if at any time a Default described in either of
subsections 14(b) or (d) hereof shall have occurred and
be continuing, then in such event, the Borrower will
not be permitted to satisfy the payment of the Secured
Obligations solely or exclusively from funds generated
by MHLC's realization upon its liquidation of the
Collateral, and, in such event, MHLC shall have
unencumbered and unrestricted access to the Borrower
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