Common use of Waiver of Rights and Defenses Clause in Contracts

Waiver of Rights and Defenses. To the full extent Grantor may lawfully do so, Grantor agrees with Mortgagee as follows: (a) Grantor will not, at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatement, or of any statute of limitations, and Grantor, for itself and its successors and assigns, and for any and all Persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured Parties), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations and all rights to a marshaling of the assets of Grantor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (b) Grantor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall be relieved of its obligation to pay or perform the Note Obligations at the time and in the manner provided in the Indenture Documents, nor shall the lien or priority of this Mortgage or any other Indenture Document be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor (A) to consent to any action by Grantor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Obligations, or any Person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor with any provision of the Indenture Documents, or consent by Mortgagee to the performance by Borrower or Grantor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or Borrower, or, with or without Grantor’s consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Obligations at the time and in the manner provided in the Indenture Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Documents, including a modification of the interest rates payable on the principal balance of the Indebtedness without in any manner impairing or affecting this Mortgage or the lien hereof or the priority of this Mortgage, as so extended and modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision of the Indenture Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Leasehold Mortgage (Aventine Renewable Energy Holdings Inc)

AutoNDA by SimpleDocs

Waiver of Rights and Defenses. To the full extent Grantor Mortgagor may lawfully do so, Grantor Mortgagor agrees with Mortgagee as follows: (a) Grantor : Mortgagor will not, not at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption moratorium or reinstatementredemption, or of any statute of limitations, and GrantorMortgagor, for itself and its heirs, devises, representatives, successors and assigns, and for any and all Persons persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured PartiesMortgagee), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations Obligations, and all rights to a marshaling of the assets of GrantorMortgagor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests interest created hereunder. (ba) Grantor Mortgagor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Personperson (other than the holder of any Permitted Encumbrance ). (cb) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor Mortgagor or any of its representatives, successors or assigns and such other Persons persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07Section, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07Section. (dc) Neither Borrower nor Grantor Mortgagor shall not be relieved of its obligation to pay or perform the Note Obligations at the time and in the manner provided herein and in the Indenture other Loan Documents, nor shall the lien or priority of this Mortgage or any other Indenture Document Loan Documents be impaired by any of the following actions, non-non- actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor Mortgagor (AX) to consent to any action by Grantor Mortgagor or (BY) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions hereof or of the Indenture other Loan Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Obligationsobligations, or any Person person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor Mortgagor with any provision of this Mortgage or the Indenture other Loan Documents, or consent by Mortgagee to the performance by Borrower or Grantor Mortgagor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor Mortgagor to take any action which would otherwise be required hereunder or thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or BorrowerMortgagor, or, with or without Grantor’s Mortgagor's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Obligationsobligations, renewing, extending or modifying the time of payment or the terms of this Mortgage or any of the Indenture other Loan Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, Mortgagor shall continue to be obligated to pay the Note Obligations at the time and in the manner provided herein and in the Indenture other Loan Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (ed) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of this Mortgage or of any of the Indenture Loan Documents, including a modification of the interest rates rate payable on the principal balance of the Indebtedness Notes, without in any manner impairing or affecting this Mortgage or the lien hereof thereof or the priority of this Mortgage, as so extended and modified, as security for the Note Obligations obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting Mortgagee, in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision hereof or of the Indenture other Loan Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one anyone provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Collateral Agency Agreement

Waiver of Rights and Defenses. To the full extent Grantor may lawfully do so, Grantor agrees with Mortgagee Secured Party as follows: (a) Grantor will not, at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatement, or of any statute of limitations, and Grantor, for itself and its heirs, devisees, representatives, successors and assigns, and for any and all Persons ever claiming an interest in the Mortgaged Trust Property (other than Mortgagee and/or the other Secured PartiesParty), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Secured Obligations and all rights to a marshaling of the assets of Grantor, including the Mortgaged Trust Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (b) Grantor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this SectionSection 6.07(a), to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee Secured Party hereunder, including the rights of Mortgagee Secured Party hereunder to a sale of the Mortgaged Trust Property for the collection of the Note Secured Obligations without any prior or different resort for collection, or to the payment of the Note Secured Obligations out of the proceeds of sale of the Mortgaged Trust Property in preference to any other Person. (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its representatives, successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall not be relieved of its obligation to pay or perform the Note Secured Obligations at the time and in the manner provided in the Indenture DocumentsFinancing Agreements, nor shall the lien or priority of this Mortgage Deed of Trust or any other Indenture Document Financing Agreement be impaired by any of the following actions, non-actions or indulgences by MortgageeSecured Party, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders)Secured Party may, in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Secured Party to comply with any request by Grantor (A) to consent to any action by Grantor or (B) to take any action to foreclose this Mortgage Deed of Trust or otherwise enforce any of the provisions of the Indenture DocumentsFinancing Agreements; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Secured Obligations, or any Person liable for payment of the Note Secured Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Secured Party of compliance by Borrower or Grantor with any provision of the Indenture DocumentsFinancing Agreements, or consent by Mortgagee Secured Party to the performance by Borrower or Grantor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Secured Party and Grantor and/or BorrowerGrantor, or, with or without Grantor’s 's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Secured Party and any subsequent owner or owners of the Mortgaged Trust Property or any other security for the Note Secured Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Documents Financing Agreements (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Secured Obligations at the time and in the manner provided in the Indenture DocumentsFinancing Agreements, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by MortgageeSecured Party. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Trust Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) Secured Party may release any Person at any time liable for the payment of the Note Secured Obligations or any portion thereof or any part of the security held for the Note Secured Obligations and may extend the time of payment or otherwise modify the terms of the Indenture DocumentsFinancing Agreements, including a modification of the interest rates payable on the principal balance of the Indebtedness Borrowings without in any manner impairing or affecting this Mortgage Deed of Trust or the lien hereof thereof or the priority of this MortgageDeed of Trust, as so extended and modified, as security for the Note Secured Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee Secured Party may resort for the payment of the Note Secured Obligations to any other security held by Mortgagee Secured Party or any of the other Secured Parties in such order and manner as Mortgagee (acting Secured Party, in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) Secured Party may take or cause to be taken action to recover the Note Secured Obligations, or any portion thereof, or to enforce any provision of the Indenture Documents Financing Agreements without prejudice to the right of Mortgagee Secured Party thereafter to foreclose or enforce or cause to be foreclosed or enforced this MortgageDeed of Trust. Mortgagee Secured Party shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee Secured Party under this Mortgage Deed of Trust shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee Secured Party shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee Secured Party hereunder against Grantor or the Mortgaged Trust Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAWWithout limiting the foregoing, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANAGrantor waives any defense arising out of any such nonjudicial sale even though such sale operates to impair or extinguish any right of reimbursement or subrogation or any other right or remedy of Grantor against Borrower or any subsidiary of Borrower or against any collateral security.

Appears in 1 contract

Samples: Deed of Trust (Hancock Fabrics Inc)

Waiver of Rights and Defenses. To the full extent Grantor Mortgagor may lawfully do so, Grantor Mortgagor agrees with Mortgagee as follows: (ai) Grantor Mortgagor will not, not at any time, time insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption moratorium or reinstatementredemption, or of any statute of limitations, and GrantorMortgagor, for itself and its heirs, devisees, representatives, successors and assigns, and for any and all Persons persons ever claiming an interest in the Mortgaged Property Collateral (other than Mortgagee and/or the other Secured PartiesMortgagee), hereby, to the extent permitted by applicable law, waives and releases all rights of reinstatement, redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations Obligations, and all rights to a marshaling of the assets of GrantorMortgagor, including the Mortgaged PropertyCollateral, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (bii) Grantor Mortgagor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall be relieved of its obligation to pay or perform the Note Obligations at the time and in the manner provided herein and in the Indenture other Loan Documents, nor shall the lien or priority of this Mortgage or any other Indenture Document Loan Documents be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor Mortgagor (Ax) to consent to any action by Grantor Mortgagor or (By) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions hereof or of the Indenture other Loan Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property Collateral or any other security for the Note Obligations, or any Person person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor Mortgagor with any provision of this Mortgage or the Indenture other Loan Documents, or consent by Mortgagee to the performance by Borrower or Grantor Mortgagor of any action which would otherwise be prohibited thereunder, thereunder or to the failure by Borrower or Grantor Mortgagor to take any action which would otherwise be required hereunder or thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or BorrowerMortgagor, or, with or without Grantor’s Mortgagor's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property Collateral (or any part thereof) or any other security for the Note Obligations, renewing, extending or modifying the time of payment or the terms of this Mortgage or any of the Indenture other Loan Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, Mortgagor shall continue to be obligated to pay the Note Obligations at the time and in the manner provided herein and in the Indenture other Loan Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Documents, including a modification of the interest rates payable on the principal balance of the Indebtedness without in any manner impairing or affecting this Mortgage or the lien hereof or the priority of this Mortgage, as so extended and modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision of the Indenture Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Mortgage, Security Agreement and Fixture Filing (Usf&g Legg Mason Realty Partners Limited Partnership)

Waiver of Rights and Defenses. To the full extent Grantor Mortgagor may lawfully do soso under applicable law, Grantor Mortgagor agrees with Mortgagee as follows: (a) Grantor will not, at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatement, or of any statute of limitations, and Grantor, for itself and its successors and assigns, and for any and all Persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured Parties), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations and all rights to a marshaling of the assets of Grantor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (b) Grantor Mortgagor shall not have or assert any right under any statute or rule of law pertaining providing for any appraisement, valuation, stay, extension, moratorium, redemption, reinstatement or statute of limitations, notice of intention to any mature or declare due the whole of the matters set forth obligations, rights to a marshalling of the assets of Mortgagor, rights to a sale in subsection (a) inverse order of this Sectionalienation, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including including, without limitation, the rights of Mortgagee hereunder to a sale of the Mortgaged Property Premises for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property Premises in preference to any other Person. (cb) If any statute or rule of law referred to in this Section 6.07 8.7 and now in force, of which Grantor Mortgagor or any of its heirs, devisees, representatives, successors or assigns and such other Persons claiming any interest in the Mortgaged Property Premises might take advantage despite this Section 6.078.7, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.078.7. (dc) Neither Borrower nor Grantor Mortgagor shall not be relieved of its obligation to pay or perform and/or perform, as applicable, the Note Obligations at the time and in the manner provided in the Indenture DocumentsNote, in the Loan Agreement, in any Loan Document or herein, nor shall the lien lien, security interest or priority of this Mortgage or any other Indenture Loan Document be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders)may, in its sole discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor Mortgagor (A) to consent to any action by Grantor Mortgagor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture DocumentsNote, of the Loan Agreement, of any Loan Document or hereof; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property Premises or any other security for the Note Obligations, or any Person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor Mortgagor with any provision of the Indenture DocumentsNote, the Loan Agreement, any Loan Document or this Mortgage, or consent by Mortgagee to the performance by Borrower or Grantor Mortgagor of any action which would otherwise be prohibited hereunder or thereunder, or to the failure by Borrower or Grantor Mortgagor to take any action which would otherwise be required hereunder or thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or BorrowerMortgagor, or, with or without Grantor’s Mortgagor's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property Premises or any other security for the Note Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Documents Note, the Loan Agreement, any Loan Document or this Mortgage (including a modification including, without limitation, any and all modifications of any interest rate)) and, and in any such event Grantor and Borrowerevent, as the case may be, Mortgagor shall continue to be obligated to pay and perform the Note Obligations at the time and in the manner provided in the Indenture DocumentsNote, in the Loan Agreement, in the Loan Documents and herein, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged in writing by Mortgagee. (ed) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged PropertyPremises, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of this Mortgage, the Indenture DocumentsNote, including the Loan Agreement, and/or any Loan Document, including, without limitation, a modification of the interest rates rate payable on the principal balance of the Indebtedness Note, without in any manner impairing or affecting this Mortgage or the lien hereof thereof or the priority of this Mortgage, as so extended and and/or modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. To the extent permitted by applicable law, Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting Mortgagee, in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision covenant hereof or of the Indenture Documents Note, or the Loan Agreement or any Loan Document without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (fe) Grantor Mortgagor hereby waives any defense claim, and agrees not to assert any right, under any statute or rule of any Governmental Authority to the recovery extent applicable, which (i) might restrict Mortgagee from simultaneously commencing or pursuing separate actions or proceedings on the Note, the Mortgage (including, without limitation, any action or proceeding to foreclose the Mortgage) and any of the other Loan Documents, (ii) would impose upon Mortgagee an obligation to prosecute to completion any action or proceeding brought on the Note, the Mortgage or any of the other Loan Documents before commencing or pursuing additional actions or proceedings under such documents or (iii) would require or impose upon Mortgagee an obligation to obtain a fair market valuation of any one or more of the Premises or other Collateral foreclosed or otherwise realized upon, whether by virtue of judicial proceedings or under a statutory power of sale. Mortgagor hereby acknowledges and agrees that upon a foreclosure sale or other realization upon any of the Premises or other Collateral, Mortgagor shall not be entitled to a credit against the indebtedness and obligations due and owing under the Loan in an amount equal to the fair market value of the Premises or other Collateral sold, but, rather, Mortgagor shall be entitled to a credit in an amount equal to the amount bid at such sale(s) and actually realized upon by Mortgagee hereunder against Grantor (which shall include any amounts credit bid by Mortgagee). If any of the indebtedness and obligations due and owing under the Loan are partially paid or discharged by reason of the Mortgaged Property exercise of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAWof the remedies available to Mortgagee, GRANTOR ON BEHALF OF ITSELFthis Mortgage shall nevertheless remain in full force and effect, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVESand Mortgagor and/or Guarantor, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAWas the case may be, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULEshall remain liable for, LAWand all of the Premises and other Collateral not otherwise sold as provided herein or in the other Loan Documents shall continue to secure, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANAall Obligations.

Appears in 1 contract

Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (Cedar Income Fund LTD /Md/)

Waiver of Rights and Defenses. To the full extent Grantor may lawfully do so, Grantor agrees with Mortgagee as follows: (a) Grantor will not, at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatement, or of any statute of limitations, and Grantor, for itself and its successors and assigns, and for any and all Persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured Parties), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations and all rights to a marshaling of the assets of Grantor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (b) Grantor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall be relieved of its obligation to pay or perform the Note Obligations at the time and in the manner provided in the Indenture Documents, nor shall the lien or priority of this Mortgage or any other Indenture Document be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor (A) to consent to any action by Grantor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Obligations, or any Person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor with any provision of the Indenture Documents, or consent by Mortgagee to the performance by Borrower or Grantor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or Borrower, or, with or without Grantor’s consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Obligations at the time and in the manner provided in the Indenture Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Documents, including a modification of the interest rates payable on the principal balance of the Indebtedness without in any manner impairing or affecting this Mortgage or the lien hereof or the priority of this Mortgage, as so extended and modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision of the Indenture Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32735 ILCS 5/15-29-7-7 1603 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL 735 ILCS 5/5-1602 OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANAILLINOIS.

Appears in 1 contract

Samples: Mortgage, Assignment, Assignment of Rents, Security Agreement, Fixture Filing and Financing Statement (Aventine Renewable Energy Holdings Inc)

Waiver of Rights and Defenses. To the full extent Grantor the Mortgagor ----------------------------- may lawfully do so, Grantor the Mortgagor agrees with the Mortgagee as follows: (a) Grantor The Mortgagor will not, not at any time, time insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption moratorium or reinstatementredemption, or of any statute of limitations, and Grantorthe Mortgagor, for itself and its successors and assigns, and for any and all Persons persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured Parties)Property, hereby, to the extent permitted by applicable law, hereby waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations Obligations, and all rights to a marshaling of the assets of Grantorthe Mortgagor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens lien and security interests interest created hereunderunder this Mortgage. (b) Grantor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall be relieved of its obligation to pay or perform the Note Obligations at the time and in the manner provided in the Indenture Documents, nor shall the lien or priority of this Mortgage or any other Indenture Document be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor (A) to consent to any action by Grantor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Obligations, or any Person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor with any provision of the Indenture Documents, or consent by Mortgagee to the performance by Borrower or Grantor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or Borrower, or, with or without Grantor’s consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Obligations at the time and in the manner provided in the Indenture Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, the Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person person at any time liable for the payment of the Note Obligations or any portion thereof of the Obligations or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Documentsthis Mortgage and/or any other Transaction Document, including a modification of the interest rates rate payable on the principal balance of the Indebtedness Promissory Note, without in any manner impairing or affecting this Mortgage or the lien hereof and security interest of this Mortgage or the priority of this Mortgage, as so extended and modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. interest The Mortgagee may resort for the payment of the Note Obligations to any other security held by the Mortgagee in such order and manner as Mortgagee (acting the Mortgagee, in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. The Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, all or any portion thereof, of the Obligations or to enforce any provision of the Indenture Documents covenant in this Mortgage or any other Transaction Document without prejudice to the right of the Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Facility Agreement (Vencor Inc)

Waiver of Rights and Defenses. To the full fullest extent Grantor Borrower and Lessee may lawfully do soso under Laws, Grantor agrees with Mortgagee as follows: (a) Grantor neither Borrower nor Lessee will not, at any time, time insist on, plead, claim claim, or take the benefit or advantage of (i) any statute or rule of law now or hereafter in force later enacted providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatementredemption, or of (ii) any statute of limitations, ; (b) each of Borrower and GrantorLessee, for itself and itself, its successors and assigns, and for any and all Persons person ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured PartiesLender), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations and Obligations, all rights to a marshaling of the assets of GrantorBorrower or Lessee, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure (or extinguishment by transfer of title by power of sale) of the liens and security interests created hereunder. (b) Grantor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. Documents; and (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law neither Borrower nor Lessee shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall be relieved of its obligation to pay or perform the Note Obligations at the time and as required in the manner provided in the Indenture Documents, Documents nor shall the lien or priority of this Mortgage or any other Indenture Document the Documents be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor (A) to consent to any action by Grantor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Obligations, or any Person liable for payment of the Note Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor with any provision of the Indenture Documents, or consent by Mortgagee to the performance by Borrower or Grantor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or Borrower, or, with or without Grantor’s consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Obligations, renewing, extending extending, or modifying the time of payment or the terms provisions of the Indenture Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Obligations at the time and in the manner provided in the Indenture Documents, as so renewed, extended or modified, unless expressly released and discharged released, discharged, or modified by Grantor and/or Borrower and acknowledged by Mortgagee. (e) such agreement. Regardless of consideration, consideration and without the necessity for any notice to or consent by the holder of any subordinate lien, security interest, encumbrance, right, title title, or interest in or to the Mortgaged Property, Mortgagee Lender may (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single classy) may release any Person at any time person liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend or (z) modify (with the time agreement of payment Borrower, Lessee or otherwise modify the terms other applicable Party or Parties thereto) any of the Indenture Documents, including a modification provisions of the interest rates payable on the principal balance of the Indebtedness Documents without in any manner impairing or affecting this Mortgage the Documents or the lien hereof lien, security interest, or the priority of this Mortgage, as so extended and modified, the modified Documents as security for the Note Obligations over any such subordinate lien, security interest, encumbrance, right, title title, or interest. Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision of the Indenture Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Mortgage and Security Agreement (FelCor Lodging Trust Inc)

AutoNDA by SimpleDocs

Waiver of Rights and Defenses. To the full extent Grantor Trustor may lawfully do so, Grantor Trustor agrees with Mortgagee Beneficiary as follows: (a) Grantor 6.8.1 Trustor will not, not at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption moratorium or reinstatementredemption, or of any statute of limitations, and GrantorTrustor, for itself and its heirs, devisees, representatives, successors and assigns, and for any and all Persons persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured Parties), Beneficiary) hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations Obligations, and all rights to a marshaling of the assets of GrantorTrustor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (b) Grantor 6.8.2 Trustor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this SectionSection 6.8.1, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee Trustee and Beneficiary hereunder, including the rights of Mortgagee Trustee and/or Beneficiary hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to the payment of the Note Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Personperson. (c) 6.8.3 If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor Trustor or any of its representatives, successors or assigns and such other Persons persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07Section, shall hereafter be repealed or of cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07Section. (d) Neither Borrower nor Grantor 6.8.4 Trustor shall not be relieved of its obligation to pay or perform the Note Obligations at the time and in the manner provided herein and in the Indenture other Loan Documents, nor shall the lien or priority of this Mortgage Deed of Trust or any other Indenture Document Loan Documents be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions Trustee or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from takingBeneficiary: (ia) any failure or refusal by Mortgagee (in accordance with the written instructions Trustee or directions of the relevant percentage of Holders) Beneficiary to comply with any request by Grantor Trustor (AX) to consent to any action by Grantor Trustor or (BY) to take any action to foreclose this Mortgage Deed of Trust or otherwise enforce any of the provisions hereof or of the Indenture other Loan Documents; (iib) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Obligations, or any Person person liable for payment of the Note Obligations; (iiic) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Beneficiary of compliance by Borrower or Grantor Trustor with any provision of this Deed of Trust or the Indenture other Loan Documents, or consent by Mortgagee Beneficiary to the performance by Borrower or Grantor Trustor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor Trustor to take any action which would otherwise be required hereunder or thereunder; and (ivd) any agreement or stipulation between Mortgagee (in accordance with the written instructions Trustee or directions of the relevant percentage of Holders) Beneficiary and Grantor and/or BorrowerTrustor, or, with or without GrantorTrustor’s consent, between Mortgagee (in accordance with the written instructions Trustee or directions of the relevant percentage of Holders) Beneficiary and any subsequent owner or owners of the Mortgaged Property or any other security for the Note these Obligations, renewing, extending or modifying the time of payment or the terms of this Deed of Trust or any of the Indenture other Loan Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, Trustor shall continue to be obligated to pay the Note Obligations at the time and in the manner provided herein and in the Indenture other Loan Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by MortgageeBeneficiary. (e) 6.8.5 Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) Beneficiary may release any Person person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and with the prior written consent and agreement of Trustor may extend the time of payment or otherwise modify the terms of this Deed of Trust or of any of the Indenture Loan Documents, including a modification of the interest rates rate payable on the principal balance of the Indebtedness Note, without in any manner impairing or affecting this Mortgage or the lien hereof or the priority Deed of this MortgageTrust, as so extended and modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee Beneficiary may resort for the payment of the Note Obligations to any other security held by Mortgagee Beneficiary (or any trustee for the benefit of Beneficiary) in such order and manner as Mortgagee (acting Beneficiary in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) Beneficiary may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision hereof or of the Indenture other Loan Documents without prejudice to the right of Mortgagee Beneficiary thereafter to foreclose or enforce or cause to be foreclosed or enforced this MortgageDeed of Trust. Mortgagee Beneficiary shall not be limited exclusively to the rights right and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee Trustee and Beneficiary under this Mortgage Deed of Trust shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee Trustee and/or Beneficiary shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Commercial Deed of Trust, Financing Statement, Security Agreement and Fixture Filing (Fresh Choice Inc)

Waiver of Rights and Defenses. To the full extent Grantor may lawfully do so, Grantor agrees with Mortgagee as follows: (a) Grantor will not, at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatement, or of any statute of limitations, and Grantor, for itself and its successors and assigns, and for any and all Persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured PartiesMortgagee), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Secured Obligations and all rights to a marshaling of the assets of Grantor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (b) Grantor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Secured Obligations without any prior or different resort for collection, or to the payment of the Note Secured Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. (c) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (d) Neither Borrower nor Grantor shall be relieved of its obligation to pay or perform the Note Secured Obligations at the time and in the manner provided in the Indenture Loan Documents, nor shall the lien or priority of this Mortgage or any other Indenture Loan Document be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders)may, in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor (A) to consent to any action by Grantor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture Loan Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note Secured Obligations, or any Person liable for payment of the Note Secured Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor with any provision of the Indenture Loan Documents, or consent by Mortgagee to the performance by Borrower or Grantor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or Borrower, or, with or without Grantor’s 's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Secured Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Loan Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Secured Obligations at the time and in the manner provided in the Indenture Loan Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Secured Obligations or any portion thereof or any part of the security held for the Note Secured Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Loan Documents, including a modification of the interest rates payable on the principal balance of the Indebtedness without in any manner impairing or affecting this Mortgage or the lien hereof or the priority of this Mortgage, as so extended and modified, as security for the Note Secured Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Secured Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting Mortgagee, in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Secured Obligations, or any portion thereof, or to enforce any provision of the Indenture Loan Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Indenture (Verasun Energy Corp)

Waiver of Rights and Defenses. To the full extent Grantor may lawfully do so, Grantor agrees with Mortgagee Beneficiary as follows: (aA) Grantor hereby waives and will not, not at any time, time insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption moratorium or reinstatementredemption, or of any statute of limitations, and Grantor, for itself and its successors and assigns, and for any and all Persons persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured Parties)Property, hereby, to the extent permitted by applicable law, hereby waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Obligations Indebtedness, and all rights to a marshaling of the assets of Grantor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (bB) Grantor hereby waives and shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (aA) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee Beneficiary hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Obligations without any prior or different resort for collection, or to Indebtedness and the payment of the Note Obligations Indebtedness out of the proceeds of sale of the Mortgaged Property in preference to any other Personperson. (cC) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor or any of its successors or of assigns and such other Persons persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07Section, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07Section. (dD) Neither Borrower nor Grantor shall not be relieved of its obligation to pay the Indebtedness or perform the Note Obligations at the time and in the manner provided in the Indenture Reimbursement Agreement, this Deed of Trust or any other of the Security Documents, nor shall the lien lien, security interest or priority of this Mortgage Deed of Trust or any other Indenture Document of the Security Documents be impaired by any of the following actions, non-actions nonactions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders), in its discretion, take or refrain from takingBeneficiary: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Beneficiary to comply with any request by Grantor (A) Grantor, or to consent to any action by Grantor Grantor, or (B) to take any action to foreclose this Mortgage Deed of Trust or otherwise enforce any of the provisions of this Deed of Trust or any other of the Indenture Security Documents; (ii) any release, regardless of consideration, of the whole or any part of the Mortgaged Property or any other security for the Note ObligationsIndebtedness, or any Person person liable for payment of the Note ObligationsIndebtedness; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Beneficiary of compliance by Borrower or Grantor with any provision of the Indenture Reimbursement Agreement, this Deed of Trust or any other of the Security Documents, or consent by Mortgagee Beneficiary to the performance by Borrower or Grantor of any action which would otherwise be prohibited hereunder or thereunder, or to the failure by Borrower or Grantor to take any action which would otherwise be required hereunder or thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or Borrower, orstipulation, with or without Grantor’s 's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) Beneficiary and any subsequent owner or owners of the Mortgaged Property or any other security for the Note ObligationsIndebtedness, renewing, extending or modifying the time of payment or the terms of the Indenture Reimbursement Agreement, this Deed of Trust or any other of the Security Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, shall continue to be obligated to pay the Note Obligations Indebtedness at the time and in the manner provided in the Indenture DocumentsReimbursement Agreement, this Deed of Trust and the other of the Security Documents as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by MortgageeBeneficiary. (e) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Obligations or any portion thereof or any part of the security held for the Note Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Documents, including a modification of the interest rates payable on the principal balance of the Indebtedness without in any manner impairing or affecting this Mortgage or the lien hereof or the priority of this Mortgage, as so extended and modified, as security for the Note Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Obligations, or any portion thereof, or to enforce any provision of the Indenture Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (f) Grantor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANA.

Appears in 1 contract

Samples: Future Advance Deed of Trust (Kv Pharmaceutical Co /De/)

Waiver of Rights and Defenses. To the full extent Grantor Mortgagor may lawfully do so, Grantor Mortgagor agrees with Mortgagee as follows: (ai) Grantor Mortgagor will not, at any time, insist on, plead, claim or take the benefit or advantage of any statute or rule of law now or hereafter in force providing for any appraisement, valuation, stay, extension, moratorium, redemption or reinstatement, or of any statute of limitations, and GrantorMortgagor, for itself and its heirs, devisees, representatives, successors and assigns, and for any and all Persons ever claiming an interest in the Mortgaged Property (other than Mortgagee and/or the other Secured PartiesMortgagee), hereby, to the extent permitted by applicable law, waives and releases all rights of redemption, reinstatement, valuation, appraisement, and notice of intention to mature or declare due the whole of the Note Secured Obligations and all rights to a marshaling of the assets of GrantorMortgagor, including the Mortgaged Property, or to a sale in inverse order of alienation, in the event of foreclosure of the liens and security interests created hereunder. (bii) Grantor Mortgagor shall not have or assert any right under any statute or rule of law pertaining to any of the matters set forth in subsection (a) of this Section, to the administration of estates of decedents or to any other matters whatsoever to defeat, reduce or affect any of the rights or remedies of Mortgagee hereunder, including the rights of Mortgagee hereunder to a sale of the Mortgaged Property for the collection of the Note Secured Obligations without any prior or different resort for collection, or to the payment of the Note Secured Obligations out of the proceeds of sale of the Mortgaged Property in preference to any other Person. (ciii) If any statute or rule of law referred to in this Section 6.07 and now in force, of which Grantor Mortgagor or any of its representatives, successors or assigns and such other Persons claiming any interest in the Mortgaged Property might take advantage despite this Section 6.07, shall hereafter be repealed or cease to be in force, such statute or rule of law shall not thereafter be deemed to preclude the application of this Section 6.07. (div) Neither Borrower nor Grantor Mortgagor shall not be relieved of its obligation to pay or perform the Note Secured Obligations at the time and in the manner provided in the Indenture Loan Documents, nor shall the lien or priority of this Mortgage or any other Indenture Loan Document be impaired by any of the following actions, non-actions or indulgences by Mortgagee, each of which actions, non-actions or indulgences Mortgagee may (in accordance with the written instructions or directions of the relevant percentage of Holders)may, in its discretion, take or refrain from taking: (i) any failure or refusal by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) to comply with any request by Grantor Mortgagor (A) to consent to any action by Grantor Mortgagor or (B) to take any action to foreclose this Mortgage or otherwise enforce any of the provisions of the Indenture Loan Documents; (ii) any release, regardless of consideration, ,of the whole or any part of the Mortgaged Property or any other security for the Note Secured Obligations, or any Person liable for payment of the Note Secured Obligations; (iii) any waiver by Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) of compliance by Borrower or Grantor Mortgagor with any provision of the Indenture Loan Documents, or consent by Mortgagee to the performance by Borrower or Grantor Mortgagor of any action which would otherwise be prohibited thereunder, or to the failure by Borrower or Grantor Mortgagor to take any action which would otherwise be required thereunder; and (iv) any agreement or stipulation between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and Grantor and/or BorrowerMortgagor, or, with or without Grantor’s Mortgagor's consent, between Mortgagee (in accordance with the written instructions or directions of the relevant percentage of Holders) and any subsequent owner or owners of the Mortgaged Property or any other security for the Note Secured Obligations, renewing, extending or modifying the time of payment or the terms of the Indenture Loan Documents (including a modification of any interest rate), and in any such event Grantor and Borrower, as the case may be, Mortgagor shall continue to be obligated to pay the Note Secured Obligations at the time and in the manner provided in the Indenture Loan Documents, as so renewed, extended or modified, unless expressly released and discharged by Grantor and/or Borrower and acknowledged by Mortgagee. (ev) Regardless of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien, encumbrance, right, title or interest in or to the Mortgaged Property, Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may release any Person at any time liable for the payment of the Note Secured Obligations or any portion thereof or any part of the security held for the Note Secured Obligations and may extend the time of payment or otherwise modify the terms of the Indenture Loan Documents, including a modification of the interest rates payable on the principal balance of the Indebtedness Notes without in any manner impairing or affecting this Mortgage or the lien hereof thereof or the priority of this Mortgage, as so extended and modified, as security for the Note Secured Obligations over any such subordinate lien, encumbrance, right, title or interest. Mortgagee may resort for the payment of the Note Secured Obligations to any other security held by Mortgagee in such order and manner as Mortgagee (acting Mortgagee, in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) its discretion, may elect. Mortgagee (acting in accordance with the written directions of the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding voting as a single class) may take or cause to be taken action to recover the Note Secured Obligations, or any portion thereof, or to enforce any provision of the Indenture Loan Documents without prejudice to the right of Mortgagee thereafter to foreclose or enforce or cause to be foreclosed or enforced this Mortgage. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every additional right and remedy now or hereafter afforded by law or equity. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. (fvi) Grantor Mortgagor hereby waives any defense to the recovery by Mortgagee hereunder against Grantor Mortgagor or the Mortgaged Property of any deficiency after a nonjudicial sale. TO THE EXTENT PERMITTED BY APPLICABLE LAWWithout limiting the foregoing, GRANTOR ON BEHALF OF ITSELF, ITS SUCCESSORS AND ASSIGNS AND FOR ANY AND ALL PERSONS EVER CLAIMING AN INTEREST IN THE MORTGAGED PROPERTY (OTHER THAN MORTGAGEE) HEREBY VOLUNTARILY AND KNOWINGLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL REDEMPTION RIGHTS PURSUANT TO INDIANA CODE § 32-29-7-7 AND ALL REINSTATEMENT RIGHTS PURSUANT TO IMFL OR ANY OTHER REDEMPTION OR REINSTATEMENT RIGHTS PURSUANT TO ANY OTHER RULE, LAW, ORDINANCE OR STATUTE NOW OR HEREAFTER IN EFFECT IN THE STATE OF INDIANAMortgagor waives any defense arising out of any such nonjudicial sale even though such sale operates to impair or extinguish any right of reimbursement or subrogation or any other right or remedy of Mortgagor against Borrower or any subsidiary of Borrower or against any collateral security.

Appears in 1 contract

Samples: Credit Agreement (Accuride Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!