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, each Guarantor authorizes Creditor, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor created or granted hereby or to the recovery by 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 if the collateral is worth more than the sale price; and (B) the Creditor may collect from any Guarantor even if the Creditor, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d 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 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 Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of 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 mortgage, charge or other instruments creating or granting Liens on any interests in real Propertyproperty or land, each the Guarantor authorizes Creditorthe Bank, 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 Guarantied Obligations of any the Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor the Bank on any collateral, to foreclose or enforce any or all of such deeds of trust or mortgages mortgages, charges or other instruments by judicial or nonjudicial salesale or by otherwise selling the relevant real property or land under the terms of such mortgage, charge or other instrument. Each The Guarantor expressly waives all rights and defenses to that the enforcement of this Subsidiary Guaranty or any rights of Creditor created or granted hereby or to Guarantor may have because the recovery by 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 obligations of the Guaranteed Obligations Borrower under the Loan Documents to which it is a party are secured by real Propertyproperty. This means, among other things: (1) , that the Creditor Bank may collect from any the Guarantor without first foreclosing on any personal or real property collateral pledged by Borrower. If the Bank forecloses or personal Property enforces on any real 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 obligations of the Borrower under the Loan Documents to which it is a party may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; , and (B) the Creditor Bank may collect from any the Guarantor even if the CreditorBank, by foreclosing on the real Property property collateral, has destroyed any right any that the Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any the Guarantor may have because all or any part the obligations of the Guaranteed Obligations Borrower under the Loan Documents to which it is a party are secured by real Propertyproperty. Each Guarantor expressly waives These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or benefits that may be derived from 726 of the California Code of Civil Procedure §§ 580a, 580b, 580d or 726, or comparable provisions of the Laws of (and any similar laws enacted and in effect in any other jurisdiction). The Guarantor further waives all rights and defenses arising out of an election of remedies by the Bank, includingeven though that election of remedies, without limitationsuch as a nonjudicial foreclosure with respect to security for a Guarantied Obligation, NRS has destroyed the Guarantor's rights of subrogation and reimbursement against the Borrower by the operation of 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 580d of the California Code of Civil Procedure or would have under California Law or other applicable Lawotherwise. Each The 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 the Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantors' the Guarantor's Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor the Bank 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, each Guarantor Obligor authorizes CreditorAdministrative 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 Guarantied Obligations of any GuarantorObligations, the enforceability of this Subsidiary GuarantyAgreement, or the validity or enforceability of any Liens of Creditor Administrative Agent or the Creditors 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 Obligor expressly waives all rights and any defenses to the enforcement of this Subsidiary Guaranty Agreement or any rights of Creditor the Administrative Agent or the Creditors created or granted hereby or to the recovery by Creditor Administrative Agent or the Creditors against Borrower, any Guarantor Obligor 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 are secured by real Property. This means, among other things: (1) Administrative Agent, for the Creditor benefit of Creditors, may collect from any Guarantor Obligor without first foreclosing on any real or personal Property collateral pledged by the Borrower; and (2) if the Creditor Administrative Agent, for the benefit of Creditors, 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 if the collateral is worth more than the sale price; and , (B) the Creditor Administrative Agent, for the benefit of Creditors, may collect from any Guarantor Obligor even if the CreditorAdministrative Agent, by foreclosing on the real Property collateral, has destroyed any right any Guarantor Obligor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor Obligor may have because all or any part of the Guaranteed Obligations is are secured by real Property. Each Guarantor Obligor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d 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 California Law or other applicable Law. Each Guarantor Obligor 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 Guarantorinstruments. Obligor's or any other Person's failure to receive any such notice shall not impair or affect Guarantors' Obligations Obligor's obligations hereunder or the enforceability of this Subsidiary Guaranty Agreement or any rights of Creditor 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 on any interests in real Property, each Guarantor authorizes CreditorLender, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor Lender created or granted hereby or to the recovery by Creditor Lender against BorrowerBorrowers, or any of them, 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 Guarantied Obligations is secured by real Property. This means, among other things: (1) the Creditor Lender may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; Borrowers and (2) if the Creditor Lender forecloses on any real Property collateral pledged by the BorrowerBorrowers: (A) the The amount of the Guaranteed Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; price and (B) the Creditor Lender may collect from any Guarantor even if the CreditorLender, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the BorrowerBorrowers. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Guarantied Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ xx.xx. 580a, 580b, 580d 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 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 Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor created or granted hereby.NRS

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 Real Property, each Guarantor authorizes CreditorLender, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and any defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor Lender created or granted hereby or to the recovery by Creditor Lender against Borrower, any Guarantor Borrower 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 Guarantied Obligations is secured by real Real Property. This means, among other things: (1) the Creditor Lender may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; and . (2) if If the Creditor Lender forecloses on any real Real Property collateral pledged by the Borrower: (A) the The amount of the Guaranteed Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and . (B) the Creditor The Lender may collect from any Guarantor even if the CreditorLender, by foreclosing on the real Real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Guarantied Obligations is secured by real Real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d 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, 40.459 and all other suretyship defenses it otherwise might or would have under 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 Real 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 Guarantors' Guarantor’s Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor 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 CreditorLender, 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 Guarantied Obligations of any that Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and defenses to that such Guarantor may have because the enforcement Obligations of this Subsidiary Guaranty or any rights of Creditor created or granted hereby or to the recovery by 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 Borrower are secured by real Property. This means, among other things: (1) , that the Creditor Lender may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by Borrower. If the Borrower; and (2) if the Creditor Lender 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 if the collateral is worth more than the sale price; , and (B) the Creditor Lender may collect from any Guarantor even if the CreditorLender, by foreclosing on the real Property collateral, has destroyed any right any that such Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any each Guarantor may have because all or any part the Obligations of the Guaranteed Obligations is Borrower are 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 Procedure. Each Guarantor expressly further waives any all rights and defenses or benefits arising out of an election of remedies by the Lender, even though that may be derived from election of remedies, such as a nonjudicial foreclosure with respect to security for a Guarantied Obligation, has destroyed that Guarantor's rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the California Code of Civil Procedure §§ 580a, 580b, 580d 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 California Law or other applicable Lawotherwise. 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 that Guarantor's or any other Person's failure to receive any such notice shall not impair or affect Guarantors' that Guarantor's Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor Lender 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 Creditor, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor created or granted hereby or to the recovery by 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 if the collateral is worth more than the sale price; and (B) the Creditor may collect from any Guarantor even if the Creditor, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d 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 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 –87– such notice shall not impair or affect Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of 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, each Guarantor authorizes CreditorLender, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and any defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor Lender created or granted hereby or to the recovery by Creditor Lender against Borrower, any Guarantor Borrower 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 Guarantied Obligations is secured by real Property. This means, among other things: (1) the Creditor Lender may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; and . (2) if If the Creditor Lender forecloses on any real Property collateral pledged by the Borrower: (A) the The amount of the Guaranteed Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and . (B) the Creditor The Lender may collect from any Guarantor even if the CreditorLender, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Guarantied Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ (S)(S) 580a, 580b, 580d 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, 40.459 and all other suretyship defenses it otherwise might or would have under 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 Guarantors' Guarantor's Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor 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 CreditorLender, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor Lender created or granted hereby or to the recovery by Creditor Lender against BorrowerBorrowers, or any of them, 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 Guarantied Obligations is secured by real Property. This means, among other things: (1) the Creditor Lender may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; Borrowers and (2) if the Creditor Lender forecloses on any real Property collateral pledged by the BorrowerBorrowers: (A) the The amount of the Guaranteed Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; price and (B) the Creditor Lender may collect from any Guarantor even if the CreditorLender, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the BorrowerBorrowers. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Guarantied Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ xx.xx. 580a, 580b, 580d 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 California Law or other applicable Law. Each Guarantor expressly waives any right to receive notice of any judicial or 364-Day Loan Agreement 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 Guarantors' Guarantor's Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor Lender created or granted herebygranted.

Liens on Real Property. In the event that all or any part of the Guarantied Flooring Loan 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 Flooring Loan Borrower authorizes Creditorthe Agent, 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 Guarantied Flooring Loan Obligations of any GuarantorFlooring Loan Borrower, the enforceability of this Subsidiary GuarantyAgreement, or the validity or enforceability of any Liens security interests of Creditor the Agent 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 Flooring Loan Borrower expressly waives all rights and any defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor security interests created or granted hereby by any Collateral Documents or to the recovery by Creditor Agent or any Lender against Borrower, any Guarantor Flooring Loan Borrower or 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 if though such a foreclosure or sale may impair the collateral is worth more than the sale price; subrogation rights of such Flooring Loan Borrower and (B) the Creditor may collect preclude such Flooring Loan Borrower from obtaining reimbursement or contribution from any Guarantor even if the Creditor, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Obligations is secured by real Propertyother Person. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d 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 California Law or other applicable Law. Each Guarantor Flooring Loan Borrower expressly waives any right to receive notice of any judicial or nonjudicial foreclosure or sale of any real Property property or interest therein which is owned by another Flooring Loan Borrower or any other Person and is subject to any such deeds of trust or mortgages or other instruments and any Guarantor's or any other Person's Flooring Loan Borrower’s failure to receive any such notice shall not impair or affect Guarantors' Obligations such Flooring Loan Borrower’s obligations hereunder or the enforceability of this Subsidiary Guaranty or any rights of Creditor created or granted herebyAgreement and the other Loan Documents.

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 CreditorLender, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of Creditor 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 all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor Lender created or granted hereby or to the recovery by Creditor Lender 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 The Lender may collect from any Guarantor without first foreclosing on any real or personal Property collateral pledged by the Borrower; and . (2) if If the Creditor Lender forecloses on any real Property collateral pledged by the Borrower: (A) the The amount of the Guaranteed Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and . (B) the Creditor The Lender may collect from any Guarantor even if the CreditorLender, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d 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 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 Guarantors' Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor 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 liens on any interests in real Propertyproperty, each Guarantor authorizes Creditorthe Bank, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens liens of Creditor the Bank 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 all rights and any defenses to the enforcement of this Subsidiary Guaranty or any rights of Creditor the Bank created or granted hereby or to the recovery by Creditor the Bank against Borrower, any Guarantor Borrower 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 Guarantied Obligations is secured by real Propertyproperty. This means, among other things: (1) the Creditor Bank may collect from any Guarantor without first foreclosing on any real or personal Property property collateral pledged by the Borrower; and . (2) if If the Creditor Bank forecloses on any real Property property collateral pledged by the Borrower: (A) the amount of the Guaranteed Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and . (B) the Creditor Bank may collect from any Guarantor even if the CreditorBank, by foreclosing on the real Property property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Guarantied Obligations is secured by real Propertyproperty. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d or 726, or comparable provisions of the Laws 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, 40.459 and all other suretyship defenses it otherwise might or would have under California Law 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 ’s or any other Person's ’s failure to receive any such notice shall not impair or affect Guarantors' Guarantor’s Obligations or the enforceability of this Subsidiary Guaranty or any rights of Creditor the Bank created or granted herebygranted. 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, each Guarantor authorizes Creditorthe Creditors, 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 Guarantied Obligations of any Guarantor, the enforceability of this Subsidiary Guaranty, or the validity or enforceability of any Liens of any 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 all rights and defenses to the enforcement of this Subsidiary Guaranty or any rights of any Creditor created or granted hereby or to the recovery by Creditor the Creditors 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 Guarantied 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 Guarantied Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and (B) the Creditor may collect from any Guarantor even if the Creditor, by foreclosing on the real Property collateral, has destroyed any right any Guarantor may have to collect from the Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guaranteed Guarantied Obligations is secured by real Property. Each Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ ‘‘ 580a, 580b, 580d or 726, or comparable provisions of the Laws 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 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 ’s or any other Person's ’s failure to receive any such notice shall not impair or affect Guarantors' Guarantor’s Obligations or the enforceability of this Subsidiary Guaranty or any rights of any Creditor created or granted hereby.