Common use of Waiver of Marshalling of Assets Clause in Contracts

Waiver of Marshalling of Assets. (a) Borrower acknowledge that Lender has made the Loan to Borrower upon, among other things, the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note and the Loan as if a single blanket lien were placed on all of the Properties as security for the Note and the Loan (except where such Mortgage explicitly states a maximum principal amount to be secured by such Mortgage). (b) To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, and others with interests in Borrower, and of the Properties, and shall not assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of any Individual Property for the collection of the Obligations without any prior or different resort for collection, or of the right of Lender to the payment of the Obligations out of the net proceeds of any Individual Property in preference to every other claimant whatsoever. (c) In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other Individual Property or combination of Properties; and further in the event of such foreclosure Borrower does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties.

Waiver of Marshalling of Assets. (a) Borrower acknowledge that Lender has made the Loan to Borrower upon, among other things, the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note and the Loan as if a single blanket lien were placed on all of the Properties as security for the Note and the Loan (except where such Mortgage explicitly states a maximum principal amount to be secured by such Mortgage). (b) To the fullest extent permitted by law, each Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, Borrowers and others with interests in any Borrower, and of the PropertiesProjects, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and shall agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender Agent or Lenders under the Loan Documents to a sale of any Individual Property the Projects for the collection of the Obligations Indebtedness without any prior or different resort for collection, collection or of the right of Lender Lenders to the payment of the Obligations Indebtedness out of the net proceeds of any Individual Property the Projects in preference to every other claimant whatsoever. . In addition (c) In additionbut subject to any applicable statute or law governing deficiencies remaining after the sale of any collateral), each Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to any Borrower which would require the separate sale of the Properties Projects or require Lender Agent to exhaust its remedies against any Individual Property individual or any combination of the Properties Projects before proceeding against any other Individual Property Project or combination of PropertiesProjects; and further in the event of such foreclosure each Borrower does hereby expressly consents to and authorizes, at the option of LenderAgent, the foreclosure and sale either separately or together of any combination of the PropertiesProjects, to the extent permitted by any applicable statute or law.

Waiver of Marshalling of Assets. (a) Borrower acknowledge acknowledges that Lender has made the Loan to Borrower upon, among other things, upon the security of its collective interest in the Properties each Individual Property and in reliance upon the aggregate of the Individual Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are each Security Instrument is and will be cross-cross collateralized and cross-cross defaulted with each other so that (i) an Event of Default under any of the Mortgages Security Instrument shall constitute an Event of Default under each of the other MortgagesSecurity Instrument; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each MortgageSecurity Instrument; and (iii) each Mortgage Security Instrument shall constitute security for the Note and the Loan Debt as if a single blanket lien were placed on all of the Properties Property as security for the Note Debt; and the Loan (except where iv) such Mortgage explicitly states cross collateralization shall in no event be deemed to constitute a maximum principal amount to be secured by such Mortgage)fraudulent conveyance. (b) To the fullest extent permitted by lawLaw, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, partners and others with interests in Borrower, and of the PropertiesProperty or any Individual Property, and shall agrees not to assert any right under any laws Laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property or any Individual Property for the collection of the Obligations Debt without any prior or different resort for collection, collection or of the right of Lender to the payment of the Obligations Debt out of the net proceeds of the Property or any Individual Property in preference to every other claimant whatsoever. (c) . In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the MortgagesSecurity Instruments, any equitable right otherwise available to Borrower which would require the separate sale of the Properties any Individual Property or require Lender to exhaust its remedies against any Individual Property or any combination of the Individual Properties before proceeding against any other Individual Property or combination of Individual Properties; and further in the event of such foreclosure Borrower does hereby expressly consents consent to and authorizesauthorize, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Individual Properties.

Waiver of Marshalling of Assets. (a) Borrower acknowledge that Lender has made the Loan to Borrower upon, among other things, upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property the Properties taken separately. Borrower agrees that the The Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other MortgagesMortgages which secure the Note; (ii) an Event of Default under the Note or this Loan Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note and the Loan as if a single blanket lien were placed on all of the Properties as security for the Note and the Loan (except where such Mortgage explicitly states a maximum principal amount to be secured by such Mortgage). (b) Note. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, 's partners and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and shall agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of any Individual Property the Properties for the collection of the Obligations Debt without any prior or different resort for collection, collection or of the right of Lender to the payment of the Obligations Debt out of the net proceeds of any Individual Property the Properties in preference to every other claimant whatsoever. (c) . In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, 58 63 any equitable right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other Individual Property or combination of Properties; and further in the event of such that foreclosure Borrower does hereby expressly consents to and authorizes, at the option of the Lender, the foreclosure and sale either separately or together of any combination of the Properties.

Waiver of Marshalling of Assets. (a) Borrower acknowledge that Lender has made the Loan to Borrower upon, among other things, the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note and the Loan as if a single blanket lien were placed on all of the Properties as security for the Note and the Loan (except where such Mortgage explicitly states a maximum principal amount to be secured by such Mortgage). (b) To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, Borrower and others with interests in Borrower, Borrower and of the PropertiesHomes and Home Leases, or to a sale in inverse order of alienation in the event of foreclosure of the Liens evidenced by the Loan Documents and shall agree not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of any Individual Property the Homes or the Home Leases for the collection of the Obligations Debt without any prior or different resort for collection, collection or of the right of Lender to the payment of the Obligations Debt out of the net proceeds of any Individual Property the Homes or the Home Leases or the Homes or Home Leases in preference to every other claimant whatsoever. (c) . In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the MortgagesLiens evidenced by the Loan Documents, any equitable right otherwise available to Borrower which would require the separate sale of the Properties Homes or Home Leases require Lender to exhaust its remedies against any Individual Property Home or Home Lease or any combination of the Properties Homes or Home Leases before proceeding against any other Individual Property Home or Home Lease or combination of PropertiesHomes or Home Leases; and further in the event of such foreclosure Borrower does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any combination of the PropertiesHomes.