Waiver by Guarantors. Each Guarantor unconditionally waives and releases, to the fullest extent permitted by applicable laws and regulations, any and all (a) notice of the acceptance of this Guaranty and of any change in Borrower's or Remainderman's financial condition or of the occurrence of any breach by Borrower or Remainderman under the Loan Documents or any event of Default; (b) notices of the creation, renewal, extension or accrual of any Obligation or any of the matters referred to in Section 2.04 hereof or any notice of or proof of reliance by the Beneficiary upon this Guaranty or acceptance of this Guaranty (the Indebtedness shall conclusively be deemed to have been created, contracted, incurred, renewed, extended, amended or waived in reliance upon this Guaranty and all dealings between Borrower, Remainderman or any Guarantor and the Beneficiary shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty); (c) notices which may be required by statute, rule of law or otherwise, now or hereafter in effect, to preserve intact any rights of the Beneficiary against any Guarantor, (d) the right to interpose all substantive and procedural defenses of the law of guaranty, indemnification and suretyship, except the defenses of prior payment or prior performance by Borrower, Remainderman or any Guarantor of the Obligations;
Appears in 1 contract
Waiver by Guarantors. Each Guarantor unconditionally waives and releases, to the fullest extent permitted by applicable laws and regulations, any and all (a) notice of the acceptance of this Guaranty and of any change in Borrower's or Remainderman's financial condition or of the occurrence of any breach by Borrower or Remainderman under the Loan Documents or any event Event of Default; (b) notices of the creation, renewal, extension or accrual of any Obligation or any of the matters referred to in Section 2.04 2.4 hereof or any notice of or proof of reliance by the any Beneficiary upon this Guaranty or acceptance of this Guaranty (the Indebtedness assignment of interests in Equity shall conclusively be deemed to have been created, contracted, incurred, renewed, extended, amended or waived in reliance upon this Guaranty and all dealings between Borrower, Remainderman or any Guarantor and the Beneficiary Beneficiaries shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty); (c) notices which may be required by statute, rule of law or otherwise, now or hereafter in effect, to preserve intact any rights of the Beneficiary Beneficiaries against any Guarantor, ; (d) the right to interpose all substantive and procedural defenses of the law of guaranty, indemnification and suretyship, except the defenses of prior payment or prior performance by Borrower, Remainderman or any Guarantor of the Obligations;; (e) all rights and remedies accorded by applicable laws and regulations to guarantors or sureties, including any extension of time conferred by any law now or hereafter in effect; (f) any right or claim of right to cause a marshaling of Borrower's or Remainderman's assets or to cause the Beneficiaries to proceed against Borrower or Remainderman or any collateral held by the Beneficiaries at any time or in any particular order; (g) rights to the endorsement, assertion or exercise by the Beneficiaries or the Lender of any right, power, privilege or remedy conferred herein or in any Operative Document or otherwise; (h) requirements of promptness or diligence on the part of the Beneficiary or Lender; (i) any renewal, extension or continuation of Borrower's or Remainderman's rights under the Operative Documents or any notices of the sale, transfer or other disposition of any right, title to or interest in the Mortgaged Properties or any Operative Document; (j) rights and defenses arising out of an election of remedies by the Beneficiaries or Lender, even though that election of remedies has destroyed Guarantors' rights of subrogation and reimbursement against Borrower by operation of law or otherwise; (k) other circumstances whatsoever (except the defenses of prior payment or prior performance by any Guarantor of the Obligations) which might otherwise constitute a legal or equitable discharge, release or defense of a guarantor or surety, or which might otherwise limit recourse against any Guarantor; or (l) the right to interpose any defense (except defense of prior payment or prior performance) set off or counterclaim of any nature or description in any action or proceeding. No failure to exercise and no delay in exercising, on the part of any Beneficiary or Lender, any right, power or privilege hereunder or under the Beneficiary Guaranties shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other power or right. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.
Appears in 1 contract
Waiver by Guarantors. Each Guarantor unconditionally waives and releases, to the fullest extent permitted by applicable laws and regulations, any and all (a) notice of the acceptance of this Guaranty and of any change in Borrower's or Remainderman's financial condition or of the occurrence of any breach by Borrower or Remainderman under the Loan Documents or any event Event of Default; (b) notices of the creation, renewal, extension or accrual of any Obligation or any of the matters referred to in Section 2.04 hereof or any notice of or proof of reliance by the Beneficiary upon this Guaranty or acceptance of this Guaranty (the Indebtedness shall conclusively be deemed to have been created, contracted, incurred, renewed, extended, amended or waived in reliance upon this Guaranty and all dealings between Borrower, Remainderman or any Guarantor and the Beneficiary shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty); (c) notices which may be required by statute, rule of law or otherwise, now or hereafter in effect, effect to preserve intact any rights of the Beneficiary against any Guarantor, (d) the right to interpose all substantive and procedural defenses of the law of guaranty, indemnification and suretyship, except the defenses of prior payment or prior performance by Borrower, Remainderman or any Guarantor of the Obligations;; (e) all rights and remedies accorded by applicable laws and regulations to guarantors or sureties, including any extension of time conferred by any law now or hereafter in effect; (f) any right or claim of right to cause a marshaling of Borrower's or Remainderman's assets or to cause the Beneficiary to proceed against Borrower or Remainderman or any collateral held by the Beneficiary at any time or in any particular order; (g) rights to the endorsement, assertion or exercise by the Beneficiary of any right, power, privilege or remedy conferred herein or in any Operative Document or otherwise; (h) requirements of promptness or diligence on the part of the Beneficiary; (i) any renewal, extension or continuation of Borrower's or Remainderman's rights under the Operative Documents or any notices of the sale, transfer or other disposition of any right, title to or interest in the Mortgaged Properties or any Operative Document; (j) rights and defenses arising out of an election of remedies by the Beneficiary, even though that election of remedies has destroyed Guarantors' rights of subrogation and reimbursement against Borrower and/or Remainderman by operation of law or otherwise; (k) other circumstances whatsoever (except the defenses of prior payment or prior performance by Borrower, Remainderman or any Guarantor of the Obligations) which might otherwise constitute a legal or equitable discharge, release or defense of a guarantor or surety, or which might otherwise limit recourse against any Guarantor, or (l) the right to interpose any defense (except defense of prior payment or prior performance) set off or counterclaim of any nature or description in any action or proceeding. No failure to exercise end no delay in exercising, on the part of the Beneficiary, any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other power or right. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.
Appears in 1 contract
Waiver by Guarantors. Each Guarantor unconditionally waives and releases, to the fullest extent permitted by applicable laws and regulations, any and all (a) notice of the acceptance of this Guaranty and of any change in Borrower's or Remainderman's financial condition or of the occurrence of any breach by Borrower or Remainderman under the Loan Documents or any event Event of Default; (b) notices of the creation, renewal, extension or accrual of any Obligation or any of the matters referred to in Section 2.04 hereof or any notice of or proof of reliance by the Beneficiary upon this Guaranty or acceptance of this Guaranty (the Indebtedness shall conclusively be deemed to have been created, contracted, incurred, renewed, extended, amended or waived in reliance upon this Guaranty and all dealings between Borrower, Remainderman or any Guarantor and the Beneficiary shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty); (c) notices which may be required by statute, rule of law or otherwise, now or hereafter in effect, to preserve intact any rights of the Beneficiary against any Guarantor, ; (d) the right to interpose all substantive and procedural defenses of the law of guaranty, indemnification and suretyship, except the defenses of prior payment or prior performance by Borrower, Remainderman or any Guarantor of the Obligations;; (e) all rights and remedies accorded by applicable laws and regulations to guarantors or sureties, including any extension of time conferred by any law now or hereafter in effect; (f) any right or claim of right to cause a marshaling of Borrower's or Remainderman's assets or to cause the Beneficiary to proceed against Borrower or Remainderman or any collateral held by the Beneficiary at any time or in any particular order; (g) rights to the endorsement, assertion or exercise by the Beneficiary of any right, power, privilege or remedy conferred herein or in any Operative Document or otherwise; (h) requirements of promptness or diligence on the part of the Beneficiary; (i) any renewal, extension or continuation of Borrower's or Remainderman's rights under the Operative Documents or any notices of the sale, transfer or other disposition of any right, title to or interest in the Mortgaged Properties or any Operative Document; (j) rights and defenses arising out of an election of remedies by the Beneficiary, even though that election of remedies has destroyed Guarantors' rights of subrogation and reimbursement against Borrower and/or Remainderman by operation of law or otherwise; (k) other circumstances whatsoever (except the defenses of prior payment or prior performance by Borrower, Remainderman or any Guarantor of the Obligations) which might otherwise constitute a legal or equitable discharge, release or defense of a guarantor or surety, or which might otherwise limit recourse against any Guarantor; or (l) the right to interpose any defense (except defense of prior payment or prior performance) set off or counterclaim of any nature or description in any action or proceeding. No failure to exercise and no delay in exercising, on the part of the Beneficiary, any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other power or right. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.
Appears in 1 contract
