Common use of Rights of Lender Clause in Contracts

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material non‑material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed evidenced by this Guarantythe Note and the other Loan Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) Agreement under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the -------------------------------------------------------------------------------- The 520 Group Page 1 LOAN NO. 100441 XXXXXXX.XX M (03/03) 3641-1-4-ALEXANJA -------------------------------------------------------------------------------- manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor Pledgor authorizes Lenderthe Lender to perform any or all of the following acts at any time in its sole discretion, all without notice to Pledgor, without giving notice to Guarantor affecting Pledgor’s obligations under this Pledge Agreement or obtaining Guarantor’s consent any other Related Documents and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under liens and encumbrances against the Note or any Collateral in favor of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for Lender: (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges Lender may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note secured obligations, accept additional or the other Loan Documents substituted security, and subordinate, exchange, enforce, waive waive, release, compromise, fail to perfect and release sell or otherwise dispose of any such security; ; (fii) apply such security Upon the occurrence and during the continuance of an Event of Default, Lender may direct the order or and manner of any sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of any security now or later to be held for the indebtedness guaranteed by this Guarantysecured obligations, and Lender (or its nominees or designees) may also bid at any such sale; (iii) Lender may apply any payments or recoveries from Pledgor, any Pledgor Affiliate or any other source, and any proceeds of any security, to the secured obligations in such manner, order and priority as the Lender may elect; (iv) Lender may release Pledgor or any other Person from its liability for the secured obligations or any part thereof; (v) Lender may substitute, add or release any one or more guarantors, pledgors or endorsers; and (vi) In addition to the secured obligations, Lender may extend other credit to Pledgor or any Pledgor Affiliate, and may take and hold security for the credit so extended, all without affecting Pledgor’s liability hereunder or under the other Related Documents and without affecting the liens and encumbrances against the Collateral hereunder or under the other Related Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew approve modifications to the Plans and Specifications so long as such modifications do not materially increase the cost of constructing the Improvements nor materially increase the time necessary to complete the Improvements; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower’s ability to construct the Improvements as and when required under the Loan Agreement; (c) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (bd) declare all sums owing to Lender under the Note and or any of the other Loan Documents due and payable upon the occurrence and during the continuance of a Default (as defined in the Loan Agreement) under the Loan Documents; (ce) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (df) otherwise modify the terms of any of the Loan Documents, except for the following modifications which require the consent of Guarantor: (i) increases in the principal amount of the Note for or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or the other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date (as defined in the Note) of the Note where no Default has occurred under the Loan Documents; (eg) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforcewaive, waive and subordinate, release or during the continuance of a Default, enforce any such securitysecurity in whole or part; (fh) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determinedetermine (except, however, that if the Loan Documents require a specific application of such security or order or manner of sale, then Lender shall comply with any such requirements), subject to applicable law which cannot and has not been otherwise overridden by the Loan Documents; (gi) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (hj) subject to applicable law which cannot and has not been otherwise overridden by the Loan Documents, apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty (except, however, that if the Loan Documents require a specific application of such security or order or manner of sale, then Lender shall comply with any such requirements); (k) assign this Guaranty in whole or in part, subject to the express restrictions in the Loan Documents; and (il) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty, subject to the express restrictions in the Loan Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note Note, the Loan Agreement, the Pledge Agreement or any of the other Loan DocumentsDocuments or delay the enforcement thereof for any period of time; (b) declare all sums amounts owing to Lender under the Note Note, the Loan Agreement, the Pledge Agreement and the other Loan Documents due and payable upon the occurrence of a an Event of Default (as defined in the Loan Agreement) under the Loan Documents); (c) make non-material agree to changes in the dates specified for payments payment of any sums amounts payable in periodic installments under the Note Note, the Loan Agreement or any of the other Loan Documents; (d) otherwise modify agree to modify, amend, waive, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases Documents in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documentsany manner; (e) take and hold security for the performance of Borrower’s obligations under the Note Note, the Loan Agreement, the Pledge Agreement or the other Loan Documents and exchange, enforce, waive and waive, fail to perfect its interest in, or release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (g) release, substitute or add any one or more endorsers indorsers of the Note or guarantors of Borrower’s obligations under any or all of the Note or the other Loan DocumentsGuaranteed Obligations; and (h) assign apply payments received by Lender from Borrower or any other Person liable for the Loan to any obligations of the payor to Lender, in such order as Lender may determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assignment of this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of GuarantorGuarantor for the Obligations to the extent described in Section 2 hereof, from time to time to: : (a) renew compromise, settle, renew, extend the time for payment, change the manner or extend terms of payment, discharge the performance of, decline to enforce, or release all or any portion of Borrower’s obligations under the Note or any of the Obligations; grant other Loan Documentsindulgences to Borrower in respect thereof; or modify in any manner any documents (other than this Guaranty) relating to the Obligations; (b) declare all sums owing to Lender under the Note and the other Loan Documents Obligations due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; an Event of Default; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents Obligations and exchange, enforce, waive and release any such security; ; (fd) apply and reapply such security and direct the order or manner of sale thereof as Lender Lender, in its discretion sole discretion, may determine; (e) release, surrender or exchange any deposits or other Collateral securing the Obligations or on which Lender at any time may have a Lien; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s the Obligations; or compromise, settle, renew, extend the time for payment, discharge the performance of, decline to enforce, or release all or any obligations under of any such endorser or guarantor or other Person who is now or may hereafter be liable on any Obligations or release, surrender or exchange any deposits or other Property of any such Person; (f) apply payments received by Lender from Borrower to any Obligations, in such order as Lender shall determine, in its sole discretion, whether or not any such Obligations are covered by this Guaranty; (g) file one or more financing statements describing the Note or Collateral with the other Loan DocumentsSecretary of State of the State of Delaware and the Secretary of State of the State of Texas; and (h) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew approve modifications to the Plans and Specifications so long as such modifications do not materially increase the cost of constructing the Construction Improvements nor materially increase the time necessary to complete the Construction Improvements; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower’s ability to construct the Construction Improvements as and when required under the Loan Agreement; (c) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan DocumentsDocuments and any obligations under or in connection with any Swap Agreement between Borrower and Lender; (bd) declare all sums owing to Lender under the Note and or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender due and payable upon the occurrence of a Default (under the Loan Documents or an Event of Default as defined in the Loan Agreement) under the Loan Documentsany Swap Agreement between Borrower and Lender; (ce) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (df) otherwise modify the terms of any of the Loan DocumentsDocuments or any Swap Agreement between Borrower and Lender, except for for: (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or the other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date (as defined in the Note) of the Note where no Default has occurred under the Loan DocumentsDocument; (eg) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender and exchange, enforce, waive waive, subordinate and release any such securitysecurity in whole or part; (fh) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (gi) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan DocumentsDocuments or any obligations under or in connection with any Swap Agreement between Borrower and Lender; (hj) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (k) assign this Guaranty in whole or in partpart (as long as the interests in the other Loan Documents are also assigned to the same assignee subject to the terms of the Loan Agreement); and (il) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this GuarantyGuaranty subject to the terms of the Loan Agreement.

Rights of Lender. Guarantor Each Indemnitor authorizes Lender, without giving notice to Guarantor any Indemnitor or obtaining Guarantorany Indemnitor’s consent and without affecting the liability of GuarantorIndemnitors, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note Reimbursement Agreement or any of the other Loan Credit Documents; (b) declare all sums owing to Lender under the Note Reimbursement Agreement and the other Loan Credit Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) default under the Loan Credit Documents; (c) make non-material nonmaterial changes in the dates specified for payments of any sums item payable in periodic installments under the Note Reimbursement Agreement or any of the other Loan Credit Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Credit Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note Reimbursement Agreement or the other Loan Credit Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note Reimbursement Agreement or the other Loan Credit Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Indemnity; and (i) assign this Guaranty Indemnity in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of GuarantorGuarantor hereunder, from time to time to: (a) renew or extend all or any portion of Borrower’s or any other person’s obligations due under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and any of the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) default or event of default under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents, and accept or deny, in Lender’s sole discretion, partial payments on or performance of the Note; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or in excess of the Loan Amount as a result of additional advances made directly to Borrower, (ii) changes in the manner by which interest rates, fees or charges are calculated under the Note and or any of the other Loan Documents (Guarantor acknowledges that that, if the Note or any of the other Loan Documents so provideprovides, said interest rates, fees and charges may vary from time to time) ), or (iiiii) advancement of accelerate the Maturity Date maturity date of the Note where no Default default or event of default has occurred under the Loan Documents; (e) take and hold additional security for the performance of Borrower’s or any other person’s obligations under the Note or and the other Loan Documents and abandon, fail to perfect, exchange, enforce, waive and or release any such additional or existing security; (f) apply such additional or existing security for the Note and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s or any other person’s obligations under the Note or any of the other Loan Documents; (h) apply payments received by Lender from Borrower or any other person to any obligations of Borrower or such other person under the Note and the other Loan Documents, in such order as Lender shall determine, in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) consent, in the sole discretion of Lender, to the merger, consolidation, restructuring, dissolution or other change in the structure of Borrower or any other person; and (j) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew approve modifications to the Plans and Specifications so long as such modifications do not materially increase the cost of constructing the Construction Improvements nor materially increase the time necessary to complete the Construction Improvements; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower’s ability to construct the Construction Improvements as and when required under the Loan Agreement; (c) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan DocumentsDocuments and any obligations under or in connection with any Swap Agreement between Borrower and Lender; (bd) declare all sums owing to Lender under the Note and or any of the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender, due and payable upon the occurrence of a Default (under the Loan Documents or an Event of Default as defined in the Loan Agreement) under the Loan Documentsany Swap Agreement between Borrower and Lender; (ce) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (df) otherwise modify the terms of any of the Loan DocumentsDocuments or any Swap Agreement between Borrower and Lender, except for for: (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or the other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date (as defined in the Note) of the Note where no Default has occurred under the Loan Documents; (eg) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and any obligations under or in connection with any Swap Agreement between Borrower and Lender, and exchange, enforce, waive waive, subordinate and release any such securitysecurity in whole or part; (fh) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (gi) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan DocumentsDocuments or any obligations under or in connection with any Swap Agreement between Borrower and Lender; (hj) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (k) assign this Guaranty in whole or in partpart (as long as the interests in the other Loan Documents are also assigned to the same assignee subject to the terms of the Loan Agreement); and (il) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this GuarantyGuaranty subject to the terms of the Loan Agreement.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note Loan Agreement, the Note, or any of the other Loan DocumentsDocuments or delay the enforcement thereof for any period of time; (b) declare all sums amounts owing to Lender under the Note Loan Agreement, the Note, and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documentsan Event of Default; (c) make non-material agree to changes in the dates specified for payments payment of any sums amounts payable in periodic installments under the Loan Agreement, the Note or any of the other Loan Documents; (d) otherwise modify agree to modify, amend, waive, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases Documents in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documentsany manner; (e) take and hold security for the performance of Borrower’s obligations under the Loan Agreement, the Note or the other Loan Documents and exchange, enforce, waive and waive, fail to perfect its interest in, or release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (g) release, substitute or add any one or more endorsers indorsers of the Note or guarantors of Borrower’s obligations under any or all of the Note or the other Loan DocumentsGuaranteed Obligations; (h) apply payments received by Lender from Borrower or any other Person liable for the Loan to any obligations of the payor to Lender, in such order as Lender may determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan DocumentsDocuments (other than Section 8.2 of the Note); (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan AgreementNote) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner terms and conditions by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan DocumentsDocuments or (iii) Section 8.2 of the Note; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part but only in connection with an assignment to the same party of the indebtedness guaranteed by this GuarantyLoan Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of GuarantorGuarantor hereunder, from time to time to: (a) renew or extend all or any portion of Borrower’s 's or any other person's obligations due under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and any of the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) default or event of default under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents, and accept or deny, in Lender's sole discretion, partial payments on or performance of the Note; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or in excess of the Committed Sum as a result of additional advances made directly to Borrower after the Conversion Date, (ii) changes in the manner by which interest rates, fees or charges are calculated under the Note and or any of the other Loan Documents (Guarantor acknowledges that that, if the Note or any of the other Loan Documents so provideprovides, said interest rates, fees and charges may vary from time to time) ), or (iiiii) advancement of accelerate the Maturity Date maturity date of the Note where no Default default or event of default has occurred under the Loan Documents; (e) take and hold additional security for the performance of Borrower’s 's or any other person's obligations under the Note or and the other Loan Documents and abandon, fail to perfect, exchange, enforce, waive and or release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.such

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: to (a) renew or extend the time required for Borrower to satisfy all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a any Event of Default (as defined in accordance with the Loan Agreement) under Agreement or any of the other Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan DocumentsDocuments but only to the extent that such changes do not shorten the time periods for Borrower's performance of its obligations under the Loan Documents or otherwise materially and adversely affect the Borrower; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases but only to the extent that the Borrower has agreed to such modifications in the principal amount of the Note or changes in the manner an amendment signed by which interest rates, fees or charges are calculated under the Note Borrower and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan DocumentsLender; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) releaserelease or, with the written agreement of Borrower, substitute or add any one or more endorsers makers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion but not in a manner that shall cause or exacerbate an Event of Default under the Loan Documents, whether or not any such obligations are covered by this Guaranty; (i) accept a conveyance of all or part of the Property conveyed by those certain Mortgage, Assignment of Leases and Rents and Security Agreements, dated as of the date hereof, made by the respective Borrowers for the benefit of Lender (individually and collectively, as the case may be, the "Security Instrument") in partial satisfaction of the Obligations; and/or (j) assign this Guaranty in whole or in part. 4. Guarantor's Waivers. Guarantor waives, to the fullest extent permitted under applicable law, and agrees that its obligations under this Guaranty will not be impaired or affected by (a) any defense based upon any legal disability or other related defense of Borrower, Guarantor or other person, or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable under the Note or any of the other Loan Documents; and (b) any defense based upon any lack of authority of the officers, directors, partners, members or agents acting or purporting to act on behalf of Borrower or any principal of Borrower and/or Guarantor or any defect in the formation of Borrower or any principal of Borrower and/or Guarantor; (c) any defense based upon the application by Borrower of the proceeds of the Loan for purposes other than the purposes represented by Borrower to Lender or intended or understood by Lender or Guarantor as set forth in the Loan Agreement; (d) any defense of Guarantor based upon Lender's election of any remedy against either Guarantor or Borrower; (e) any defense based upon Lender's failure to disclose to Guarantor any information concerning Borrower's financial condition or any other circumstances bearing on Borrower's ability to pay all sums payable under the Note or any of the other Loan Documents; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (g) any defense based upon Lender's election, in any proceeding instituted under the U.S. Bankruptcy Code, of the application of Section 1111(b)(2) of the U.S. Bankruptcy Code or any successor statute; (h) any defense based upon any borrowing or any grant of a security interest under Section 364 of the U.S. Bankruptcy Code; (i) assignany right of subrogation, transfer any right to enforce any remedy which Lender may have against Borrower and any right to participate in, or negotiate benefit from, any security for the Note or the other Loan Documents now or hereafter held by Lender; (j) presentment, demand, protest and notice of any kind; (k) the benefit of any statute of limitations affecting the liability of Guarantor hereunder or the enforcement hereof; (l) any irregularity, invalidity or unenforceability in whole or in part of the obligations guaranteed hereunder or under the Loan Documents or any provision thereof; and/or (m) any defense based on any exercise or non-exercise by Lender of any right, power or remedy under or in respect of the Loan Documents or any security held by Lender with respect thereto, or any waiver of any such right, power or remedy. Guarantor agrees that the payment of all sums payable under the Note or any of the other Loan Documents or any part thereof or other act which tolls any statute of limitations applicable to the indebtedness Note or the other Loan Documents shall similarly operate to toll the statute of limitations applicable to Guarantor's liability hereunder. Without limitation of any waiver otherwise set forth herein, Guarantor waives all rights and defenses arising out of an election of remedies by Lender even though that election of remedies, such as a nonjudicial foreclosure with respect to the security for a guaranteed by this Guarantyobligation, has destroyed Guarantor's rights and reimbursement against the principal.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew approve modifications to the Plans and Specifications so long as such modifications do not materially increase the cost of constructing the Renovations nor materially increase the time necessary to Complete the Renovations; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower's ability to construct the Renovations as and when required under the Loan Agreement; (c) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (bd) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (ce) make non-material non‑material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (df) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (eg) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (fh) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (gi) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (hj) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (k) assign this Guaranty in whole or in part; and (il) assign, transfer or negotiate all or any part of the indebtedness guaranteed evidenced by this Guarantythe Note and the other Loan Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of GuarantorGuarantor for the Obligations to the extent described in Section 1 hereof, from time to time to: : (a) renew compromise, settle, renew, extend the time for payment, change the manner or extend terms of payment, discharge the performance of, decline to enforce, or release all or any portion of Borrower’s obligations under the Note or any of the Obligations; grant other Loan Documentsindulgences to Borrower in respect thereof; or modify in any manner any documents (other than this Guaranty) relating to the Obligations; (b) declare all sums owing to Lender under the Note and the other Loan Documents Obligations due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; an Event of Default; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents Obligations and exchange, enforce, waive and release any such security; ; (fd) apply and reapply such security and direct the order or manner of sale thereof as Lender Lender, in its discretion sole discretion, may determine; (e) release, surrender or exchange any deposits or other Property securing the Obligations or on which Lender at any time may have a Lien; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s the Obligations; or compromise, settle, renew, extend the time for payment, discharge the performance of, decline to enforce, or release all or any obligations under the Note of any such endorser or the guarantor or other Loan DocumentsPerson who is now or may hereafter be liable on any Obligations or release, surrender or exchange any deposits or other Property of any such Person; (f) apply payments received by Lender from Borrower to any Obligations, in such order as Lender determines, in its sole discretion, whether or not any such Obligations are covered by this Guaranty; and (hg) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan AgreementDeed of Trust) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner terms and conditions by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date maturity date of the Note where no Default (as defined in the Deed of Trust) has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. The Guarantor authorizes the Lender, without giving notice to the Guarantor or obtaining the Guarantor’s consent and without affecting the liability of the Guarantor, from time to time to: : (a) renew or extend all or any portion of the Borrower’s obligations under the Note or any of the other Loan Documents; ; (b) declare all sums owing to the Lender under the Note and the other Loan Documents due and payable upon the occurrence of a any Event of Default (as defined in the Loan AgreementNote) under the Loan Documents; ; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; ; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner terms and conditions by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (the Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; ); (e) take and hold security for the performance of the Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; ; (f) apply such security and direct the order or manner of sale thereof as the Lender in its discretion may determine; ; (g) release, substitute or add any one or more endorsers of the Note or guarantors of the Borrower’s obligations under the Note or the other Loan Documents; ; (h) apply payments received by the Lender from the Borrower to any obligations of the Borrower to the Lender, in such order as the Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s 's obligations under the Note Note, the Loan Agreement or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note Note, the Loan Agreement and the other Loan Documents due and payable upon the occurrence of a an Event of Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note Note, the Loan Agreement or any of the other Loan Documents; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s 's obligations under the Note Note, the Loan Agreement or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note Note, the Loan Agreement or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a an Event of Default (as defined in the Loan AgreementNote); (b) take and hold security for the performance of Borrower's obligations under the Loan DocumentsNote or the other Transaction Documents and exchange, enforce, waive and release any such security; (c) make non-material changes extensions in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan DocumentsTransaction Document; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (ge) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Transaction Documents; (hf) except as expressly directed by Borrower in writing to Lender with respect to particular payments, apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (g) assign this Guaranty in whole or in part; and (ih) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a an Event of Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner terms and conditions by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Event of Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; part in connection with an otherwise permissible sale of the Loan and (ij) assign, transfer or negotiate all or any part perform the other acts specified in Section 16.1(b) of the indebtedness guaranteed by this GuarantyDeed of Trust.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan AgreementNote) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner terms and conditions by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time totime, may: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence and during the continuance of a Default (as defined in the Loan Agreement) under the Loan DocumentsDefault; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify enter into modifications of the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other than Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documentswhich Guarantor is a party to); (e) take and hold security for the performance of Borrower’s obligations under the Note Notes or the other Loan Documents and exchange, enforce, waive and release any such security, or impair or fail to perfect any lien on or security interest in any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part, to the holder of the Note; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) or Event of Default under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner Documents pursuant to an agreement entered into by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan DocumentsBorrower; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) assign apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) subject to Section 10, assign, transfer or negotiate this Guaranty in whole or in part; and (ij) subject to Section 10, assign, transfer or negotiate all or any part of the indebtedness guaranteed by this GuarantyGuaranteed Indebtedness.

Rights of Lender. Guarantor authorizes LenderSeller, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender Seller under the Note and the other Loan Documents due and payable upon the occurrence of a an Event of Default (as defined in the Loan AgreementNote); (b) take and hold security for the performance of Buyer’s obligations under the Loan DocumentsNote or the other Transaction Documents and exchange, enforce, waive and release any such security; (c) make non-material changes extensions in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan DocumentsTransaction Document; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender Seller in its discretion may determine; (ge) release, substitute or add any one or more endorsers of the Note or guarantors of BorrowerBuyer’s obligations under the Note or the other Loan Transaction Documents; (hf) except as expressly directed by Buyer in writing to Seller with respect to particular payments, apply payments received by Seller from Buyer to any obligations of Buyer to Seller, in such order as Seller shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (g) assign this Guaranty in whole or in part; and (ih) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time totime, may: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence and during the continuance of a Default (as defined in the Loan Agreement) under the Loan DocumentsDefault; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify enter into modifications of the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other than Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documentswhich Guarantor is a party to); (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security, or impair or fail to perfect any lien on or security interest in any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part, to the holder of the Note; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: to (a) renew or extend the time required for Borrower to satisfy all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a any Event of Default (as defined in accordance with the Loan Agreement) under Agreement or any of the other Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan DocumentsDocuments but only to the extent that such changes do not shorten the time periods for Borrower's performance of its obligations under the Loan Documents or otherwise materially and adversely affect the Borrower; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases but only to the extent that the Borrower has agreed to such modifications in the principal amount of the Note or changes in the manner an amendment signed by which interest rates, fees or charges are calculated under the Note Borrower and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan DocumentsLender; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) releaserelease or, with the written agreement of Borrower, substitute or add any one or more endorsers makers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion but not in a manner that shall cause or exacerbate an Event of Default under the Loan Documents, whether or not any such obligations are covered by this Guaranty; (i) accept a conveyance of all or part of the Property conveyed by those certain Mortgage, Assignment of Leases and Rents and Security Agreements, dated as of the date hereof, made by the respective Borrowers for the benefit of Lender (individually and collectively, as the case may be, the "Security Instrument") in partial satisfaction of the Obligations; and/or (j) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material non‑material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of GuarantorGuarantor hereunder, from time to time to: (a) renew or extend all or any portion of Borrower’s 's or any other person's obligations due under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and any of the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) default or event of default under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents, and accept or deny, in Lender's sole discretion, partial payments on or performance of the Note; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or in excess of the Committed Sum as a result of additional advances made directly to Borrower after the Conversion Date, (ii) changes in the manner by which interest rates, fees or charges are calculated under the Note and or any of the other Loan Documents (Guarantor acknowledges that that, if the Note or any of the other Loan Documents so provideprovides, said interest rates, fees and charges may vary from time to time) ), or (iiiii) advancement of accelerate the Maturity Date maturity date of the Note where no Default default or event of default has occurred under the Loan Documents; (e) take and hold additional security for the performance of Borrower’s 's or any other person's obligations under the Note or and the other Loan Documents and abandon, fail to perfect, exchange, enforce, waive and or release any such additional or existing security; (f) apply such additional or existing security for the Note and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's or any other person's obligations under the Note or any of the other Loan Documents; (h) apply payments received by Lender from Borrower or any other person to any obligations of Borrower or such other person under the Note and the other Loan Documents, in such order as Lender shall determine, in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) consent, in the sole discretion of Lender, to the merger, consolidation, restructuring, dissolution or other change in the structure of Borrower or any other person; and (j) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Guarantors authorize Lender, without giving notice to Guarantor Guarantors or obtaining Guarantor’s Guarantors’ consent and without affecting the liability of GuarantorGuarantors, from time to time to: (a) renew or extend all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges Guarantors acknowledge that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: to (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a any Event of Default (as defined in the Loan Agreement) under the Loan DocumentsAgreement or any of the other Loan Documents that continues beyond expiration of any applicable notice and/cure period; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note Note, the Loan Agreement or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) accept a conveyance of all or part of the Property conveyed by the Security Instrument in partial satisfaction of the Obligations; and/or (j) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to any Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material non‑material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) assign this Guaranty in whole or in part; and (ij) assign, transfer or negotiate all or any part of the indebtedness guaranteed evidenced by this Guarantythe Note and the other Loan Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew approve modifications to the Required PIP so long as such modifications do not materially increase the cost of constructing the Required PIP nor materially increase the time necessary to Complete the Required PIP; (b) change the terms or conditions of disbursement of the Loan so long as such changes do not materially interfere with Borrower's ability to Complete the Required PIP as and when required under the Loan Agreement and the Franchise Agreement; (c) renew, modify or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (bd) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (ce) make non-material non‑material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (df) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (eg) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (fh) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (gi) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (hj) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; (k) assign this Guaranty in whole or in part; and (il) assign, transfer or negotiate all or any part of the indebtedness guaranteed evidenced by this Guarantythe Note and the other Loan Documents.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s 's consent and without affecting the liability of GuarantorGuarantor hereunder, from time to time to: (a) renew or extend all or any portion of Borrower’s 's or any other person's obligations due under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and any of the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) default or event of default under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents, and accept or deny, in Lender's sole discretion, partial payments on or performance of the Note; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or in excess of the Committed Sum as a result of additional advances made directly to Borrower after the Conversion Date, (ii) changes in the manner by which interest rates, fees or charges are calculated under the Note and or any of the other Loan Documents (Guarantor acknowledges that that, if the Note or any of the other Loan Documents so provideprovides, said interest rates, fees and charges may vary from time to time) ), or (iiiii) advancement of accelerate the Maturity Date maturity date of the Note where no Default default or event of default has occurred under the Loan Documents; (e) take and hold additional security for the performance of Borrower’s 's or any other person's obligations under the Note or and the other Loan Documents and abandon, fail to perfect, exchange, enforce, waive and or release any such additional or existing security; (f) apply such additional or existing security for the Note and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (g) release, ; substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's or any other person's obligations under the Note or any of the other Loan Documents; (h) apply payments received by Lender from Borrower or any other person to any obligations of Borrower or such other person under the Note and the other Loan Documents, in such order as Lender shall determine, in its sole discretion, whether or not any such obligations are covered by this Guaranty; (i) consent, in the sole discretion of Lender, to the merger, consolidation, restructuring, dissolution or other change in the structure of Borrower or any other person; and (3) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Each Guarantor authorizes Lenderconsents and agrees that the Agent and Lenders may, at any time and from time to time, without giving notice to Guarantor or obtaining Guarantor’s consent demand, and without affecting the liability of Guarantor, from time to time toenforceability or continuing effectiveness hereof: (a) renew amend, extend, renew, compromise, discharge, accelerate or extend all otherwise change the time for payment or the terms of any Guaranteed Obligations or any portion of Borrower’s obligations under part thereof in accordance with the Note or any terms of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documentstake, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rateshold, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release waive, release, fail to perfect, sell, or otherwise dispose of any such securitysecurity for the payment of any Guaranteed Obligations; (fc) apply such security and direct the order or manner of sale thereof as Lender the Agent or Lenders in its their sole discretion may determine; (gd) release, release or substitute or add any one or more of any endorsers or other guarantors of any of the Note Guaranteed Obligations and (e) to the extent implemented in accordance with the Loan Documents, increase the amount of the Guaranteed Obligations or guarantors any portion thereof, or make any new or additional loans or extensions of Borrower’s obligations credit (whether of the same type(s) and/or different or additional type(s) as the loans and extensions of credit available to the Borrowers under the Note Loan Documents on the date hereof) or increase the other Loan Documents; (h) assign this Guaranty rates or amounts of any interest on and/or fees on or with respect to or included in whole or in part; and (i) assign, transfer or negotiate all or any part the Guaranteed Obligations. Without limiting the generality of the indebtedness guaranteed by foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantors hereunder or which, but for this Guarantyprovision, might operate as a discharge of any Guarantor.

Rights of Lender. Guarantor authorizes Lender, without giving notice to Guarantor or obtaining Guarantor’s consent and without affecting the liability of Guarantor, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a an Event of Default (as defined in the Loan AgreementNote) under the Loan Documents; (c) make non-material changes in the dates specified for payments of any sums payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify modify, amend, supplement or replace from time to time the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Guaranty; and (i) assign this Guaranty in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.

Rights of Lender. Guarantor Indemnitor authorizes Lender, without giving notice to Guarantor Indemnitor or obtaining Guarantor’s Indemnitor's consent and without affecting the liability of GuarantorIndemnitor, from time to time to: (a) renew or extend all or any portion of Borrower’s 's obligations under the Note or any of the other Loan Documents; (b) declare all sums owing to Lender under the Note and the other Loan Documents due and payable upon the occurrence of a Default (as defined in the Loan Agreement) under the Loan Documents; (c) make non-material nonmaterial changes in the dates specified for payments of any sums item payable in periodic installments under the Note or any of the other Loan Documents; (d) otherwise modify the terms of any of the Loan Documents, except for (i) increases in the principal amount of the Note or changes in the manner by which interest rates, fees or charges are calculated under the Note and the other Loan Documents (Guarantor Indemnitor acknowledges that if the Note or other Loan Documents so provide, said interest rates, fees and charges may vary from time to time) or (ii) advancement of the Maturity Date maturity date of the Note where no Default has occurred under the Loan Documents; (e) take and hold security for the performance of Borrower’s 's obligations under the Note or the other Loan Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine; (g) release, substitute or add any one or more endorsers of the Note or guarantors of Borrower’s 's obligations under the Note or the other Loan Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Indemnity; and (i) assign this Guaranty Indemnity in whole or in part; and (i) assign, transfer or negotiate all or any part of the indebtedness guaranteed by this Guaranty.