IT SHALL NOT BE NECESSARY FOR LENDER (AND EACH GUARANTOR HEREBY WAIVES ANY
RIGHTS WHICH SUCH GUARANTOR MAY HAVE TO REQUIRE LENDER), IN ORDER TO ENFORCE THE
OBLIGATIONS OF GUARANTORS HEREUNDER, FIRST TO (A) INSTITUTE SUIT OR EXHAUST ITS
REMEDIES AGAINST ANY BORROWER OR OTHERS LIABLE ON THE LOAN OR THE GUARANTEED
OBLIGATIONS OR ANY OTHER PERSON, (B) ENFORCE LENDER'S RIGHTS AGAINST ANY
COLLATERAL WHICH SHALL EVER HAVE BEEN GIVEN TO SECURE THE LOAN, (C) ENFORCE
LENDER'S RIGHTS AGAINST ANY OTHER GUARANTOR(S) OF THE GUARANTEED OBLIGATIONS,
(D) JOIN ANY BORROWER OR ANY OTHERS LIABLE ON THE GUARANTEED OBLIGATIONS IN ANY
ACTION SEEKING TO ENFORCE THIS GUARANTY, OR (E) RESORT TO ANY OTHER MEANS OF
OBTAINING PAYMENT OF THE GUARANTEED OBLIGATIONS.
LENDER SHALL NOT BE REQUIRED
TO MITIGATE DAMAGES OR TAKE ANY OTHER ACTION TO REDUCE, COLLECT OR ENFORCE THE
GUARANTEED OBLIGATIONS.
6
1.6
WAIVERS.
EACH GUARANTOR AGREES TO THE PROVISIONS OF THE LOAN
DOCUMENTS AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, HEREBY WAIVES NOTICE
OF (A) ANY LOANS OR ADVANCES MADE BY LENDER TO BORROWERS, (B) ACCEPTANCE OF THIS
GUARANTY, (C) ANY AMENDMENT OR EXTENSION OF THE NOTE, THE LOAN AGREEMENT, THE
SECURITY INSTRUMENT OR ANY OTHER LOAN DOCUMENTS, (D) THE EXECUTION AND DELIVERY
BY ANY BORROWER AND LENDER OF ANY OTHER LOAN OR CREDIT AGREEMENT OR OF ANY
BORROWER'S EXECUTION AND DELIVERY OF ANY PROMISSORY NOTES OR OTHER DOCUMENTS
ARISING UNDER THE LOAN DOCUMENTS OR IN CONNECTION WITH ANY PROPERTY, (E) THE
OCCURRENCE OF ANY BREACH BY ANY BORROWER OR AN EVENT OF DEFAULT, (F) LENDER'S
TRANSFER OR DISPOSITION OF THE GUARANTEED OBLIGATIONS, OR ANY PART THEREOF, (G)
SALE OR FORECLOSURE (OR POSTING OR ADVERTISING FOR SALE OR FORECLOSURE) OF ANY
COLLATERAL FOR THE GUARANTEED OBLIGATIONS, (H) PROTEST, PROOF OF NON-PAYMENT OR
DEFAULT BY ANY BORROWER, AND (I) ANY OTHER ACTION AT ANY TIME TAKEN OR OMITTED
BY LENDER AND, GENERALLY, ALL DEMANDS AND NOTICES OF EVERY KIND IN CONNECTION
WITH THIS GUARANTY, THE LOAN DOCUMENTS, ANY DOCUMENTS OR AGREEMENTS EVIDENCING,
SECURING OR RELATING TO ANY OF THE GUARANTEED OBLIGATIONS AND THE OBLIGATIONS
HEREBY GUARANTEED.
1.7
PAYMENT OF EXPENSES.
IN THE EVENT THAT ANY GUARANTOR SHOULD BREACH
OR FAIL TO TIMELY PERFORM ANY PROVISIONS OF THIS GUARANTY, GUARANTORS SHALL,
IMMEDIATELY UPON WRITTEN DEMAND BY LENDER, PAY LENDER ALL REASONABLE COSTS AND
EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES, COURT
COSTS, FILING FEES, RECORDING COSTS, TITLE INSURANCE PREMIUMS, SURVEY COSTS AND
EXPENSES OF FORECLOSURE) INCURRED BY LENDER IN THE ENFORCEMENT HEREOF OR THE
PRESERVATION OF LENDER'S RIGHTS HEREUNDER.
NOTWITHSTANDING THE FOREGOING, IN
THE EVENT THAT (I) LENDER EMPLOYS COUNSEL TO ENFORCE THE PROVISIONS OF THIS
GUARANTY AND (II) LENDER HAS SOLD OR TRANSFERRED ANY INTERESTS IN THE NOTE, THEN
GUARANTORS SHALL ONLY BE RESPONSIBLE FOR THE ATTORNEYS' FEES AND EXPENSES OF THE
COUNSEL OF ONLY ONE LENDER.
1.8
PAYMENT BY GUARANTORS.
IF ANY AMOUNT DUE ON THE GUARANTEED
OBLIGATIONS IS NOT PAID TO LENDER WITHIN TEN (10) BUSINESS DAYS AFTER WRITTEN
DEMAND BY LENDER, THE SAME SHALL BEAR