Common use of Recourse and Choice of Remedies Clause in Contracts

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security Instrument, Lender and other Indemnified Parties (as defined in Section 12.1 below) are entitled to enforce the obligations of Borrower, Guarantor and Indemnitor contained in Section 12.2 and in the Environmental Indemnity without first resorting to or exhausting any security or collateral and without first having recourse to the Note or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender commences a foreclosure action against the Property, Lender is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor or Indemnitor. The liability of Borrower, Guarantor and Indemnitor is not limited to the original principal amount of the Note. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan Agreement, this Security Instrument and the Other Security Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against Borrower, whether or not action is brought against any other person or entity or whether or not any other person or entity is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the Environmental Indemnity.

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security InstrumentInstrument or the Credit Agreement, Lender the Administrative Agent and other Indemnified Parties (as defined in Section 12.1 belowhereinafter defined) are entitled to enforce the obligations of the Borrower, any Guarantor and Indemnitor indemnitor contained in Sections 9.2 and 9.3 herein and Section 12.2 and in 9.03 of the Environmental Indemnity Credit Agreement without first resorting to or exhausting any security or collateral and without first having recourse to the Note Credit Agreement or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender the Administrative Agent commences a foreclosure action against the Property, Lender the Administrative Agent is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, the Borrower and any Guarantor or Indemnitorindemnitor with respect to the Obligations. The Borrower and any Guarantor or indemnitor with respect to the Loans are fully and personally liable for the obligations herein and in the Credit Agreement. The liability of Borrower, the Borrower and any Guarantor and Indemnitor or indemnitor with respect to the Loans is not limited to the original principal amount of the NoteCredit Agreement. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender the Administrative Agent from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan Credit Agreement, this Security Instrument and the Other Security other Loan Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against Borrowerthe Borrower pursuant to this Security Instrument and/or the Credit Agreement, whether or not action is brought against any other person or entity Person or whether or not any other person or entity Person is joined in the action or actions. In addition, Lender the Administrative Agent shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the connection with any Environmental IndemnityLiability.

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security Instrument, Lender including but not limited to Article 13 hereof, Agent, on behalf of Mortgagees, each Mortgagee and other Indemnified Parties (as defined in Section 12.1 11.1 below) are entitled to enforce the obligations of Borrower, Guarantor and Indemnitor Mortgagor contained in Section 12.2 the Subsidiary Guaranty and in the Environmental Indemnity this Security Instrument without first resorting to or exhausting any security or collateral and without first having recourse to the Note Debentures or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender Agent, on behalf of Mortgagees, commences a foreclosure action against the Property, Lender Agent, on behalf of Mortgagees, is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor or IndemnitorMortgagor. The liability of Borrower, Guarantor and Indemnitor Mortgagor is not limited to the original principal amount of the NoteDebentures. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender Agent, on behalf of Mortgagees, from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan AgreementDebentures, this Security Instrument and the Other Security other Investment Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against BorrowerMortgagor, whether or not action is brought against any other person or entity or whether or not any other person or entity is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the Environmental Indemnity.

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security Instrument, including but not limited to Article 13 hereof, each Lender and other Indemnified Parties (as defined in Section 12.1 11.1 below) are entitled to enforce the obligations of Borrower, Guarantor and Indemnitor Borrower contained in Section 12.2 the Debentures and in the Environmental Indemnity this Security Instrument without first resorting to or exhausting any security or collateral and without first having recourse to the Note Debentures or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event a Lender commences a foreclosure action against the Property, each Lender is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor or Indemnitor. The liability of Borrower, Guarantor and Indemnitor Borrower is not limited to the original principal amount of the NoteDebentures. Notwithstanding the foregoing, nothing herein shall inhibit or prevent a Lender from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan AgreementDebentures, this Security Instrument and the Other Security other Loan Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against Borrower, whether or not action is brought against any other person or entity or whether or not any other person or entity is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the Environmental Indemnity.

Recourse and Choice of Remedies. Notwithstanding any other provision Pursuant to Section 11.22 of this Security Instrumentthe Loan Agreement, Lender and the other Indemnified Parties (as defined in Section 12.1 belowhereinafter defined) are entitled to enforce the obligations of BorrowerGrantor, Guarantor and Indemnitor contained in Section 12.2 Sections 8.1, 8.2 and 8.3 herein and Sections 9.2, 11.13 and 11.22 of the Loan Agreement, under the Environmental Indemnity, the Assignment of Leases and any other indemnity obligation in the Environmental Indemnity Loan Documents (collectively, the “Personal Liabilities”) without first resorting to or exhausting any security or collateral and without first having recourse to the Note or any of the Property, through foreclosure foreclosure, exercise of a power of sale or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender commences a foreclosure action against the Property, or exercises the power of sale pursuant to this Deed of Trust, Lender is shall be entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor or Indemnitor. The liability of Borrower, Guarantor and Indemnitor is not limited Grantor with respect to the original principal amount Loan. Subject to Section 11.22 of the Note. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan Agreement, this Security Instrument and the Other Security Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A a separate action or actions may be brought and prosecuted against BorrowerGrantor with respect to the Obligations set forth in the Personal Liabilities, whether or not an action is brought against any other person or entity or Person and whether or not any other person or entity Person is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the Environmental Indemnity.

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security Instrument, including but not limited to Article 15 hereof, Lender and other Indemnified Parties (as defined in Section 12.1 below) are entitled to enforce the obligations of Borrower, Guarantor and Indemnitor contained in Section 12.2 Sections , and in the Environmental Indemnity without first resorting to or exhausting any security or collateral and without first having recourse to the Note or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender commences a foreclosure action against the Property, Lender is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor and/or Indemnitor. The provisions of Sections , and are exceptions to any non-recourse or Indemnitorexculpation provisions in the Note, this Security Instrument or the Other Security Documents, and Borrower, Guarantor and Indemnitor are fully and personally liable for the obligations pursuant to Subsections , and . The liability of Borrower, Guarantor and Indemnitor is not limited to the original principal amount of the Note. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan Agreement, this Security Instrument and the Other Security Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against Borrower, whether or not action is brought against any other person or entity or whether or not any other person or entity is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and [NY01:247789.4] 86000-00376 12/23/96 4:57pm - 43 - participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the Environmental IndemnitySection .

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security Instrument, Lender and other Indemnified Parties (as defined in Section 12.1 13.1 below) are entitled to enforce the obligations of Borrower, Guarantor and Indemnitor Borrower contained in Section 12.2 Sections 13.2, 13.3 and in the Environmental Indemnity 13.4 without first resorting to or exhausting any security or collateral and without first having recourse to the Note or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender commences a foreclosure action against the Property, Lender is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor or Indemnitor. The liability of Borrower, Guarantor and Indemnitor Borrower is not limited to the original principal amount of the Note. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan Agreement, this Security Instrument and the Other Security Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against Borrower, whether or not action is brought against any other person or entity or whether or not any other person or entity is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 12 or in the Environmental IndemnitySection 13.4.

Recourse and Choice of Remedies. Notwithstanding Subject to the recourse ------------------------------- obligations and liabilities of Borrower and the REIT contained in Section 9.08 of the Loan Agreement and notwithstanding any other provision of this Security Instrument, Lender and other Indemnified Parties (as defined in Section 12.1 13.1 below) are entitled to enforce the obligations of Borrower, Guarantor and Indemnitor Borrower contained in Section 12.2 and in the Environmental Indemnity 13.2 without first resorting to or exhausting any security or collateral and without first having recourse to the Note or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender commences a foreclosure action against the Property, Lender is entitled to pursue a deficiency judgment with respect to such obligations against Borrower, any Guarantor or Indemnitor. The liability of Borrower, Guarantor and Indemnitor Borrower is not limited to the original principal amount of the Note. Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Note, the Loan Agreement, this Security Instrument and the Other Security Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against Borrower, whether or not action is brought against any other person or entity or whether or not any other person or entity is joined in the action or actions. In addition, Lender shall have the right but not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 11 or in the Environmental Indemnity. Borrower shall remain liable for any deficiency if the proceeds from any sale or other disposition of the Property are insufficient to satisfy the Obligation in full.