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, Lender may waive the security of this Deed of Trust as to any parcel of the 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 attached to such parcel, and thereafter may exercise against Borrower, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof, the rights and remedies of an unsecured creditor, including reduction of Lender's claim against Borrower to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 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 Lender, be referred to a referee in accordance with California Code of Civil Procedure Sections 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender and approved by Borrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower and Lender, 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. Borrower shall pay all reasonable costs and expenses incurred by Lender 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, Lender Beneficiary may waive the security of this Deed of Trust as to any parcel of the Trust Property 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 may exercise against BorrowerGrantor, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an unsecured creditor, including reduction of Lender's Beneficiary’s claim against Borrower Grantor to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 Borrower 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 judgment, shall, at the request of LenderBeneficiary, be referred to a referee in accordance with California Code of Civil Procedure Sections Section 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender Beneficiary and approved by BorrowerGrantor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower Grantor and LenderBeneficiary, 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. Borrower Grantor shall pay all reasonable costs and expenses incurred by Lender Beneficiary 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, as such Section may be amended from time to time, Lender may waive the security of this Deed of Trust as to any parcel of the 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 attached to such parcel, and thereafter may exercise against Borrower, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof, the rights and remedies of an unsecured creditor, including reduction of Lender's claim against Borrower to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 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 Lender, be referred to a referee in accordance with California Code of Civil Procedure Sections 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. M.A.I, appraiser selected by Lender and approved by Borrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower and Lender, 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. Borrower shall pay all reasonable costs and expenses incurred by Lender 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, as such Section may be amended from time to time, Lender Mortgagee may waive the security of this Deed of Trust Mortgage as to any parcel of the Trust Property 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 may exercise against BorrowerMortgagor, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an unsecured creditor, including reduction of LenderMortgagee's claim against Borrower Mortgagor to judgment, and any other rights and remedies permitted by law. In the event the Lender Mortgagee 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 Mortgage and proceed against Borrower 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 judgment, shall, at the request of LenderMortgagee, be referred to a referee in accordance with California Code of Civil Procedure Sections Section 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender Mortgagee and approved by BorrowerMortgagor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower Xxxxxxxxx and LenderMortgagee, 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. Borrower Mortgagor shall pay all reasonable costs and expenses incurred by Lender Mortgagee in connection with any proceeding under California Code of Civil Procedure Section 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, Lender Beneficiary may waive the security of this Deed of Trust as to any parcel of the Trust Property 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 may exercise against BorrowerTrustor, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an unsecured creditor, including reduction of Lender's Beneficiary’s claim against Borrower Trustor to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 Borrower 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 judgment, shall, at the request of LenderBeneficiary, be referred to a referee in accordance with California Code of Civil Procedure Sections Section 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender Beneficiary and approved by BorrowerTrustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower Trustor and LenderBeneficiary, 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. Borrower Trustor shall pay all reasonable costs and expenses incurred by Lender Beneficiary 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, as such Section may be amended from time to time, Lender may waive the security of this Deed of Trust as to any parcel of the 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 attached to such parcel, and thereafter may exercise against Borrower, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof, the rights and remedies of an unsecured creditor, including reduction of Lender's ’s claim against Borrower to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 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 Lender, be referred to a referee in accordance with California Code of Civil Procedure Sections 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. M.A.I, appraiser selected by Lender and approved by Borrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower and Lender, 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. Borrower shall pay all reasonable costs and expenses incurred by Lender 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, as such Section may be amended from time to time, Lender Beneficiary may waive the security of this Deed of Trust as to any parcel of the Trust 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 Personal Property attached to such parcel, and thereafter may exercise against BorrowerTrustor, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an unsecured creditor, including reduction of LenderBeneficiary's claim against Borrower 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 the Lender 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 Borrower 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 shall, at the request of LenderBeneficiary, be referred to a referee in accordance with California Code of Civil Procedure Sections 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender Beneficiary and approved by BorrowerTrustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower Trustor and LenderBeneficiary, 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. Borrower Trustor shall pay all reasonable costs and expenses incurred by Lender Beneficiary in connection with any proceeding under California Code of Civil Procedure Section 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, as such Section may be amended from time to time, Lender may waive the security of this Deed of Trust as to any parcel of the 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 Property attached to such parcel, and thereafter may exercise against Borrower, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an any unsecured creditor, including reduction of Lender's claim against Borrower to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 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 Lender, be referred to a referee in accordance with California Code of Civil Procedure Sections Section 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender and approved by Borrower, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower and Lender, 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. Borrower shall pay all reasonable costs and expenses incurred by Lender in connection with any proceeding proceedings under California Code of Civil Procedure Section 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, as such Section may be amended from time to time, Lender Beneficiary may waive the security of this Deed of Trust as to any parcel of the Trust 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 Personal Property attached to such parcel, and thereafter may exercise against BorrowerTrustor, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an unsecured creditor, including reduction of Lender's Beneficiary’s claim against Borrower 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 the Lender 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 Borrower 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 shall, at the request of LenderBeneficiary, be referred to a referee in accordance with California Code of Civil Procedure Sections 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender Beneficiary and approved by BorrowerTrustor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower Trustor and LenderBeneficiary, 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. Borrower Trustor shall pay all reasonable costs and expenses incurred by Lender Beneficiary in connection with any proceeding under California Code of Civil Procedure Section 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, Lender Beneficiary may waive the security of this Deed of Trust as to any parcel of the Trust Property 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 may exercise against BorrowerGrantor, to the extent permitted by such Section 726.5 and subject to paragraph 57 hereof726.5, the rights and remedies of an unsecured creditor, including reduction of Lender's Beneficiary’s claim against Borrower Grantor to judgment, and any other rights and remedies permitted by law. In the event the Lender 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 Borrower 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 judgment, shall, at the request of LenderBeneficiary, be referred to a referee in accordance with California Code of Civil Procedure Sections Section 638 et seq. Such referee shall be an independent and unaffiliated M.A.I. appraiser selected by Lender Beneficiary and approved by BorrowerGrantor, which approval shall not be unreasonably withheld or delayed. The decision of such referee shall be binding upon both Borrower Grantor and LenderBeneficiary, 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. Borrower Grantor shall pay all reasonable costs and expenses incurred by Lender Beneficiary 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.. Form of Mortgage