Common use of Recourse and Choice of Remedies Clause in Contracts

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 (defined in Section 13.1 below) are entitled to enforce the obligations of Borrower contained in Sections 13.2 and 13.3 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. The provisions of Sections 13.2 and 13.3 are exceptions to any non-recourse or exculpation provisions in the Note, this Security Instrument or the Other Security Documents, and Borrower is fully and personally liable for the obligations pursuant to Sections 13.2 and 13.3. The liability of Borrower is not limited to the original principal amount of the Note. Notwithstanding the foregoing, subject to applicable law, 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, 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 12.

Recourse and Choice of Remedies. Notwithstanding any other ------------------------------- provision of this Security Instrument, including but not limited to Article 15 13 hereof, Lender and other Indemnified Parties (defined in Section 13.1 11.1 below) are entitled to enforce the obligations of Borrower Borrower, Guarantor and Indemnitor contained in Sections 13.2 11.2 and 13.3 11.3 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, Guarantor and Indemnitor. The provisions of Sections 13.2 11.2 and 13.3 11.3 are exceptions to any non-recourse or exculpation provisions in the Note, this Security Instrument or the Other Security other Loan Documents, and Borrower is Borrower, Guarantor and Indemnitor are fully and personally liable for the obligations pursuant to Sections 13.2 11.2 and 13.311.3. The liability of Borrower is Borrower, Guarantor and Indemnitor are not limited to the original principal amount of the Note. Notwithstanding the foregoing, subject to applicable law, 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, 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 12.

Recourse and Choice of Remedies. Notwithstanding any other provision of this Security InstrumentInstrument or the Building Loan Agreement, including but not limited to Article 15 hereoffollowing an Event of Default, Lender Mortgagee and other Indemnified Parties (defined in Section 13.1 belowas hereinafter defined) are entitled to enforce the obligations of Borrower Mortgagor contained in Sections 13.2 9.2 and 13.3 9.3 herein without first resorting to or exhausting any security or collateral and without first having recourse to the Building Loan Note or any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Lender Mortgagee commences a foreclosure action against the Property, Lender Mortgagee is entitled to pursue a deficiency judgment with respect to such obligations against BorrowerMortgagor with respect to the Building Loan. The provisions of Sections 13.2 9.2 and 13.3 9.3 herein are exceptions to any non-recourse or exculpation provisions in the Building Loan Agreement, the Building Loan Note, this Security Instrument or the Other Security other Building Loan Documents, and Borrower is Mortgagor with respect to the Building Loan are fully and personally liable for the obligations pursuant to Sections 13.2 9.2 and 13.39.3 herein. The liability of Borrower Mortgagor with respect to the Building Loan pursuant to Sections 9.2 and 9.3 herein is not limited to the original principal amount of the Building Loan Note. Notwithstanding the foregoing, subject to applicable law, nothing herein shall inhibit or prevent Lender Mortgagee from foreclosing pursuant to this Security Instrument or exercising any other rights and remedies pursuant to the Building Loan Agreement, the Building Loan Note, this Security Instrument and the Other Security other Building Loan Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted against BorrowerMortgagor pursuant to Sections 9.2 and 9.3 herein, 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 Mortgagee 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 12the 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 (defined in Section 13.1 below) are entitled to enforce the obligations of Borrower Borrower, Guarantor and Indemnitor contained in Sections 13.2 13.2,13.3 and 13.3 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, Guarantor and Indemnitor. The provisions of Sections 13.2 13.2, 13.3, 13.4, 15.3 and 13.3 15.4 are exceptions to any non-recourse or exculpation provisions in the Note, this Security Instrument or the Other Security Documents, and Borrower is Borrower, Guarantor and Indemnitor are fully and personally liable for the obligations to the extent provided pursuant to Sections 13.2 13.2, 13.3, 13.4, 15.3 and 13.315.4. The liability of Borrower is Borrower, Guarantor and Indemnitor are not limited to the original principal amount of the Note. Notwithstanding the foregoing, subject to applicable law, 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, 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 1212 or Section 13.4.