Common use of Priority of Renewal Clause in Contracts

Priority of Renewal. No renewal or extension of time given by the Lender shall in any way affect or prejudice the Lender's rights against the Borrower, the Surety or any other person. The Contract will secure the payment and other obligations as extended or changed in the renewal agreement and will be deemed dated as of the first day of each renewal term. It will not be necessary to register notice of any such renewal or obtain any consents or acknowledgements in order to retain priority for this Contract so altered over any subsequent encumbrance or instrument registered subsequent to this Contract.