Guarantor’s Obligations Unaffected. If any of the Lennar Parties is relieved of the Obligations as provided in the Program Documents, including without limitation any modifications thereof, on account of any bankruptcy, reorganization or insolvency proceeding or case involving Lennar Parties under the Bankruptcy Reform Act of 1978, as amended, or any successor statute thereto, or any other applicable debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, Guarantor shall nevertheless be fully liable for and shall pay or perform the Obligations to or for Owner in full pursuant to (and subject to the limitations in) this Guaranty. Without limiting the generality of the foregoing, except to the extent expressly set forth in this Guaranty, Guarantor’s obligations under this Guaranty shall in no way be altered, limited or affected (other than by the acceleration of such obligations under the terms of this Guaranty) by: (i) any proceeding, voluntary or involuntary, involving the bankruptcy, reorganization, insolvency, receivership, liquidation or arrangement of the Lennar Parties, or any successor or assignee of the Lennar Parties, (ii) any defense the Lennar Parties may have by reason of any order, decree or decision of any court or administrative body resulting from any such proceeding, (iii) any disaffirmance or abandonment of the Program Documents by a trustee in any bankruptcy proceeding relating to the Lennar Parties, or (iv) any impairment, limitation, or modification of the liability of the Lennar Parties (or the estate of any of the Lennar Parties in bankruptcy), or of any remedy for the enforcement of the Lennar Parties liability, under the Program Documents resulting from the operation of any present or future provision of any federal or state bankruptcy, reorganization or insolvency law or other statute or from any decision of any court. No limitation upon or stay of the enforcement of the Obligations by virtue of any proceeding, voluntary or involuntary, involving the bankruptcy, reorganization, insolvency, receivership, liquidation or arrangement of the Lennar Parties shall limit or stay Owner’s enforcement of Guarantor’s payment or performance of such Obligations under this Guaranty.
