Common use of Confirmation of Waivers Clause in Contracts

Confirmation of Waivers. In accordance with California Civil Code Section 2856(c), Guarantor, as guarantor, hereby makes the following waivers: The guarantor waives all rights and defenses that the guarantor may have because the debtor’s debt is secured by real property. This means, among other things: (A) The creditor may collect from the guarantor without first foreclosing on any other real or personal property collateral pledged by the debtor or any other person. (B) If the creditor forecloses on any real property collateral pledged by the debtor: (1) the amount of the debt may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and (2) the creditor may collect from the guarantor even if the creditor, by foreclosing on the real property collateral, has destroyed any right the guarantor may have to collect from the debtor. This is an unconditional and irrevocable waiver of any rights and defenses the guarantor may have because the debtor’s debt is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedures.

Confirmation of Waivers. In accordance with California Civil Code Section 2856(c), Guarantor, as guarantor, Guarantor hereby makes the following waivers: : (i) The guarantor waives all rights and defenses that the guarantor may have because the debtor’s 's debt is secured by real property. This means, among other things: (A) The creditor may collect from the guarantor without first foreclosing on any other real or personal property collateral pledged by the debtor or any other person. (B) If the creditor forecloses on any real property collateral pledged by the debtor: (1) the : a. The amount of the debt may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and (2) the . b. The creditor may collect from the guarantor even if the creditor, by foreclosing on the real property collateral, has destroyed any right the guarantor may have to collect from the debtor. . (ii) This is an unconditional and irrevocable waiver of any rights and defenses the guarantor may have because the debtor’s 's debt is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedures.