Common use of Liens on Real Property Clause in Contracts

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiary, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documents, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Beneficiary created or granted hereby or to the recovery by Beneficiary against Borrower, Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of Guarantor or may preclude Guarantor from obtaining reimbursement or contribution from Borrower. To the maximum extent permitted by law, Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto), 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder or the enforceability of this Guaranty or any rights of Beneficiary created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Guarantor authorizes BeneficiaryCreditor, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentsany Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Beneficiary Creditor on any Collateralcollateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of Beneficiary Creditor created or granted hereby or to the recovery by Beneficiary Creditor against Borrower, any Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Guaranteed Obligations is secured by real Property. This means, among other things: (1) the Creditor may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; and (2) if the Creditor forecloses on any real Property collateral pledged by the Borrower: (A) the amount of the Guaranteed Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price; and (B) the Creditor may impair collect from any Guarantor even if the subrogation rights of Creditor, by foreclosing on the real Property collateral, has destroyed any right any Guarantor or may preclude Guarantor have to collect from obtaining reimbursement or contribution from the Borrower. To This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the maximum extent permitted Guaranteed Obligations is secured by law, real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure §§ 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of Beneficiary Creditor created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiary, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documents, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Completion Guarantor expressly waives any defenses to the enforcement of this Guaranty Guarantee or any rights of Beneficiary the Beneficiaries created or granted hereby or to the recovery by Beneficiary the Beneficiaries against Borrowerthe Company, Guarantor any other Related Party or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Guaranteed Obligations or the Secured Obligations are secured by real property. This means, among other things: (1) the Beneficiaries may collect from Completion Guarantor without first foreclosing on any real or personal property collateral pledged by the Related Parties or by Completion Guarantor; (2) if the Beneficiaries foreclose on any real property collateral pledged by the Related Parties or by Completion Guarantor: (A) the amount of the Secured Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure if the collateral is worth more than the sale price; and (B) the Beneficiaries may collect from Completion Guarantor even if the Beneficiaries, by foreclosing on the real property collateral, have destroyed, terminated, or sale otherwise adversely affected any right Completion Guarantor may impair have to collect from the subrogation Related Parties. This is an unconditional and irrevocable waiver of any rights and defenses Completion Guarantor may have because all or any part of Guarantor the Guaranteed Obligations or may preclude Guarantor from obtaining reimbursement or contribution from Borrowerthe Secured Obligations are secured by real property. To the maximum extent permitted by law, Completion Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections NRS Section 40.430 (and judicial decisions relating thereto), and NRS Sections 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Completion Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and Completion Guarantor's ’s or any other Person's ’s failure to receive any such notice shall not impair or affect Completion Guarantor's ’s obligations hereunder or the enforceability of this Guaranty Guarantee or any rights of Beneficiary the Beneficiaries created or granted herebyherein.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations obligations guarantied hereby at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Completion Guarantor authorizes BeneficiaryAdministrative Agent, for the benefit of Lenders, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice (other than notice of foreclosure or sale, which the Administrative Agent shall endeavor, but shall not be obligated, to provide to each Completion Guarantor) or demand and without affecting any obligations of Guarantor under the Loan Documentsguarantied hereby, the enforceability of this Completion Guaranty, or the validity or enforceability of any Liens of Beneficiary Administrative Agent or the Lenders on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Completion Guarantor expressly waives any defenses to the enforcement of this Completion Guaranty or any rights of Beneficiary the Administrative Agent or the Lenders created or granted hereby or to the recovery by Beneficiary Administrative Agent or the Lenders against Borrower, Guarantor Completion Guarantors or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the obligations guarantied hereby are secured by real Property. This means, among other things: (1) Administrative Agent, for the benefit of Lenders, may collect from either Completion Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; (2) if the Administrative Agent, for the benefit of Lenders, forecloses on any real Property collateral pledged by the Borrower: (A) the amount of the obligations guarantied hereby may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price, (B) the Administrative Agent, for the benefit of Lenders, may impair collect from either Completion Guarantor even if the subrogation rights of Guarantor or Administrative Agent, by foreclosing on the real Property collateral, has destroyed any right Completion Guarantors may preclude Guarantor have to collect from obtaining reimbursement or contribution from the Borrower. To This is an unconditional and irrevocable waiver of any rights and defenses Completion Guarantors may have because all or any part of the maximum extent permitted obligations guarantied hereby are secured by law, real Property. Each Completion Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure §§ 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder or the enforceability of this Guaranty or any rights of Beneficiary created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Secured Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Real Property, Guarantor each Grantor authorizes BeneficiarySecured Party, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Secured Obligations of Guarantor under the Loan Documentsany Grantor, the enforceability of this GuarantyAgreement, or the validity or enforceability of any Liens of Beneficiary Secured Party on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor Insofar as the Liens created herein secure the obligations of other Persons, (i) each Grantor expressly waives any defenses to the enforcement of this Guaranty Agreement or any rights of Beneficiary Liens created or granted hereby or to the recovery by Beneficiary Secured Party against Borrower, Guarantor Borrower or any guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of Guarantor or Grantors and may preclude Guarantor Grantors from obtaining reimbursement or contribution from Borrower. To any of the maximum extent permitted by law, Guarantor other Grantors and (ii) each Grantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure §§ 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Guarantor Each Grantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's Grantor’s failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder such Grantor’s Secured Obligations or the enforceability of this Guaranty Agreement or any rights of Beneficiary Liens created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations are at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor each Obligor authorizes BeneficiaryAdministrative Agent, for the benefit of Lenders, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice (other than notice of foreclosure or sale, which the Administrative Agent shall endeavor, but not be obligated, to provide to the Obligors) or demand and without affecting any obligations of Guarantor under the Loan DocumentsObligations, the enforceability of this GuarantyAgreement, or the validity or enforceability of any Liens of Beneficiary Administrative Agent or the Lenders on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor Each Obligor expressly waives any defenses to the enforcement of this Guaranty Agreement or any rights of Beneficiary the Administrative Agent or the Lenders created or granted hereby or to the recovery by Beneficiary Administrative Agent or the Lenders against Borrower, Guarantor Obligors or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Obligations are secured by real Property. This means, among other things: (1) Administrative Agent, for the benefit of Lenders, may collect from any Obligor without first foreclosing on any real or personal Property collateral pledged by the Borrower; (2) if the Administrative Agent, for the benefit of Lenders, forecloses on any real Property collateral pledged by the Borrower: (A) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price, (B) the Administrative Agent, for the benefit of Lenders, may impair collect from any Obligor even if the subrogation rights of Guarantor or Administrative Agent, by foreclosing on the real Property collateral, has destroyed any right Obligors may preclude Guarantor have to collect from obtaining reimbursement or contribution from the Borrower. To This is an unconditional and irrevocable waiver of any rights and defenses Obligors may have because all or any part of the maximum extent permitted Obligations are secured by law, Guarantor real Property. Each Obligor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure §§ 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder or the enforceability of this Guaranty or any rights of Beneficiary created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiary, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documents, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. To the maximum extent permitted by law, Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Beneficiary created or granted hereby or to the recovery by Beneficiary against Borrower, Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of Guarantor or may preclude Guarantor from obtaining reimbursement or contribution from Borrower. To the maximum extent permitted by law, Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto), 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder or the enforceability of this Guaranty or any rights of Beneficiary created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiary, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documents, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Completion Guarantor expressly waives any defenses to the enforcement of this Guaranty Completion Guarantee or any rights of Beneficiary the Beneficiaries created or granted hereby or to the recovery by Beneficiary the Beneficiaries against Borrower, Guarantor any other Loan Party or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Secured Obligations are secured by real property. This means, among other things: (1) the Beneficiaries may collect from Completion Guarantor without first foreclosing on any real or personal property collateral pledged by the Loan Parties; (2) if the Beneficiaries foreclose on any real property collateral pledged by the Loan Parties: (A) the amount of the Secured Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure if the collateral is worth more than the sale price; and (B) the Beneficiaries may collect from Completion Guarantor even if the Beneficiaries, by foreclosing on the real property collateral, have destroyed any right Completion Guarantor may have to collect from the Loan Parties. This is an unconditional and irrevocable waiver of any rights and defenses Completion Guarantor may have because all or sale may impair any part of the subrogation rights of Guarantor or may preclude Guarantor from obtaining reimbursement or contribution from BorrowerSecured Obligations are secured by real property. To the maximum extent permitted by law, Completion Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections NRS Section 40.430 (and judicial decisions relating thereto), and NRS Sections 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Completion Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and Completion Guarantor's ’s or any other Person's ’s failure to receive any such notice shall not impair or affect Completion Guarantor's ’s obligations hereunder or the enforceability of this Guaranty Completion Guarantee or any rights of Beneficiary the Beneficiaries created or granted herebyherein.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiary, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documents, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Completion Guarantor expressly waives any defenses to the enforcement of this Guaranty Guarantee or any rights of Beneficiary the Beneficiaries created or granted hereby or to the recovery by Beneficiary the Beneficiaries against Borrower, Guarantor any other Loan Party or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Secured Obligations are secured by real property. This means, among other things: (1) the Beneficiaries may collect from Completion Guarantor without first foreclosing on any real or personal property collateral pledged by the Loan Parties or by Completion Guarantor; (2) if the Beneficiaries foreclose on any real property collateral pledged by the Loan Parties or by Completion Guarantor: (A) the amount of the Secured Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure if the collateral is worth more than the sale price; and (B) the Beneficiaries may collect from Completion Guarantor even if the Beneficiaries, by foreclosing on the real property collateral, have destroyed any right Completion Guarantor may have to collect from the Loan Parties. This is an unconditional and irrevocable waiver of any rights and defenses Completion Guarantor may have because all or sale may impair any part of the subrogation rights of Guarantor or may preclude Guarantor from obtaining reimbursement or contribution from BorrowerSecured Obligations are secured by real property. To the maximum extent permitted by law, Completion Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections NRS Section 40.430 (and judicial decisions relating thereto), and NRS Sections 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Completion Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and Completion Guarantor's ’s or any other Person's ’s failure to receive any such notice shall not impair or affect Completion Guarantor's ’s obligations hereunder or the enforceability of this Guaranty Guarantee or any rights of Beneficiary the Beneficiaries created or granted herebyherein.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Propertyproperty, each Guarantor authorizes Beneficiarythe Secured Parties, upon the occurrence of and during the continuance of any Event of Default, at its their sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentsany Guarantor, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary any Secured Party on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Beneficiary any Secured Party created or granted hereby or to the recovery by Beneficiary the Secured Parties against Borrower, any Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of any Guarantor or may preclude any Guarantor from obtaining reimbursement or contribution from Borrower. To the maximum extent permitted by law, Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes California Code of Civil Procedure Sections 40.430 (and judicial decisions relating thereto)580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California law or other applicable Lawlaw. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's ’s or any other Person's ’s failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Guarantors’ Obligations or the enforceability of this Guaranty or any rights of Beneficiary any Secured Party created or granted hereby.

Liens on Real Property. In the event that all or any part of the ---------------------- Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiary, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan DocumentsGuarantor, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor expressly waives any all rights and defenses to the enforcement of this Guaranty or any rights of Beneficiary created or granted hereby or to the recovery by Beneficiary against Borrower, Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Guarantied Obligations is secured by real Property. This means, among other things: (1) Beneficiary may collect from Guarantor or any other guarantor of the Guarantied Obligations without first foreclosing on any real or personal Property collateral pledged by Borrower, and (2) if the Beneficiary forecloses on any real Property collateral pledged by Borrower: (A) the amount of the Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price, and (B) the Beneficiary may impair the subrogation rights of collect from Guarantor or any other guarantor of the Guarantied Obligations even if the Beneficiary, by foreclosing on the real Property collateral, has destroyed any right Guarantor or any such other guarantor may preclude Guarantor from obtaining reimbursement or contribution have to collect from Borrower. To This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because all or any part of the maximum extent permitted Guarantied Obligations is secured by law, real Property. Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure '' 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's =s or any other Person's =s failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder =s Obligations or the enforceability of this Guaranty or any rights of Beneficiary created or granted herebyherein.

Liens on Real Property. In the event that all or any part of the Guarantied Secured Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Propertyproperty, Guarantor each Grantor authorizes BeneficiarySecured Party, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documentsany Grantor, the enforceability of this GuarantyAgreement, or the validity or enforceability of any Liens of Beneficiary Secured Party on any Collateralcollateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor To the maximum extent permitted by law, each Grantor expressly waives any defenses to the enforcement of this Guaranty Agreement or any rights of Beneficiary Liens created or granted hereby or to the recovery by Beneficiary Secured Party against Borrower, Guarantor any other Obligor or any guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of Guarantor or such Grantor and may preclude Guarantor such Grantor from obtaining reimbursement or contribution from Borrowerany other Person. To the maximum extent permitted by law, Guarantor Each Grantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto), 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any other applicable Law. Guarantor Each Grantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other PersonGrantor's failure to receive any such notice shall not impair or affect Guarantorsuch Grantor's obligations hereunder and under the other Loan Documents or the enforceability of this Guaranty Agreement or any rights of Beneficiary Liens created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Guarantor authorizes BeneficiaryLender, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentsany Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Beneficiary Lender on any Collateralcollateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any defenses to the enforcement of this Subsidiary Guaranty or any rights of Beneficiary Lender created or granted hereby or to the recovery by Beneficiary Lender against Borrower, any Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of any Guarantor or may preclude any Guarantor from obtaining reimbursement or contribution from Borrower. To the maximum extent permitted by law, Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of Beneficiary Lender created or granted hereby. 10.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes BeneficiaryLender, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan DocumentsGuarantor, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary Lender on any Collateralcollateral, to foreclose any or all of such deeds of trust or (1) Lender may collect from any Guarantor without first foreclosing on any real or mortgages or other instruments personal Property collateral pledged by judicial or nonjudicial sale. Guarantor expressly waives Borrowers and (2) if the Lender forecloses on any defenses to real Property collateral pledged by Borrowers: (A) The amount of the enforcement of this Guaranty or any rights of Beneficiary created or granted hereby or to Guarantied Obligations may be reduced only by the recovery by Beneficiary against Borrower, Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial price for which that collateral is sold at the foreclosure or sale, even though such a foreclosure if the collateral is worth more than the sale price and (B) the Lender may collect from any Guarantor even if the Lender, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from Borrowers. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or sale may impair any part of the subrogation rights of Guarantor or may preclude Guarantor from obtaining reimbursement or contribution from BorrowerGuarantied Obligations is secured by real Property. To the maximum extent permitted by law, Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure xx.xx. 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Obligations or the enforceability of this Guaranty or any rights of Beneficiary Lender created or granted herebygranted.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Guarantor authorizes BeneficiaryLender, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentssuch Guarantor, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary Lender on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Beneficiary Lender created or granted hereby or to the recovery by Beneficiary Lender against Borrower, any Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Guarantor or may preclude such Guarantor from obtaining reimbursement or contribution from Borrower. To the maximum extent permitted by law, Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections NRS Section 40.430 (and judicial decisions relating thereto), 40.451any provision of Nevada Law which is comparable to California Code of Civil Procedure §§ 580a, 40.455580b, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and such Guarantor's ’s or any other Person's ’s failure to receive any such notice shall not impair or affect such Guarantor's obligations hereunder ’s Obligations or the enforceability of this Guaranty or any rights of Beneficiary Lender created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations obligations guarantied hereby at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Completion Guarantor authorizes BeneficiaryAdministrative Agent, for the benefit of Creditors, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documentsguarantied hereby, the enforceability of this Completion Guaranty, or the validity or enforceability of any Liens of Beneficiary Administrative Agent or the Creditors on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Completion Guarantor expressly waives any defenses to the enforcement of this Completion Guaranty or any rights of Beneficiary the Administrative Agent or the Creditors created or granted hereby or to the recovery by Beneficiary Administrative Agent or the Creditors against Borrower, Completion Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the obligations guarantied hereby are secured by real Property. This means, among other things: (1) Administrative Agent, for the benefit of Creditors, may collect from Completion Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; (2) if the Administrative Agent, for the benefit of Creditors, forecloses on any real Property collateral pledged by the Borrower: (A) the amount of the obligations guarantied hereby may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price, (B) the Administrative Agent, for the benefit of Creditors, may impair collect from Completion Guarantor even if the subrogation rights of Administrative Agent, by foreclosing on the real Property collateral, has destroyed any right Completion Guarantor or may preclude Guarantor have to collect from obtaining reimbursement or contribution from the Borrower. To This is an unconditional and irrevocable waiver of any rights and defenses Completion Guarantor may have because all or any part of the maximum extent permitted obligations guarantied hereby are secured by law, real Property. Completion Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure §§ 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Completion Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and instruments. Completion Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Completion Guarantor's obligations hereunder or the enforceability of this Completion Guaranty or any rights of Beneficiary Administrative Agent or Creditors created or granted herebygranted.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens liens on any interests in real Property, each Guarantor authorizes BeneficiaryLender, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentsany Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens liens of Beneficiary Lender on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any defenses to the enforcement of this Subsidiary Guaranty or any rights of Beneficiary Lender created or granted hereby or to the recovery by Beneficiary Lender against Borrower, any Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure foreclo sure or sale may impair the subrogation rights of any Guarantor or may preclude any Guarantor from obtaining reimbursement or contribution from Borrower. To the maximum extent permitted by law, Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes California Code of Civil Procedure Sections 40.430 (and judicial decisions relating thereto)580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California law or other applicable Lawlaw. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of Beneficiary Lender created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Guaranteed Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor authorizes Beneficiarythe Beneficiaries, upon the occurrence of and during the continuance of any Event of or Default, at its on their sole option, without notice or demand and without affecting any obligations Guaranteed Obligations of Guarantor under the Loan DocumentsGuarantor, or the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Beneficiary the Beneficiaries created or granted hereby or to the recovery by Beneficiary the Beneficiaries against Borrower, Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of Guarantor or may preclude Guarantor from obtaining reimbursement or contribution from BorrowerBorrower or any other Person. To the maximum extent permitted by law, Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes California Code of Civil Procedure Sections 40.430 (and judicial decisions relating thereto)580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Obligations or the enforceability of this Guaranty or any rights of Beneficiary the Beneficiaries created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Guarantor authorizes Beneficiarythe Creditor Parties, upon the occurrence of and during the continuance of any Event of Default, at its their sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentsany Guarantor, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Beneficiary any Creditor Party on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Beneficiary any Creditor Party created or granted hereby or to the recovery by Beneficiary the Creditor Parties against any Borrower, any Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of any Guarantor or may preclude any Guarantor from obtaining reimbursement or contribution from any Borrower. To the maximum extent permitted by law, Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure Section Section 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Law. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Guarantors' Obligations or the enforceability of this Guaranty or any rights of Beneficiary any Creditor Party created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Secured Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Propertyproperty, Guarantor each Grantor authorizes BeneficiarySecured Party, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice or demand and without affecting any obligations of Guarantor under the Loan Documentsany Grantor, the enforceability of this GuarantyAgreement, or the validity or enforceability of any Liens of Beneficiary Secured Party on any Collateralcollateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor To the maximum extent permitted by law, each Grantor expressly waives any defenses to the enforcement of this Guaranty Agreement or any rights of Beneficiary Liens created or granted hereby or to the recovery by Beneficiary Secured Party against Borrower, Guarantor any other Obligor or any guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of Guarantor or such Grantor and may preclude Guarantor such Grantor from obtaining reimbursement or contribution from Borrowerany other Person. To the maximum extent permitted by law, Guarantor Each Grantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto), 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any other applicable Law. Guarantor Each Grantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's Grantor’s failure to receive any such notice shall not impair or affect Guarantor's such Grantor’s obligations hereunder and under the other Loan Documents or the enforceability of this Guaranty Agreement or any rights of Beneficiary Liens created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations obligations guarantied hereby at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, each Completion Guarantor authorizes Beneficiarythe Administrative Agent, for the benefit of the Beneficiaries, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice (other than notice of foreclosure or sale, which the Administrative Agent shall endeavor, but shall not be obligated, to provide to each Completion Guarantor) or demand and without affecting any obligations of Guarantor under the Loan Documentsguarantied hereby, the enforceability of this Completion Guaranty, or the validity or enforceability of any Liens of any Beneficiary on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Completion Guarantor expressly waives any defenses to the enforcement of this Completion Guaranty or any rights of any Beneficiary created or granted hereby or to the recovery by any Beneficiary against Borrower, Guarantor Completion Guarantors or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the obligations guarantied hereby are secured by real Property. This means, among other things: (1) the Administrative Agent, for the benefit of the Beneficiaries, may collect from either Completion Guarantor without first foreclosing on any real or personal Property collateral pledged by Borrower; (2) if the Administrative Agent, for the benefit of the Beneficiaries, forecloses on any real Property collateral pledged by Borrower: (A) the amount of the obligations guarantied hereby may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price, (B) the Administrative Agent, for the benefit of the Beneficiaries, may impair collect from either Completion Guarantor even if the subrogation rights of Guarantor or Administrative Agent, by foreclosing on the real Property collateral, has destroyed any right Completion Guarantors may preclude Guarantor from obtaining reimbursement or contribution have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Completion Guarantors may have because all or any part of the obligations guarantied hereby are secured by real Property. To the maximum fullest extent permitted by applicable law, each Completion Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 California Code of Civil Procedure §§ 580a, 580b, 580d or 726 (and judicial decisions relating thereto), 40.451, 40.455, 40.457 and 40.459, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.455, 40.457 and 40.459) and all other suretyship defenses it otherwise might or would have under any other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder or the enforceability of this Guaranty or any rights of Beneficiary created or granted hereby12.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens liens on any interests in real Propertyproperty, each Guarantor authorizes BeneficiaryLender, upon the occurrence of and during the continuance of any Event event of Defaultdefault under the Loan Agreement, at its sole option, without notice or demand and without affecting any obligations Guarantied Obligations of Guarantor under the Loan Documentsany Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens liens of Beneficiary Lender on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Each Guarantor expressly waives any defenses to the enforcement of this Subsidiary Guaranty or any rights of Beneficiary Lender created or granted hereby or to the recovery by Beneficiary Lender against the Borrower, any Guarantor or any other Person person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of any Guarantor or may preclude any Guarantor from obtaining reimbursement or contribution from the Borrower. To the maximum extent permitted by law, Each Guarantor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure xx.xx. 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws laws of any other jurisdiction, and all other suretyship defenses it otherwise might or would have under any California Law or other applicable Lawlaw. Each Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Personperson's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of Beneficiary Lender created or granted hereby.

Liens on Real Property. In the event that all or any part of the Guarantied Obligations are at any time are secured by any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in real Property, Guarantor each Obligor authorizes BeneficiaryAdministrative Agent, for the benefit of Lenders, upon the occurrence of and during the continuance of any Event of Default, at its sole option, without notice (other than notice of foreclosure or sale, which the Administrative Agent shall endeavor, but not be obligated, to provide to the Obligors) or demand and without affecting any obligations of Guarantor under the Loan DocumentsObligations, the enforceability of this GuarantyAgreement, or the validity or enforceability of any Liens of Beneficiary Administrative Agent or the Lenders on any Collateral, to foreclose any or all of such deeds of trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor Each Obligor expressly waives any defenses to the enforcement of this Guaranty Agreement or any rights of Beneficiary the Administrative Agent or the Lenders created or granted hereby or to the recovery by Beneficiary Administrative Agent or the Lenders against Borrower, Guarantor Obligors or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Obligations are secured by real Property. This means, among other things: (1) Administrative Agent, for the benefit of Lenders, may collect from any Obligor without first foreclosing on any real or personal Property collateral pledged by the Borrower; (2) if the Administrative Agent, for the benefit of Lenders, forecloses on any real Property collateral pledged by the Borrower: (A) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even though such a foreclosure or if the collateral is worth more than the sale price, (B) the Administrative Agent, for the benefit of Lenders, may impair collect from any Obligor even if the subrogation rights of Guarantor or Administrative Agent, by foreclosing on the real Property collateral, has destroyed any right Obligors may preclude Guarantor have to collect from obtaining reimbursement or contribution from the Borrower. To This is an unconditional and irrevocable waiver of any rights and defenses Obligors may have because all or any part of the maximum extent permitted Obligations are secured by law, Guarantor real Property. Each Obligor expressly waives any defenses or benefits that may be derived from Nevada Revised Statutes Sections 40.430 (and judicial decisions relating thereto)California Code of Civil Procedure §§ 580a, 40.451580b, 40.455, 40.457 and 40.459580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459, and all other suretyship defenses it otherwise might or would have under any Nevada Law or other applicable Law. Guarantor expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantor's obligations hereunder or the enforceability of this Guaranty or any rights of Beneficiary created or granted hereby.