Common use of Waivers Concerning Liens Clause in Contracts

Waivers Concerning Liens. In the event that all or any part of the Joint and Several Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens or Encumbrances on any interests in real estate, each Borrower authorizes Lender, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Joint and Several Obligations under this Agreement, or the validity or enforceability of any Liens and Encumbrances of Lender on any collateral securing the Joint and Several Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens and Encumbrances created by the Loan Documents secure the Joint and Several Obligations of other Persons (a) each Borrower expressly waives, to the full extent permitted by law, any defenses to the enforcement of this Agreement or the other Loan Documents or any Liens and Encumbrances created or granted hereby or by the other Loan Documents or to the recovery by Lender against any other Borrower or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each Borrower expressly waives, to the full extent permitted by law, any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by Lender, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each Borrower expressly waives, to the full extent permitted by law, any defenses or benefits that may be derived from California Code of Civil Procedure §§580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.

Waivers Concerning Liens. Each Guarantor waives all rights and defenses that it may have because the Obligations are secured by real property. This means, among other things: (i) the Beneficiaries may collect from any Guarantor without first foreclosing on any real or personal property Collateral pledged by Issuer or any other Guarantor; and (ii) if the Beneficiaries foreclose on any real property Collateral pledged by Issuer or any Guarantor: (A) the amount of the Obligations may be reduced only by the price for which that Collateral is sold at the foreclosure sale, even if the Collateral is worth more than the sale price; and (B) the Beneficiaries may collect from the other Guarantors even if the Beneficiaries, by foreclosing on the real property Collateral, have destroyed any right the Guarantors may have to collect from Issuer or any other Guarantor. This is an unconditional and irrevocable waiver of any rights and defenses the Guarantors may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. In the event that all or any part of the Joint and Several Guaranteed Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens or Encumbrances on any interests in real estateReal Estate Assets, each Borrower of the Guarantors authorizes Lenderthe Beneficiaries, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Joint and Several Guaranteed Obligations under this AgreementGuaranty, or the validity or enforceability of any Liens and Encumbrances of Lender the Beneficiaries on any collateral Collateral securing the Joint and Several Guaranteed Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens and Encumbrances created by the Loan Collateral Documents secure the Joint and Several Guaranteed Obligations of other Persons (a) Persons, each Borrower of the Guarantors expressly waives, to the full extent permitted by law, waives any defenses to the enforcement of this Agreement Guaranty or the other Loan Note Documents or any Liens and Encumbrances created or granted hereby or by the other Loan Note Documents or to the recovery by Lender the Beneficiaries against Issuer, any other Borrower Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower Guarantor and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each Borrower expressly waives, to the full extent permitted by law, any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by Lender, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each Borrower expressly waives, to the full extent permitted by law, any defenses or benefits that may be derived from California Code of Civil Procedure §§580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.

Waivers Concerning Liens. In the event that all or any part of the Joint and Several Guaranteed Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens or Encumbrances on any interests in real estateReal Estate, each Borrower of the Borrowers authorizes Lenderthe Agent and the Banks, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Joint and Several Guaranteed Obligations under this Agreement, or the validity or enforceability of any Liens of the Agent and Encumbrances of Lender the Banks on any collateral securing the Joint and Several Guaranteed Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens and Encumbrances created by the Loan Documents secure the Joint and Several Guaranteed Obligations of other Persons (a) each Borrower of the Borrowers expressly waives, to the full extent permitted by law, waives any defenses to the enforcement of this Agreement or the other Loan Documents or any Liens and Encumbrances created or granted hereby or by the other Loan Documents or to the recovery by Lender the Agent and the Banks against any other Borrower or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each Borrower of the Borrowers expressly waives, to the full extent permitted by law, waives any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by LenderAgent, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each Borrower of the Borrowers expressly waives, to the full extent permitted by law, waives any defenses or benefits that may be derived from California Code of Civil Procedure §§Sections 580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.

Waivers Concerning Liens. Each Guarantor waives all rights and defenses that it may have because the Obligations are secured by real property. This means, among other things: (i) the Beneficiaries may collect from any Guarantor without first foreclosing on any real or personal property Collateral pledged by Company or any other Guarantor; and (ii) if the Beneficiaries foreclose on any real property Collateral pledged by Company or any Guarantor: (A) the amount of the Obligations may be reduced only by the price for which that Collateral is sold at the foreclosure sale, even if the Collateral is worth more than the sale price; and (B) the Beneficiaries may collect from the other Guarantors even if the Beneficiaries, by foreclosing on the real property Collateral, have destroyed any right the Guarantors may have to collect from Company or any other Guarantor. This is an unconditional and irrevocable waiver of any rights and defenses the Guarantors may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. In the event that all or any part of the Joint and Several Guaranteed Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens or Encumbrances on any interests in real estateReal Estate Assets, each Borrower of the Guarantors authorizes Lenderthe Beneficiaries, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Joint and Several Guaranteed Obligations under this AgreementGuaranty, or the validity or enforceability of any Liens and Encumbrances of Lender the Beneficiaries on any collateral Collateral securing the Joint and Several Guaranteed Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens and Encumbrances created by the Loan Collateral Documents secure the Joint and Several Guaranteed Obligations of other Persons (a) Persons, each Borrower of the Guarantors expressly waives, to the full extent permitted by law, waives any defenses to the enforcement of this Agreement Guaranty or the other Loan Credit Documents or any Liens and Encumbrances created or granted hereby or by the other Loan Credit Documents or to the recovery by Lender the Beneficiaries against Company, any other Borrower Guarantor or any other Person liable therefor therefore of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower Guarantor and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each Borrower expressly waives, to the full extent permitted by law, any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by Lender, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each Borrower expressly waives, to the full extent permitted by law, any defenses or benefits that may be derived from California Code of Civil Procedure §§580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.