Common use of Waiver of Estoppel Defense Clause in Contracts

Waiver of Estoppel Defense. Upon and during the continuance of an Event of Default, Lender may elect to foreclose nonjudicially the Lien of any or all of the Mortgages and, if such right has arisen, to also exercise its rights under this Guaranty. Guarantor acknowledges that its right to seek reimbursement from Borrower for any amounts paid by it to Lender under this Guaranty will be eliminated if Lender elects to so foreclose the Lien of the Mortgages. Nevertheless, Guarantor waives any such right to reimbursement and agrees that a nonjudicial foreclosure by Lender of the Lien of the Mortgages will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Individual Properties. In order to further effectuate such waiver, each Guarantor hereby agrees that it 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 of the Lien of any or all of the Mortgages, has destroyed its rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise.

Waiver of Estoppel Defense. Upon and during Borrower's default under the continuance of an Event of DefaultLoan Documents, Lender may elect to foreclose nonjudicially on real property given by Borrower or others as security under the Lien of any or all of the Mortgages and, if such right has arisen, Loan Documents and also to also exercise its rights under this GuarantyAgreement. Guarantor acknowledges that its right to seek reimbursement from Borrower for any amounts paid by it Guarantor to Lender under this Guaranty Agreement will be eliminated if Lender elects to so foreclose the Lien of the Mortgageson Borrower's property. Nevertheless, Guarantor waives any such right to reimbursement and agrees that a nonjudicial foreclosure by Lender of the Lien of the Mortgages against any real property security owned by Borrower or others will not affect the enforceability of the Loan Documents this Agreement on Guarantor’s 's interest in any of the Individual PropertiesMortgaged Property. In order to further effectuate such waiver, each waiver Guarantor hereby agrees that it as follows: 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 of with respect to the Lien of any or all of the MortgagesMortgaged Property, has destroyed its Guarantor's rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise.

Waiver of Estoppel Defense. Upon and during Borrower’s default under the continuance of an Event of DefaultLoan Documents, Lender may elect to foreclose nonjudicially on real property given by Borrower or others as security under the Lien of any or all of the Mortgages Loan Documents and, if such right has arisen, also to also exercise its rights under this Guaranty. Guarantor acknowledges that its right to seek reimbursement from Borrower or any other Loan Party for any amounts paid by it to Lender under this Guaranty will be eliminated if Lender elects to so foreclose the Lien of the Mortgageson Guarantor’s property. Nevertheless, Guarantor waives any such right to reimbursement and agrees that a nonjudicial foreclosure by Lender of the Lien of the Mortgages against any real property security owned by Guarantor or others will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Individual PropertiesCollateral. In order to further effectuate such waiver, each Guarantor hereby agrees that it 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 any of the Lien of any or all of the MortgagesCollateral, has destroyed its rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise.

Waiver of Estoppel Defense. Upon and during the continuance of an Event of Default, Lender may elect to foreclose nonjudicially the Lien of any (or all of the Mortgages each) Mortgage and, if such right has arisen, to also exercise its rights under this Guaranty. Guarantor acknowledges that its right to seek reimbursement from Borrower for any amounts paid by it to Lender under this Guaranty will may be eliminated impaired or destroyed if Lender elects to so foreclose the Lien of the Mortgagesany Mortgage. Nevertheless, Guarantor waives any such right to reimbursement (until the Loan has been indefeasibly paid in full) and agrees that a nonjudicial foreclosure by Lender of the Lien of the Mortgages any Mortgage will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Individual PropertiesProperty. In order to further effectuate such waiver, each Guarantor hereby agrees that it 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 of the Lien of any or all of the MortgagesMortgage, has destroyed its rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise.

Waiver of Estoppel Defense. Upon and during the continuance of an Event of Default, Lender may elect to foreclose nonjudicially the Lien of any (or all of the Mortgages each) Mortgage and, if such right has arisen, to also exercise its rights under this Guaranty. Guarantor acknowledges that its right to seek reimbursement from Borrower or Operating Lessee for any amounts paid by it to Lender under this Guaranty will be eliminated if Lender elects to so foreclose the Lien of the Mortgagesany Mortgage. Nevertheless, Guarantor waives any such right to reimbursement and agrees that a nonjudicial foreclosure by Lender of the Lien of the Mortgages any Mortgage will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Individual PropertiesProperty. In order to further effectuate such waiver, each Guarantor hereby agrees that it 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 of the Lien of any (or all of the Mortgageseach) Mortgage, has destroyed its rights of subrogation and reimbursement against Borrower or Operating Lessee by the operation of Section 580d of the Code of Civil Procedure or otherwise.

Waiver of Estoppel Defense. Upon and during During the continuance of an Event of a Default, Lender may elect to foreclose nonjudicially the Lien of any or all of the Mortgages and, if such right has arisen, to also exercise its rights under this Guaranty. Until such time as the Indebtedness that is due has been paid in full, Guarantor acknowledges that its right to seek reimbursement from Borrower for any amounts paid by it to Lender under this Guaranty will be eliminated if Lender elects to so foreclose the Lien of the Mortgages in accordance with the Loan Agreement or such Mortgages. Nevertheless, Guarantor waives any such right to reimbursement and agrees that a nonjudicial foreclosure by Lender of the Lien of the Mortgages will not affect the enforceability of the Loan Documents on Guarantor’s interest in any of the Individual Properties. In order to further effectuate such waiver, each Guarantor hereby agrees that it 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 of the Lien of any or all of the Mortgages, has destroyed its rights of subrogation and reimbursement against Borrower by the operation of Section 580d of the Code of Civil Procedure or otherwise.