Common use of Action by Lender Clause in Contracts

Action by Lender. Guarantor hereby consents and agrees that Lender may at any time, and from time to time, without notice to or further consent from Guarantor, either with or without consideration, substitute for any collateral so held by it, other collateral of like kind or of any kind; agree to modify the terms of the Promissory Note; extend or renew obligations evidenced by the Promissory Note for any period; grant releases, compromises and indulgences with respect to the Promissory Note and to any persons or entities now or hereafter liable thereunder or hereunder; release any Guarantor or any other guarantor or endorser of the Promissory Note; or take or fail to take any action of any type whatsoever. No such action which Lender shall take or fail to take in connection with the Promissory Note, or any security for the payment of the indebtedness of Borrower to Lender or for the performance of any obligations or undertakings of Borrower, nor any course of dealing with Borrower or any other person, shall release Guarantor's obligations hereunder, affect this Guaranty in any way or afford Guarantor any recourse against Lender. The provisions of this Guaranty shall extend and be applicable to all renewals, amendments, extensions, consolidations or modifications of the Promissory Note, and any and all references herein to the Promissory Note shall be deemed to include any such renewals, extensions, amendments, consolidations or modifications thereof.

Action by Lender. Guarantor hereby consents and agrees that During the continuance of an Event of Default: 10.13.1 Lender may at take such action as Lender may deem reasonably necessary to protect the Note Collateral or its security interest therein, Lender being hereby authorized to pay, purchase, contest and compromise any timeencumbrance, charge or lien that in the sole and absolute judgment of Lender appears to be prior or superior to its security interest, and from time in exercising any such powers and authority to timepay necessary expenses, without notice employ counsel and pay attorney’s fees. 10.13.2 Lender may, in its sole and absolute discretion, make advances to or further consent from Guarantorprotect the Note Collateral and its security therein, either with or without considerationand any such advances made by Lender shall be deemed advances under the Loan Documents, substitute increasing the indebtedness under the Loan. 10.13.3 To ask for, demand, xxx for, collect, compound, receive, receipt for and give acquittances for any collateral so held by itand all Note Payments; to endorse, in the name of Borrower or otherwise, all checks, notes, drabs, money orders, evidences of payment, or other collateral instruments received in payment of, or on account of, the Note Collateral or any portion thereof; and to take any and all actions as Lender may reasonably deem necessary or desirable in order to preserve, process, develop, maintain and protect the Note Collateral and the value thereof and Lender’s interest therein for the benefit of like kind Lenders, to realize upon the Collateral, or any portion thereof, including making any statements and doing or taking any acts on behalf of any kind; agree to modify Borrower that are otherwise required of Borrower under the terms of the Promissory Note; extend Note Collateral or renew any portion thereof as conditions precedent to the payment of the obligations evidenced by by, or to the Promissory Note for exercise of, the Collateral or any periodportion thereof; grant releasesand to exercise any right and remedies available under the Xxxxxxxxxx Loan Documents or the Shortfall Loan Documents, compromises either in the name of Borrower or otherwise, and indulgences to execute any document or instrument that Lender may deem necessary or desirable in connection therewith, including pleadings, consent orders, stipulations, and other documents and instruments that Lender may deem necessary or desirable in connection with judicial or non judicial foreclosure of the Shortfall Deed of Trust or of the Shortfall Membership Pledge, other legal actions or proceedings with respect to the Promissory Note Collateral; 10.13.4 To endorse and to any persons or entities now or hereafter liable thereunder or hereundertransfer the Note Collateral upon foreclosure; release any Guarantor or any other guarantor or endorser of the Promissory Note; or take or fail provided, however, that Lender shall be under no obligation whatsoever to take any action of the foregoing actions or to exercise any type whatsoever. No such action which of the foregoing authority or power, and Lender shall take have no liability or fail responsibility for any act or omission taken with respect thereto. Lender may exercise all of such rights and powers at any time during the continuance of an Event of Default, whether or not Lender has previously exercised its right to take foreclose its security interest in connection with the Promissory Note, or any security for the payment of the indebtedness of Borrower to Lender or for the performance of any obligations or undertakings of Borrower, nor any course of dealing with Borrower or any other person, shall release Guarantor's obligations hereunder, affect this Guaranty in any way or afford Guarantor any recourse against LenderNote Collateral. The provisions foregoing appointment of this Guaranty shall extend Lender as CIC’s attorney-in-fact is coupled with an interest and cannot be applicable to all renewalsrevoked by insolvency, amendmentsreorganization, extensionsmerger, consolidations consolidation or modifications of the Promissory Note, and any and all references herein to the Promissory Note shall be deemed to include any such renewals, extensions, amendments, consolidations or modifications thereofotherwise.