Common use of Releases, Modifications and Waivers Clause in Contracts

Releases, Modifications and Waivers. Without affecting the liability of Trustor or any other person or entity, except any person or entity expressly released in writing, for payment of any indebtedness secured hereby or for performance of any of the obligations or any of the terms, covenants and conditions hereof, and without affecting the rights of Trustee and Beneficiary with respect to any security not expressly released in writing, at any time and from time to time, without notice or consent other than consent of Beneficiary, Trustee and/or Beneficiary may: (a) Release any person or entity liable for payment of all or any part of the indebtedness or for the performance of any obligation; (b) Make any agreement extending the time or otherwise altering the terms of payment of all or any part of said indebtedness or modifying or waiving any obligation or subordinating, modifying or otherwise dealing with the lien or charge hereof; (c) Exercise or refrain from exercising or waive any right either of them may have; (d) Accept additional security of any kind; and, (e) Release or otherwise deal with any property, real or personal, securing the obligations secured hereby.