Common use of Waiver of Deficiency Statute Clause in Contracts

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor agrees that notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), to the extent permitted by law, Beneficiary shall be entitled to seek a deficiency judgment from Trustor and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor expressly recognizes that this paragraph constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor and other persons against whom recovery for deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by Trustor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: (i) the Trust Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly will be repaired or improved in manner before a resale of the Trust Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Trust Property, including brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees and marketing costs; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including utilities expenses, property management fees, taxes and assessments (to the extent not accounted for above) and other maintenance expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Grantor agrees that notwithstanding as follows. Notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Grantor agrees that Beneficiary shall be entitled to seek a deficiency judgment from Trustor Grantor and any other party obligated on the Note Notes equal to the difference between the amount owing on the Note Notes and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Grantor expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Grantor and other persons against whom recovery for of deficiencies is sought or Guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Grantor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by TrustorGrantor, Guarantor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph subsection (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Mortgaged Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons having at least five years’ (5) years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event If an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial non-judicial foreclosure sale, Trustor Grantor agrees that as follows: notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Beneficiary shall be entitled to may seek a deficiency judgment from Trustor Grantor and any other party obligated on the Note Obligations equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor Grantor expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Grantor and other persons against whom recovery for of deficiencies is sought or any guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Grantor further recognizes and agrees that this waiver creates an irrebuttable irrefutable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by TrustorGrantor, any guarantor, and others against whom recovery of a deficiency is sought. (b) . Alternatively, in the event the waiver provided for in sub-paragraph (a) above the preceding subsection is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Property shall be valued in an "as “as-is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Property will be repaired or improved in any manner before a resale of the Trust Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Property taking into consideration the factors set forth above. (a) TEXAS FINANCE CODE SECTION 307.052 COLLATERAL PROTECTION INSURANCE NOTICE. (i) GRANTOR IS REQUIRED TO (A) KEEP THE PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT SPECIFIED BY BENEFICIARY; (B) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (C) NAME BENEFICIARY AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS; (ii) GRANTOR MUST, IF REQUIRED BY BENEFICIARY, DELIVER TO BENEFICIARY A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS; AND (iii) IF GRANTOR FAILS TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS (i) OR (ii), BENEFICIARY MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF GRANTOR AT GRANTOR’S EXPENSE.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Mortgagor agrees that notwithstanding as follows. Notwithstanding the provisions of Sections Section 51.003, 51.004, 51.004 and 51.005 of the Texas Property Code (as the same may be amended from time to time), and except to the extent permitted limited by lawlaw or limited by any written agreement executed by Beneficiary to the contrary, Mortgagor agrees that Beneficiary shall be entitled to seek a deficiency judgment from Trustor Mortgagor and any other party obligated on the Note indebtedness secured hereby equal to the difference between the amount owing on the Note indebtedness and the amount for which the Trust Property property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Mortgagor expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Mortgagor and other persons against whom recovery for of deficiencies is sought or any guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Mortgagor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property property for purposes of calculating deficiencies owed by TrustorMortgagor, any guarantor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: (i) the Trust Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly will be repaired or improved in manner before a resale of the Trust Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Trust Property, including brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees and marketing costs; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including utilities expenses, property management fees, taxes and assessments (to the extent not accounted for above) and other maintenance expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial non-judicial foreclosure sale, Trustor the Mortgagor agrees that as follows: notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as in effect in the state of Texas and herein so called and as the same may be amended from time to time), and to the extent permitted by law, Beneficiary the Mortgagor agrees that the Mortgagee shall be entitled to seek a deficiency judgment from Trustor the Mortgagor and any any/or other party obligated on the Note Secured Indebtedness equal to the difference between the amount owing on the Note Secured Indebtedness and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor The Mortgagor expressly recognizes that this paragraph Section 8.13(a) constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor the Mortgagor and other persons against whom recovery for of deficiencies is sought or any Guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor The Mortgagor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by Trustor, and the Mortgagor and/or others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph clause (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Mortgaged Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner (including, without limitation, the re-working of existing xxxxx or the drilling of any new xxxxx) before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no not later than twelve 12 months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction oil and gas transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insuranceopinions, a survey engineering evaluations of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons having at least five (5) years’ experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written engineering appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial non-judicial foreclosure sale, Trustor Grantor agrees that as follows: notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Grantor agrees that Beneficiary shall be entitled to seek a deficiency judgment from Trustor Grantor and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor Grantor expressly recognizes that this paragraph Section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Grantor and other persons against whom recovery for of deficiencies is sought or Guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Grantor further recognizes and agrees that this waiver creates an irrebuttable irrefutable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by TrustorGrantor, Guarantor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: (i) the Trust Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly will be repaired or improved in manner before a resale of the Trust Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Trust Property, including brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees and marketing costs; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including utilities expenses, property management fees, taxes and assessments (to the extent not accounted for above) and other maintenance expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Grantor agrees that notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), to follows. To the extent permitted by lawLaw, Grantor agrees that Beneficiary and Secured Creditors shall be entitled to seek a deficiency judgment from Trustor Grantor and any other party obligated on the Note Notes and the other Indebtedness equal to the difference between the amount owing on the Note Notes and the other Indebtedness and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Grantor expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code any Law which would otherwise permit Trustor Grantor and other persons Persons against whom recovery for of deficiencies is sought or each Guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Grantor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by TrustorGrantor, Guarantor, and others against whom recovery of a deficiency is sought.. DEED OF TRUST - Page 30 (b) Alternatively, in the event the waiver provided for in sub-paragraph subsection (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in any legal proceedings governed by Sections 51.003, 51.004 and 51.005 of with respect to the Texas Property Code (as amended from time to time: Mortgaged Property: (i) the Trust Mortgaged Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons Persons having at least five years’ (5) years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Grantor agrees that notwithstanding as follows. Notwithstanding the provisions of Sections Section 51.003, 51.004, 51.004 and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Grantor agrees that Beneficiary shall be entitled to seek a deficiency judgment from Trustor Grantor and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Grantor expressly recognizes that this paragraph Section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Grantor and other persons against whom recovery for of deficiencies is sought or any guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Grantor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by TrustorGrantor, any guarantor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph (aSection 6.08(a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Property will be repaired or improved in any manner before a resale of the Trust Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five (5) years’ experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor agrees that notwithstanding Borrower hereby makes the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (agreements as the same may be amended from time to time), to the extent permitted by law, Beneficiary shall be entitled to seek a deficiency judgment from Trustor and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial foreclosure saleset forth in this SECTION 7.8. Trustor expressly recognizes that this paragraph constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor and other persons against whom recovery for deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by Trustor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the The following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Mortgaged Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in CLAUSE (III) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons having at least five years’ (5) years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event of an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Borrower agrees that notwithstanding as follows. Notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Beneficiary Borrower agrees that Lender shall be entitled to seek a deficiency judgment from Trustor Borrower and any other party obligated on the Note indebtedness secured hereby equal to the difference between the amount owing on the Note indebtedness secured hereby and the amount for which the Trust Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale, but not for an amount in excess of the Carveout Obligations. Trustor Borrower expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Borrower and other persons against whom recovery for of deficiencies is sought or Obligor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Borrower further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by TrustorBorrower, Obligor and others against whom recovery of a deficiency is sought. (b) . Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Property will be repaired or improved in any manner before a resale of the Trust Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months(12) months following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ (5) years experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor the Mortgagor agrees that as follows: notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as in effect in the state of Texas and herein so called and as the same may be amended from time to time), and to the extent permitted by lawLaw, Beneficiary the Mortgagor agrees that the Mortgagee shall be entitled to seek a deficiency judgment from Trustor the Mortgagor and any any/or other party obligated on the Note Secured Indebtedness equal to the difference between the amount owing on the Note Secured Indebtedness and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor The Mortgagor expressly recognizes that this paragraph clause a of this Section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor the Mortgagor and other persons against whom recovery for of deficiencies is sought or any Guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor The Mortgagor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by Trustor, and the Mortgagor and/or others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph clause (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Mortgaged Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner (including, without limitation, the re-working of existing xxxxx or the drilling of any new xxxxx) before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no not later than twelve 12 months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction oil and gas transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insuranceopinions, a survey engineering evaluations of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons having at least five years’ years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written engineering appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor the Mortgagor agrees that notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), follows: to the extent permitted by lawLaw, Beneficiary the Mortgagor agrees that the Mortgagee shall be entitled to seek a deficiency judgment from Trustor the Mortgagor and any any/or other party obligated on the Note Secured Indebtedness equal to the difference between the amount owing on the Note Secured Indebtedness and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor expressly recognizes that this paragraph constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor and other persons against whom recovery for deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor further The Mortgagor recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by Trustor, and the Mortgagor and/or others against whom recovery of a deficiency is sought. (b) . Alternatively, in the event the waiver provided for in sub-paragraph (aSection 8.9(a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: sale: (i) the Trust Mortgaged Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner (including, without limitation, the re-working of existing wxxxx or the drilling of any new wxxxx) before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no not later than twelve 12 months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction oil and gas transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insuranceopinions, a survey engineering evaluations of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons having at least five years’ (5) years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written engineering appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor the Mortgagor agrees that as follows: notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as in effect in the state of Texas and herein so called and as the same may be amended from time to time), and to the extent permitted not prohibited by lawLaw, Beneficiary the Mortgagor agrees that the Mortgagee shall be entitled to seek a deficiency judgment from Trustor the Mortgagor and any any/or other party obligated on the Note Secured Indebtedness equal to the difference between the amount owing on the Note Secured Indebtedness and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial foreclosure sale. Trustor The Mortgagor expressly recognizes that this paragraph Section 8.9(a) constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor the Mortgagor and other persons against whom recovery for of deficiencies is sought or any Guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor The Mortgagor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by Trustor, and the Mortgagor and/or others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph clause (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Mortgaged Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner (including, without limitation, the re-working of existing xxxxx or the drilling of any new xxxxx) before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no not later than twelve 12 months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction oil and gas transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insuranceopinions, a survey engineering evaluations of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons having at least five years’ years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written engineering appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Deed of Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Xxxxxxxxx agrees that that, notwithstanding the provisions of Sections 51.003, 51.004, 51.004 and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Beneficiary Mortgagee shall be entitled to seek a deficiency judgment from Trustor Mortgagor and any other party obligated on the Note or any promissory note which constitutes indebtedness under the terms hereof equal to the difference between the amount owing on the Note and the amount for which the Deed of Trust Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Mortgagor expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Mortgagor and other persons against whom recovery for of deficiencies is sought or any indemnitor or guarantor independently (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Deed of Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Xxxxxxxxx further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Deed of Trust Property for purposes of calculating deficiencies owed by TrustorXxxxxxxxx, any indemnitor or guarantor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: (i) the Trust Property shall be valued in an "as is" condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly will be repaired or improved in manner before a resale of the Trust Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Trust Property, including brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees and marketing costs; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including utilities expenses, property management fees, taxes and assessments (to the extent not accounted for above) and other maintenance expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Xxxxxxxx agrees that notwithstanding as follows: Notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by lawXxx, Beneficiary Xxxxxxxx agrees that, subject to the provisions of Article XV hereof, Xxxxxx shall be entitled to seek a deficiency judgment from Trustor Borrower and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Borrower expressly recognizes that this paragraph Section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Borrower and other persons against whom recovery for of deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Xxxxxxxx further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by Trustor, Xxxxxxxx and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph subsection (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Property will be repaired or improved in any manner before a resale of the Trust Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ (5) years experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Mortgaged Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Grantor agrees that notwithstanding as follows. Notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by lawLaw, Grantor agrees that Beneficiary and Secured Creditors shall be entitled to seek a deficiency judgment from Trustor Grantor and any other party obligated on the Note Notes and the other Indebtedness equal to the difference between the amount owing on the Note Notes and the other Indebtedness and the amount for which the Trust Mortgaged Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Grantor expressly recognizes that this paragraph section constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Grantor and other persons Persons against whom recovery for of deficiencies is sought or each Guarantor independently (even absent the initiation of DEED OF TRUST - Page 30 deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Grantor further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Mortgaged Property for purposes of calculating deficiencies owed by TrustorGrantor, Guarantor, and others against whom recovery of a deficiency is sought. (b) Alternatively, in the event the waiver provided for in sub-paragraph subsection (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Mortgaged Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Mortgaged Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Mortgaged Property will be repaired or improved in any manner before a resale of the Trust Mortgaged Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Mortgaged Property for cash promptly (but no later than twelve (12) months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction transactions should be deducted from the gross fair market value of the Trust Mortgaged Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Mortgaged Property, tax prorations, reasonable attorneys' fees ’ fees, and marketing costs; ; (iv) the gross fair market value of the Trust Mortgaged Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Mortgaged Property pending sale, including including, without limitation, utilities expenses, property management fees, taxes and assessments (to the extent not accounted for in (iii) above) ), and other maintenance maintenance, operational and ownership expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Mortgaged Property must be given by persons Persons having at least five years’ (5) years experience in appraising property similar to the Trust Mortgaged Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Mortgaged Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a) In the event an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor but only if and to the extent that Borrower has any personal liability under the Loan Documents according to the terms of Article X hereof for payment of any resulting deficiency remaining outstanding under the Loan, Borrower agrees that notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), to the extent permitted by law, Beneficiary Lender shall be entitled to seek a deficiency judgment from Trustor Borrower and any other party obligated on the Note Debt equal to the difference between the amount owing on the Note Debt and the amount for which the Trust Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Borrower expressly recognizes that this paragraph subsection (a) constitutes a waiver of the above-above cited provisions of the Texas Property Code which would otherwise permit Trustor Borrower and other persons against whom recovery for of deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Borrower further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by TrustorBorrower, and others against whom recovery of a deficiency is sought. (b) . Alternatively, in the event the waiver provided for in sub-paragraph (a) above is determined by a court of competent jurisdiction to be unenforceable, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's ’s determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time: ): (i) the Trust Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Property will be repaired or improved in any manner before a resale of the Trust Property after foreclosure; ; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months) following the foreclosure sale; ; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Trust Property, including brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable attorneys' ’ fees and marketing costs; ; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including utilities expenses, property Property management fees, taxes and assessments (to the extent not accounted for in subparagraph (b)(iii) above) and other maintenance expenses; and and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five (5) years’ experience in appraising property Property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Property taking into consideration the factors set forth above.

Waiver of Deficiency Statute. (a1) In Subject only to the extent of the limitations expressly specified in Section 3 of the Note, in the event an interest in any of the Trust Properly Property is foreclosed upon pursuant to a judicial or nonjudicial foreclosure sale, Trustor Borrower agrees that notwithstanding the provisions of Sections 51.003, 51.004, and 51.005 of the Texas Property Code (as the same may be amended from time to time), and to the extent permitted by law, Beneficiary Lender shall be entitled to seek a deficiency judgment from Trustor Borrower and any other party obligated on the Note equal to the difference between the amount owing on the Note and the amount for which the Trust Property was sold pursuant to judicial or non-judicial nonjudicial foreclosure sale. Trustor Borrower expressly recognizes that this paragraph constitutes a waiver of the above-cited provisions of the Texas Property Code which would otherwise permit Trustor Borrower and other persons against whom recovery for of deficiencies is sought (even absent the initiation of deficiency proceedings against them) to present competent evidence of the fair market value of the Trust Property as of the date of the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale price is determined to be less than such fair market value. Trustor Borrower further recognizes and agrees that this waiver creates an irrebuttable presumption that the foreclosure sale price is equal to the fair market value of the Trust Property for purposes of calculating deficiencies owed by TrustorBorrower, and others against whom recovery of a deficiency is sought. (b2) Alternatively, in the event the waiver provided for in sub-paragraph subsection (a1) above is determined by a court of competent jurisdiction to be unenforceable, to the fullest extent not prohibited by applicable laws, the following shall to the extent permitted by applicable law, be the basis for the finder of fact's determination of the fair market value of the Trust Property as of the date of the foreclosure sale in proceedings governed by Sections 51.003, 51.004 and 51.005 of the Texas Property Code (as amended from time to time:): (i) the Trust Property shall be valued in an "“as is" ” condition as of the date of the foreclosure sale, without any assumption or expectation that the Trust Properly Property will be repaired or improved in any manner before a resale of the Trust Property after foreclosure; (ii) the valuation shall be based upon an assumption that the foreclosure purchaser desires a resale of the Trust Property for cash promptly (but no later than twelve months) following the foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in a commercial real estate transaction should be deducted from the gross fair market value of the Trust Property, including including, without limitation, brokerage commissions, title insurance, a survey of the Trust Property, tax prorations, reasonable seller’s attorneys' fees and marketing costs; (iv) the gross fair market value of the Trust Property shall be further discounted to account for any estimated holding costs associated with maintaining the Trust Property pending sale, including including, without limitation, utilities expenses, property hotel management fees, taxes and assessments (to the extent not accounted for in subsection (iii) above) and other maintenance expenses; and (v) any expert opinion testimony given or considered in connection with a determination of the fair market value of the Trust Property must be given by persons having at least five years’ years of experience in appraising property similar to the Trust Property and who have conducted and prepared a complete written appraisal of the Trust Prope1iy Property taking into consideration the factors set forth above.