Common use of Right to Dispose of Security; Impairment of Rights Clause in Contracts

Right to Dispose of Security; Impairment of Rights. Each of Guarantors hereby authorizes and empowers Lender, in its direction, without any notice or demand to any of Guarantors and without affecting the liability of any of Guarantors hereunder, to exercise any right or remedy which Lender may have available to it, including, but not limited to, judicial foreclosure, exercise of rights of power of sale without judicial action, or taking a deed or an assignment in lieu of foreclosure as to any collateral security for the Guaranteed Obligations, whether real, personal or intangible property, and each of Guarantors hereby waives any defense to the recovery by Lender against each of Guarantors or any of its assets or properties or any deficiency after such action notwithstanding any impairment or loss of any right of reimbursement or subrogation or other right or remedy against Borrower or any other Obligor or against any assets or properties of Borrower or any other Obligor. Each Guarantor hereby waives all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to the Guarantor or other surety by reason of California Civil Code Sections 2787 to 2855, inclusive. Each Guarantor waives all rights and defenses that the Guarantor may have because the Guaranteed Obligations are secured by real property. This means, among other things: (1) Lender may collect from the Guarantor without first foreclosing on any real or personal property collateral pledged by the Borrower. (2) If Lender forecloses on any real property collateral pledged by the Borrower; (A) The amount of the Indebtedness may be reduced only by the price for

Right to Dispose of Security; Impairment of Rights. Each of Guarantors The Guarantor hereby authorizes and empowers Lender, Summer in its directionhis sole discretion, without any notice or demand to any of Guarantors the Guarantor whatsoever and without affecting the liability of any of Guarantors the Guarantor hereunder, to exercise any right or remedy which Lender Summer may have hive available to it, including, him including but not limited to, judicial foreclosure, exercise of rights of power of sale without judicial action, or or-taking a deed or an assignment in lieu lieu: of foreclosure as to any collateral security for the Guaranteed Obligations, whether whether. real, personal or intangible property, and each of Guarantors the Guarantor hereby waives wail,. es any defense to the recovery by Lender against each Summer against.the Guarantor of Guarantors or any of its assets or properties or any deficiency after such action notwithstanding any impairment or loss of any right of reimbursement or subrogation or other right or remedy against Borrower the Company, or any other Obligor guarantor, maker or endorser, or against any assets collateral security for the Obligations or properties for-any guaranty of Borrower or the Obligations. The Guarantor acknowledges that the Guarantor may have a defense, based on estoppel, which arises out of the operation of Section 580(d) of the California Code of Civil Procedure in the event that Summer conducts a non-judicial foreclosure under any other Obligordeed of trust securing any Obligations. Each The Guarantor hereby expressly waives all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or such defense the Guarantor may become available have to any deficiency action brought by Summer against the Guarantor or benefits that may be available from California Code of Civil Procedure, Section 580 and its subdivisions or Section-726, or comparable provisions of the laws Of any other surety by reason state, as well as all suretyship defenses the Guarantor would otherwise have under California law or the laws of any other jurisdiction. Without limiting the foregoing and without waiving the benefits of California Commercial Code § 950.1, the Guarantor specifically agrees that any action maintained by Summer for the appointment of any receiver, trustee or custodian to collect rents, issues or profits or to obtain possession of any property shall not constitute an "action" within the meaning of Section 726 of the California Code of Civil Code Sections 2787 Procedure. Further, the Guarantor, in addition to 2855the foregoing waivers, inclusive. Each Guarantor waives any and all rights and defenses that the Guarantor may have because the Guaranteed Obligations are secured by Collateral may include real property. This means, among other things: (1i) Lender Summer may collect from the Guarantor without first foreclosing on any real or personal property collateral pledged by the Borrower. Company, (2ii) If Lender if Summer forecloses on any real property collateral pledged by the Borrower; Company: (A) The the amount of the Indebtedness debt may be reduced only by the price forfor which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) summer may collect from the Guarantor even if Summer, by foreclosing on the real property collateral, has destroyed any right the Guarantor may have to collect from the Company. This is an unconditional and irrevocable waiver of any rights and defenses the Guarantor may have because the Company's debt is secured-by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the California Code of Civil Procedure or under applicable law of any other jurisdiction.

Right to Dispose of Security; Impairment of Rights. Each of Guarantors Guarantor hereby authorizes and empowers Lender, in its directiondiscretion, without any notice or demand to any of Guarantors such Guarantor and without affecting the liability of any of Guarantors such Guarantor hereunder, to exercise any right or remedy which Lender may have available to it, including, including but not limited to, judicial foreclosure, exercise of rights of power of sale without judicial action, action or taking a deed or an assignment in lieu of foreclosure as to any collateral security for the Guaranteed Obligations, whether real, personal or intangible property, and each of Guarantors Guarantor hereby waives any defense to the recovery by Lender against each of Guarantors such Guarantor or any of its assets or properties or of any deficiency after such action notwithstanding any impairment or loss of any right of reimbursement or subrogation or other right or remedy against Borrower Borrowers or any other Obligor or against any assets or properties of Borrower Borrowers or any other Obligor. Each Guarantor hereby waives all rights of subrogation, reimbursement, indemnification, indemnification and contribution and any other rights and defenses that are or may become available to the such Guarantor or other surety by reason of California Civil Code Sections 2787 2797 to 2855, inclusive. Each Guarantor waives all rights and defenses that the each Guarantor may have because the Guaranteed Obligations are secured by real property. This means, among other things: things (1a) Lender may collect obtain payment of the Guaranteed Obligations from the each Guarantor without first foreclosing on any real or personal property collateral pledged by the Borrower. Borrowers and (2b) If if Lender forecloses on any real property collateral pledged by Borrowers: (i) the Borrower; (A) The amount of the Indebtedness Guaranteed Obligations may be reduced only by the price forfor which such collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price and (ii) Lender may obtain payment of the Guaranteed Obligations from each Guarantor and if Lender, by foreclosing on the real property collateral, has destroyed any right either Guarantor may have to receive any payments from Borrowers. This is an unconditional and irrevocable waiver of any rights and defenses each Guarantor may have because the Guaranteed Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the Code of Civil Procedure. Each Guarantor waives all rights and defenses arising out of an election of remedies by Lender, even though such election of remedies, including the election to pursue a nonjudicial foreclosure, has destroyed such Guarantor's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the Code of Civil Procedure or otherwise. Without limiting the foregoing and without waiving the benefits of California Commercial Code Section 9501, each Guarantor specifically agrees that any action maintained by Lender for the appointment of a receiver, trustee or custodian to collect rents, issues or profits or to obtain possession of any property shall not constitute an "action" within the meaning of Section 726 of the California Code of Civil Procedure.

Right to Dispose of Security; Impairment of Rights. Each of Guarantors hereby authorizes and empowers Lender, in its direction, without any notice or demand to any of Guarantors and without affecting the liability of any of Guarantors hereunder, to exercise any right or remedy which Lender may have available to it, including, but not limited to, judicial foreclosure, exercise of rights of power of sale without judicial action, or taking a deed or an assignment in lieu of foreclosure as to any collateral security for the Guaranteed Obligations, whether real, personal or intangible property, and each of Guarantors hereby waives any defense to the recovery by Lender against each of Guarantors or any of its assets or properties or any deficiency after such action notwithstanding any impairment or loss of any right of reimbursement or subrogation or other right or remedy against Borrower or any other Obligor or against any assets or properties of Borrower or any other Obligor. Each Guarantor hereby waives all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to the Guarantor or other surety by reason of California Civil Code Sections 2787 to 2855, inclusive. Each Guarantor waives all rights and defenses that the Guarantor may have because the Guaranteed Obligations are secured by real property. This means, among other things: (1) Lender may collect from the Guarantor without first foreclosing on any real or personal property collateral pledged by the Borrower. (2) If Lender forecloses on any real property collateral pledged by the Borrower; , (A) The amount of the Indebtedness indebtedness may be reduced only by the price for

Right to Dispose of Security; Impairment of Rights. Each of Guarantors Guarantor hereby authorizes and empowers LenderAgent, in its directiondiscretion, without any notice or demand to any of Guarantors Guarantor and without affecting the liability of any of Guarantors Guarantor hereunder, to exercise any right or remedy which Agent or any Lender may have available to it, including, but not limited to, judicial foreclosure, exercise of rights of power of sale without judicial action, or taking a deed or an assignment in lieu of foreclosure as to any collateral security for the Guaranteed Obligations, whether real, personal or intangible property, and each of Guarantors Guarantor hereby waives any defense to the recovery by Agent or any Lender against each of Guarantors Guarantor or any of its assets or properties or of any deficiency after such action notwithstanding any impairment or loss of any right of reimbursement or subrogation or other right or remedy against any Borrower or any other Obligor or against any assets or properties of any Borrower or any other Obligor. Each Guarantor hereby waives all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to the Guarantor or other surety by reason of California Civil Code Sections 2787 to 2855, inclusive. Each Guarantor waives all rights and defenses that the Guarantor may have because the Guaranteed Obligations are secured by real property. This means, among other things: (1a) Agent or any Lender may collect obtain payment of the Guaranteed Obligations from the Guarantor without first foreclosing on any real or personal property collateral pledged by the any Borrower. , and (2b) If Lender if Agent forecloses on any real property collateral pledged by any Borrower: (i) the Borrower; (A) The amount of the Indebtedness Guaranteed Obligations may be reduced only by the price forfor which such collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (ii) Agent or any Lender may obtain payment of the Guaranteed Obligations from Guarantor even if Agent or any Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to receive any payments from any Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the Guaranteed Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the Code of Civil Procedure. Guarantor waives all rights and defenses arising out of an election of remedies by Agent or any Lender, even though such election of remedies, including the election to pursue a nonjudicial foreclosure, has destroyed Guarantor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the Code of Civil Procedure or otherwise. Without limiting the foregoing and without waiving the benefits of California Commercial Code Section 9501, Guarantor specifically agrees that any action maintained by Agent or any Lender for the appointment of a receiver, trustee or custodian to collect rents, issues or profits or to obtain possession of any property shall not constitute an “action” within the meaning of Section 726 of the California Code of Civil Procedure.