Common use of Waiver of Security Clause in Contracts

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 as such Section may be amended from time to time, Beneficiary may waive the security of this Deed of Trust as to any parcel of the Land that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter exercise against Grantor, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s claim against Grantor to judgment, and any other rights and remedies permitted by law. In the event Beneficiary elects, in accordance with California Code of Civil Procedure Section 726.5 to waive all or part of the security of this Deed of Trust and proceed against Grantor on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, shall, at the request of Beneficiary, be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq. Such referee shall be an M.A.I. appraiser selected by Beneficiary and approved by Grantor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor and Beneficiary, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor shall pay all reasonable costs and expenses incurred by Beneficiary in connection with any proceeding under California Code of Civil Procedure Section 726.5 as such Section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary Lender may waive the security of this Deed of Trust as to any parcel of the Land Trust Property that is “"environmentally impaired” " or is an “"affected parcel” " (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter may exercise against GrantorBorrower, to the extent permitted by such Section 726.5726.5 and subject to paragraph 57 hereof, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s Lender's claim against Grantor Borrower to judgment, and any other rights and remedies permitted by law. In the event Beneficiary the Lender elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust and proceed against Grantor Borrower on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, judgment shall, at the request of BeneficiaryLender, be referred to a referee in accordance with California Code of Civil Procedure Section Sections 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Beneficiary Lender and approved by GrantorBorrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Borrower and BeneficiaryLender, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Borrower shall pay all reasonable costs and expenses incurred by Beneficiary Lender in connection with any proceeding under California Code of Civil Procedure Section 726.5 726.5, as such Section section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary Lender may waive the security of this Deed of Trust as to any parcel of the Land Trust Property that is “"environmentally impaired” " or is an “"affected parcel” " (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter may exercise against GrantorBorrower, to the extent permitted by such Section 726.5726.5 and subject to paragraph 57 hereof, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s Lender's claim against Grantor Borrower to judgment, and any other rights and remedies permitted by law. In the event Beneficiary the Lender elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust and proceed against Grantor Borrower on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, judgment shall, at the request of BeneficiaryLender, be referred to a referee in accordance with California Code of Civil Procedure Section Sections 638 et seq. Such referee shall be an M.A.I. independent and unaffiliated M.A.I, appraiser selected by Beneficiary Lender and approved by GrantorBorrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Borrower and BeneficiaryLender, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Borrower shall pay all reasonable costs and expenses incurred by Beneficiary Lender in connection with any proceeding under California Code of Civil Procedure Section 726.5 726.5, as such Section section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary Lender may waive the security of this Deed of Trust as to any parcel of the Land Property that is “"environmentally impaired” " or is an “"affected parcel” " (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter exercise against GrantorBorrower, to the extent permitted by such Section 726.5, the rights and remedies of an any unsecured creditor, including reduction of Beneficiary’s Lender's claim against Grantor Borrower to judgment, and any other rights and remedies permitted by law. In the event Beneficiary Lender elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust and proceed against Grantor Borrower on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, shall, at the request of BeneficiaryLender, be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq. Such referee shall be an M.A.I. appraiser selected by Beneficiary Lender and approved by GrantorBorrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor and Beneficiary, Borrower and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Borrower shall pay all reasonable costs and expenses incurred by Beneficiary Lender in connection with any proceeding proceedings under California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary may waive the security of this Deed of Trust as to any parcel of the Land Real Property that is “"environmentally impaired” " or is an “"affected parcel” " (as such terms are defined in such Section), and as to any personal property which is Mortgaged Personal Property attached to such parcel, and thereafter exercise against GrantorTrustor, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s 's claim against Grantor Trustor to judgment, and any other rights and remedies permitted by law. Trustor and Beneficiary acknowledge that pursuant to California Code of Civil Procedure Section 726.5, Beneficiary's rights under this Section 11.2 are limited to instances in which Trustor or any affiliate, agent, co-tenant, partner or joint venturer of Trustor either (i) caused, contributed to, permitted or acquiesced in the release (as defined in such Section 726.5) or threatened release of Hazardous Materials, or (ii) had actual knowledge or notice of such release or threatened release prior to the execution and delivery of this Deed of Trust and failed to disclose such release or threatened release to Beneficiary in writing after Beneficiary's written request for information concerning the environmental condition of the Property, unless Beneficiary otherwise obtained actual knowledge of such release or threatened release prior to the execution and delivery of this Deed of Trust. In the event Beneficiary elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust and proceed against Grantor Trustor on an unsecured basis, the valuation of the real propertyReal Property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, judgment shall, at the request of Beneficiary, be referred to a referee in accordance with California Code of Civil Procedure Section Sections 638 et seq. Such referee shall be an M.A.I. appraiser selected by Beneficiary and approved by GrantorTrustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Trustor and Beneficiary, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Trustor shall pay all reasonable costs and expenses incurred by Beneficiary in connection with any proceeding under California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary Mortgagee may waive the security of this Deed of Trust Mortgage as to any parcel of the Land Premises that is “"environmentally impaired” " or is an “"affected parcel” " (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter exercise against GrantorMortgagor, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s Mortgagee's claim against Grantor Mortgagor to judgment, and any other rights and remedies permitted by law. In the event Beneficiary Mortgagee elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust Mortgage and proceed against Grantor Mortgagor on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, shall, at the request of BeneficiaryMortgagee, be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq. Such referee shall be an M.A.I. appraiser selected by Beneficiary Mortgagee and approved by GrantorMortgagor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Xxxxxxxxx and BeneficiaryMortgagee, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Mortgagor shall pay all reasonable costs and expenses incurred by Beneficiary Mortgagee in connection with any proceeding under California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary may waive the security of this Deed of Trust as to any parcel of the Land Real Property that is “"environmentally impaired” " or is an “"affected parcel” " (as such terms are defined in such Section), and as to any personal property which is Mortgaged Personal Property attached to such parcel, and thereafter exercise against GrantorTrustor, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s claim against Grantor Trustor to judgment, and any other rights and remedies permitted by law. Trustor and Beneficiary acknowledge that pursuant to California Code of Civil Procedure Section 726.5, Beneficiary’s rights under this Section 11.2 are limited to instances in which Trustor or any affiliate, agent, co-tenant, partner or joint venturer of Trustor either (i) caused, contributed to, permitted or acquiesced in the release (as defined in such Section 726.5) or threatened release of Hazardous Materials, or (ii) had actual knowledge or notice of such release or threatened release prior to the execution and delivery of this Deed of Trust and failed to disclose such release or threatened release to Beneficiary in writing after Beneficiary’s written request for information concerning the environmental condition of the Property, unless Beneficiary otherwise obtained actual knowledge of such release or threatened release prior to the execution and delivery of this Deed of Trust. In the event Beneficiary elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust and proceed against Grantor Trustor on an unsecured basis, the valuation of the real propertyReal Property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, judgment shall, at the request of Beneficiary, be referred to a referee in accordance with California Code of Civil Procedure Section Sections 638 et seq. Such referee shall be an M.A.I. appraiser selected by Beneficiary and approved by GrantorTrustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Trustor and Beneficiary, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Trustor shall pay all reasonable costs and expenses incurred by Beneficiary in connection with any proceeding under California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 as such Section may be amended from time to time, Beneficiary may waive the security of this Deed of Trust as to any parcel of the Land that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter exercise against GrantorTrustor, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of Beneficiary’s claim against Grantor Trustor to judgment, and any other rights and remedies permitted by law. In the event Beneficiary elects, in accordance with California Code of Civil Procedure Section 726.5 to waive all or part of the security of this Deed of Trust and proceed against Grantor Trustor on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, shall, at the request of Beneficiary, be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq. Such referee shall be an M.A.I. appraiser selected by Beneficiary and approved by GrantorTrustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Trustor and Beneficiary, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Trustor shall pay all reasonable costs and expenses incurred by Beneficiary in connection with any proceeding under California Code of Civil Procedure Section 726.5 as such Section may be amended from time to time.

Waiver of Security. In accordance with California Code of Civil Procedure Section 726.5 726.5, as such Section may be amended from time to time, Beneficiary Lender may waive the security of this Deed of Trust as to any parcel of the Land Trust Property that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such Section), and as to any personal property which is Mortgaged Property attached to such parcel, and thereafter may exercise against GrantorBorrower, to the extent permitted by such Section 726.5726.5 and subject to paragraph 57 hereof, the rights and remedies of an unsecured creditor, including reduction of BeneficiaryLender’s claim against Grantor Borrower to judgment, and any other rights and remedies permitted by law. In the event Beneficiary the Lender elects, in accordance with California Code of Civil Procedure Section 726.5 726.5, to waive all or part of the security of this Deed of Trust and proceed against Grantor Borrower on an unsecured basis, the valuation of the real property, the determination of the environmentally impaired status of such security and any cause of action for a money judgment, judgment shall, at the request of BeneficiaryLender, be referred to a referee in accordance with California Code of Civil Procedure Section Sections 638 et seq. Such referee shall be an M.A.I. independent and unaffiliated M.A.I, appraiser selected by Beneficiary Lender and approved by GrantorBorrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Grantor Borrower and BeneficiaryLender, and judgment upon the award rendered by such referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. Grantor Borrower shall pay all reasonable costs and expenses incurred by Beneficiary Lender in connection with any proceeding under California Code of Civil Procedure Section 726.5 726.5, as such Section section may be amended from time to time.