Common use of No Waiver or Release Clause in Contracts

No Waiver or Release. The failure of Lender to exercise any right, remedy or option provided in the Loan Documents shall not be deemed a waiver of such right, remedy or option or of any covenant or obligation contained in the Loan Documents. No acceptance by Lender of any payment after the occurrence of an Event of Default and no payment by Lender of any payment or obligation for which Mortgagor is liable hereunder shall be deemed to waive or cure any Event of Default. No sale of all or any portion of the Property, no forbearance on the part of Lender, and no extension of time for the payment of the whole or any portion of the Debt or any other indulgence given by Lender to Mortgagor or any other Person, shall operate to release or in any manner affect the interest of Lender in the Property or the liability of Mortgagor to pay the Debt. No waiver by Lender shall be effective unless it is in writing and then only to the extent specifically stated.

Appears in 2 contracts

Samples: Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)

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No Waiver or Release. The failure of Lender or Trustee to exercise any right, remedy or option provided in the Loan Documents shall not be deemed a waiver of such right, remedy or option or of any covenant or obligation contained in the Loan Documents. No acceptance by Lender of any payment after upon the occurrence and during the continuance of an Event of Default and no payment by Lender of any payment or obligation for which Mortgagor Borrower is liable hereunder shall be deemed to waive or cure any Event of Default. No sale of all or any portion of the Property, no forbearance on the part of Lender, and no extension of time for the payment of the whole or any portion of the Debt or any other indulgence given by Lender to Mortgagor Borrower or any other Person, shall operate to release or in any manner affect the interest of Lender in the Property or the liability of Mortgagor Borrower to pay the Debt. No waiver by Lender shall be effective unless it is in writing and then only to the extent specifically stated.

Appears in 2 contracts

Samples: Morgans Hotel Group Co., Morgans Hotel Group Co.

No Waiver or Release. The failure of Lender or Trustee to exercise any right, remedy or option provided in the Loan Documents shall not be deemed a waiver of such right, remedy or option or of any covenant or obligation contained in the Loan Documents. No acceptance by Lender of any payment after the occurrence of an Event of Default and no payment by Lender of any payment or obligation for which Mortgagor Borrower is liable hereunder shall be deemed to waive or cure any Event of DefaultDefault except as otherwise required by the Nebraska Trust Deeds Act or other applicable law. No sale of all or any portion of the Property, no forbearance on the part of Lender, and no extension of time for the payment of the whole or any portion of the Debt or any other indulgence given by Lender to Mortgagor Borrower or any other Person, shall operate to release or in any manner affect the interest of Lender in the Property or the liability of Mortgagor Borrower to pay the Debt. No waiver by Lender shall be effective unless it is in writing and then only to the extent specifically stated.

Appears in 2 contracts

Samples: Deed Of (Lightstone Value Plus Real Estate Investment Trust, Inc.), Lightstone Value Plus Real Estate Investment Trust, Inc.

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No Waiver or Release. The failure of Lender to exercise any right, remedy or option provided in the Loan Documents shall not be deemed a waiver of such right, remedy or option or of any covenant or obligation contained in the Loan Documents. No acceptance by Lender of any payment after upon the occurrence and during the continuance of an Event of Default and no payment by Lender of any payment or obligation for which Mortgagor Borrower is liable hereunder shall be deemed to waive or cure any Event of Default. No sale of all or any portion of the Property, no forbearance on the part of Lender, and no extension of time for the payment of the whole or any portion of the Debt or any other indulgence given by Lender to Mortgagor Borrower or any other Person, shall operate to release or in any manner affect the interest of Lender in the 105 Property or the liability of Mortgagor Borrower to pay the Debt. No waiver by Lender shall be effective unless it is in writing and then only to the extent specifically stated.

Appears in 1 contract

Samples: Morgans Hotel Group Co.

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