AND AGREES THAT LENDER SHALL NOT BE LIABLE FOR ANY ERROR IN JUDGMENT OR MISTAKES
OF FACT OR LAW; PROVIDED THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT
LENDER'S LIABILITY FOR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
GUARANTOR HEREBY
AGREES THAT GUARANTOR MAY BE JOINED AS A PARTY DEFENDANT IN ANY LEGAL PROCEEDING
(INCLUDING, BUT NOT LIMITED TO, A FORECLOSURE PROCEEDING) INSTITUTED BY LENDER
AGAINST BORROWER OR ANY OTHER LOAN PARTY.
8.
ENFORCEMENT COSTS:
IF:
(A)
THIS COMPLETION GUARANTY, THE LOAN AGREEMENT, THE NOTE, THE
ENVIRONMENTAL INDEMNITY AGREEMENT, THE LIMITED GUARANTY OR ANY OTHER LOAN
DOCUMENT IS PLACED IN THE HANDS OF AN ATTORNEY FOR COLLECTION OR ENFORCEMENT OR
IS COLLECTED OR ENFORCED THROUGH ANY LEGAL PROCEEDING;
(B)
AN ATTORNEY IS RETAINED TO REPRESENT LENDER IN ANY BANKRUPTCY,
REORGANIZATION, RECEIVERSHIP, OR OTHER PROCEEDINGS AFFECTING CREDITORS' RIGHTS
AND INVOLVING A CLAIM UNDER THIS COMPLETION GUARANTY, THE NOTE, THE
ENVIRONMENTAL INDEMNITY AGREEMENT, THE LIMITED GUARANTY OR ANY LOAN DOCUMENT;
(C)
AN ATTORNEY IS RETAINED TO PROTECT OR ENFORCE THE SECURITY
INTEREST CREATED BY ANY ONE OR MORE OF THE LOAN DOCUMENTS; OR
(D)
AN ATTORNEY IS RETAINED TO REPRESENT LENDER IN ANY OTHER
PROCEEDINGS WHATSOEVER IN CONNECTION WITH A DEFAULT BY GUARANTOR UNDER THIS
COMPLETION GUARANTY, OR A DEFAULT BY BORROWER OR ANY OTHER LOAN PARTY IN
CONNECTION WITH THE LOAN, ANY OF THE OTHER LOAN DOCUMENTS, THE ENVIRONMENTAL
INDEMNITY AGREEMENT, THE LIMITED GUARANTY OR THE PROPERTY, OR TO PROTECT OR
PRESERVE ANY PROPERTY WHICH IS COLLATERAL FOR THE LOAN,
THEN GUARANTOR SHALL PAY TO LENDER UPON DEMAND ALL REASONABLE ATTORNEYS' FEES,
COSTS AND EXPENSES, INCLUDING WITHOUT LIMITATION, COURT COSTS, FILING FEES,
RECORDING COSTS, EXPENSES OF FORECLOSURE, TITLE INSURANCE PREMIUMS, MINUTES OF
FORECLOSURE AND ALL OTHER COSTS AND EXPENSE INCURRED IN CONNECTION THEREWITH
(ALL OF WHICH ARE REFERRED TO HEREIN AS "ENFORCEMENT COSTS"), IN ADDITION TO ALL
OTHER AMOUNTS DUE HEREUNDER. ANY ENFORCEMENT COSTS, TOGETHER WITH INTEREST
THEREON AT THE INTEREST RATE (AS DEFINED IN THE NOTE), SHALL BE A PART OF THE
SECURED OBLIGATIONS, SECURED BY THE PROPERTY, PAYABLE BY GUARANTOR TO LENDER IN
ACCORDANCE WITH THE PROVISIONS OF THIS COMPLETION GUARANTY AND THE LOAN
DOCUMENTS.
ANY REFERENCE TO ATTORNEY'S FEES IN THIS GUARANTY, THE ENVIRONMENTAL
INDEMNITY AGREEMENT, THE LIMITED GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL
INCLUDE FEES OF ANY SEPARATE LAW FIRM OR IN-HOUSE COUNSEL EMPLOYED BY LENDER IN
CONNECTION WITH THE LOAN.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
HEREIN, FEES OF IN-HOUSE COUNSEL SHALL BE CHARGED AT RATES OF MEDIUM TO LARGE
SIZED LAW FIRMS IN THE CITY OF CHICAGO, ILLINOIS FOR ATTORNEYS OF COMPARABLE
EXPERTISE AND EXPERIENCE.
10
9.
TRANSFER OF SECURED OBLIGATIONS.
NOTWITHSTANDING ANY ASSIGNMENT
OR TRANSFER OF THE SECURED OBLIGATIONS OR ANY INTEREST THEREIN BY LENDER, ALL
PORTIONS OF SUCH SECURED OBLIGATIONS WHICH ARE GUARANTEED OBLIGATIONS, INCLUDING
THOSE ASSIGNED OR TRANSFERRED, SHALL BE AND REMAIN GUARANTEED OBLIGATIONS FOR
THE PURPOSES OF THIS COMPLETION GUARANTY, AND EACH AND EVERY IMMEDIATE AND
SUCCESSIVE ASSIGNEE OR TRANSFEREE OF THE SECURED OBLIGATIONS OR INTEREST SHALL,
TO THE