Common use of Continuation of Liability Clause in Contracts

Continuation of Liability. The liability of the Guarantor shall in no way be affected or impaired by (a) any amendment, alteration, extension, renewal, waiver, indulgence or other modification of the Transaction Documents; (b) any settlement or compromise in connection with the Indebtedness or the Transaction Documents; (c) any subordination of payments under the Indebtedness or Transaction Documents to any other debt or claim; (d) any substitution, exchange, release or other disposition of all or any part of the Indebtedness or Transaction Documents; (e) any failure, delay, neglect, act or omission by Lender to act in connection with the Indebtedness or Transaction Documents; (f) any advances for the purpose of performing any covenant or agreement of the Borrower, or curing any breach or Event of Default; (g) the filing by or against Borrower of bankruptcy, insolvency, reorganization or other debtor's relief afforded Borrower pursuant to the present or future provisions of the Bankruptcy Code or any other state or federal statute or by the decision of any court; (h) any action taken by Lender which would afford Borrower a defense based on any anti-deficiency statute of the state where the Property is located, including without limitation, the exercise by Lender of its right to conduct a sale of all or any part of the Property, or (i) any other matter whether similar or dissimilar to the foregoing. The obligations of Guarantor are unconditional, notwithstanding any defect in the genuineness, validity, regularity or enforceability of the Indebtedness or the Transaction Documents, or any other circumstances whether or not referred to herein, which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, excluding the acts or omissions of Lender. Guarantor and Lender (by its acceptance of this Guaranty) confirm that the parties intend that this Guaranty and the obligations of Guarantor hereunder not be a fraudulent transfer or conveyance for purposes of the federal bankruptcy law, any state insolvency, receivership, fraudulent conveyance or transfer law, or any other applicable federal or state law, Therefore, the obligations of Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the obligations of such Guarantor not constituting a fraudulent conveyance or transfer.

Continuation of Liability. The liability and obligations of the Guarantor shall in no way be affected affected, impaired, diminished or impaired by released by: (a) any amendment, amendment and restatement, alteration, extension, consolidation, renewal, waiver, indulgence indulgence, extension of time regarding performance or other modification of the Transaction Indebtedness or the Loan Documents; (b) any settlement settlement, release, discharge or compromise in connection with whatsoever relating to the Loan Documents, the Indebtedness or relating to Borrower, any other guarantor or any other party liable for the Transaction DocumentsIndebtedness; (c) any subordination of payments under the Indebtedness Indebtedness, the Collateral or Transaction the Loan Documents to any other debt or claim; (d) any substitution, exchange, release or other disposition of all or any part of the Indebtedness or Transaction the Loan Documents; (e) any failure, delay, neglect, act or omission by Lender to act by Bank in connection with the Indebtedness Indebtedness, the Loan Documents or Transaction Documentsthe Collateral; (f) any advances for the purpose of performing any covenant or agreement of the Borrower, or curing any breach or Event event of Defaultdefault in the Loan Documents; (g) the filing by or against Borrower or the discharge or release of any obligations of Borrower, any other guarantor or of any other person now or hereafter liable on the Indebtedness by reason of bankruptcy, insolvency, reorganization or other debtor's relief afforded Borrower pursuant to the present or future provisions of the Bankruptcy Code or any other state or federal statute or by the decision of any court; or (h) any action taken by Lender which would afford Borrower a defense based on any anti-deficiency statute of the state where the Property is located, including without limitation, the exercise by Lender of its right to conduct a sale of all or any part of the Property, or (i) any other matter whether similar or dissimilar to the foregoing. The obligations of Guarantor are unconditional, notwithstanding any defect in the genuineness, validity, regularity or enforceability of the Indebtedness or the Transaction Documents, or any other circumstances whether or not referred to herein, which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, excluding the acts or omissions of Lender. Guarantor and Lender (by its acceptance of this Guaranty) confirm that the parties intend that this Guaranty and the obligations of Guarantor hereunder not be a fraudulent transfer or conveyance for purposes of the federal bankruptcy law, any state insolvency, receivership, fraudulent conveyance or transfer law, or any other applicable federal or state law, Therefore, the obligations of Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the obligations of such Guarantor not constituting a fraudulent conveyance or transfer.

Continuation of Liability. The liability and obligations of the Guarantor shall in no way be affected affected, impaired, diminished or impaired by released by: (a) any amendment, amendment and restatement, alteration, extension, consolidation, renewal, waiver, indulgence indulgence, extension of time regarding performance or other modification of the Transaction indebtedness or the Loan Documents; (b) any settlement settlement, release, discharge or compromise in connection with whatsoever relating to the Loan Documents, the Indebtedness or relating to Borrower, any other guarantor or any other party liable for the Transaction DocumentsIndebtedness; (c) any subordination of payments under the Indebtedness Indebtedness, the Collateral or Transaction the Loan Documents to any other debt or claim; (d) any substitution, exchange, release or other disposition of all or any part of the Indebtedness or Transaction the Loan Documents; (e) any failure, delay, neglect, act or omission by Lender to act by Bank in connection with the Indebtedness Indebtedness, the Loan Documents or Transaction Documentsthe Collateral; (f) any advances for the purpose of performing any covenant or agreement of the Borrower, or curing any breach or Event event of Defaultdefault in the Loan Documents; (g) the filing by or against Borrower or the discharge or release of any obligations of Borrower, any other guarantor or of any other person now or hereafter liable on the Indebtedness by reason of bankruptcy, insolvency, reorganization or other debtor's relief afforded Borrower pursuant to the present or future provisions of the Bankruptcy Code or any other state or federal statute or by the decision of any court; or (h) any action taken by Lender which would afford Borrower a defense based on any anti-deficiency statute of the state where the Property is located, including without limitation, the exercise by Lender of its right to conduct a sale of all or any part of the Property, or (i) any other matter whether similar or dissimilar to the foregoing. The obligations of Guarantor are unconditional, notwithstanding any defect in the genuineness, validity, regularity or enforceability of the Indebtedness or the Transaction Documents, or any other circumstances whether or not referred to herein, which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, excluding the acts or omissions of Lender. Guarantor and Lender (by its acceptance of this Guaranty) confirm that the parties intend that this Guaranty and the obligations of Guarantor hereunder not be a fraudulent transfer or conveyance for purposes of the federal bankruptcy law, any state insolvency, receivership, fraudulent conveyance or transfer law, or any other applicable federal or state law, Therefore, the obligations of Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the obligations of such Guarantor not constituting a fraudulent conveyance or transfer.

Continuation of Liability. The liability of the Guarantor shall in no way be affected or impaired by by: (a) any amendment, alteration, extension, renewal, waiver, indulgence or other modification of the Transaction DocumentsSecurity Instruments or Indebtedness; (b) any settlement or compromise in connection with the Indebtedness or the Transaction DocumentsSecurity Instruments; (c) any subordination of payments under the Indebtedness or Transaction Documents Security Instruments to any other debt or claim; (d) any substitution, exchange, release or other disposition of all or any part of the Indebtedness or Transaction DocumentsSecurity Instruments; (e) any failure, delay, neglect, act or omission by Lender to act in connection with the Indebtedness or Transaction DocumentsSecurity Instruments; (f) any advances for the purpose of performing any covenant or agreement of the Borrower, or curing or otherwise in connection with any breach breach, event of default, Event of Default (any default, Default or Event of Default, collectively an “Event of Default”, shall mean the occurrence of any act, omission or failure (including failure to pay all sums due at maturity) of the Note or the Indebtedness (herein “Events of Default”) of any of the following, after any applicable notice and the expiration of time to cure as hereinafter provided: Borrower shall fail to make payment of any installment of principal and/or interest required or of any payment by Borrower, within ten (10) days from the date same is due and payable except at maturity ; or The failure or breach of any other covenant, warranty, agreement, undertaking, condition, promise, representation or warranty herein contained and/or contained in the Security Instruments: (gi) a general assignment by Xxxxxxxx for the benefit of creditors; (ii) the filing of a voluntary petition in bankruptcy by Xxxxxxxx; (iii) the filing of any involuntary petition under any bankruptcy or insolvency law by Xxxxxxxx’s creditors, said petition remaining undischarged for a period of sixty (60) days; (iv) the appointment by any court of a receiver to take possession of substantially all of Xxxxxxxx’s assets for a period of sixty (60) days; or (v) attachment, execution or other judicial seizure of substantially all of Borrower’s assets, such attachment, execution or other seizure remaining undismissed or undischarged for a period of sixty (60) days after the levy thereof. (vi) the filing by or against Borrower of bankruptcy, insolvency, reorganization or other debtor's ’s relief afforded Borrower pursuant to the present or future provisions of the Bankruptcy Code or any other state or federal statute or by the decision of any court; or (h) any action taken by Lender which would afford Borrower a defense based on any anti-deficiency statute of the state where the Property is located, including without limitation, the exercise by Lender of its right to conduct a sale of all or any part of the Property, or (i) any other matter whether similar or dissimilar to the foregoing. The obligations of Guarantor are unconditional, notwithstanding any defect in the genuineness, validity, regularity or enforceability of the Indebtedness or the Transaction DocumentsSecurity Instruments, or any other circumstances whether or not referred to herein, which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, excluding the acts or omissions of Lender. Guarantor and Lender (by its acceptance of this Guaranty) confirm that the parties intend that this Guaranty and the obligations of Guarantor hereunder not be a fraudulent transfer or conveyance for purposes of the federal bankruptcy law, any state insolvency, receivership, fraudulent conveyance or transfer law, or any other applicable federal or state law, Therefore, the obligations of Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the obligations of such Guarantor not constituting a fraudulent conveyance or transferGuarantor.