Otherwise, neither Trustee nor beneficiary is under any
obligation to notify any person or entity of any action or proceeding of any
kind in which Trustor, Beneficiary and/or Trustee shall be a party, unless
brought by Trustee, or of any pending sale under any other deed of trust, except
as may otherwise be required by law or required hereunder.
Section 10.03 Co-Borrower Provision.
(a) As used in this Section 10.03, the term "Co-Borrower" shall mean any one of
the following: Pierce Hardy Limited Partnership, a Pennsylvania limited
partnership, and Hardy Management Company, Inc., a Nevada corporation; and the
term "Co-Borrowers" shall mean any two or more of such Co-Borrowers,
collectively. If only one Co-Borrower holds title to the Trust Property, the
representations, warranties, covenants and agreements set forth in this Section
shall be interpreted as being made by only that Co-Borrower.
(b) Each Co-Borrower agrees that it is jointly and severally liable to
Beneficiary for the payment of all obligations arising under this Deed of Trust
and the other Security Documents, and that such liability is independent of the
obligations of the other Co-Borrower. Beneficiary may bring an action against
any Co-Borrower, whether or not an action is brought against the other
Co-Borrower.
(c) Each Co-Borrower agrees that any release which may be given by Beneficiary
to the other Co-Borrower will not release such Co-Borrower from its obligations
under this Deed of Trust or any of the other Security Documents.
(d) Each Co-Borrower waives any right to assert against Beneficiary any defense,
setoff, counterclaim or claim that such Co-Borrower may have against the other
Co-Borrower or any other party liable to Beneficiary for the obligations of the
Co-Borrower under this Deed of Trust or any of the other Security Documents.
(e) Each Co-Borrower agrees that it is solely responsible for keeping itself
informed as to the financial condition of the other Co-Borrower and of all
circumstances which bear upon the risk of nonpayment. Each Co-Borrower waives
any right it may have to require Beneficiary to disclose to such Co-Borrower any
information that Beneficiary may now or hereafter acquire concerning the
financial condition of the other Co-Borrower.
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(f) Each Co-Borrower waives all rights to notices of default or nonperformance
by the other Co-Borrower under this Deed of Trust and the other Security
Documents. Each Co-Borrower further waives all rights to notices of the
existence or the creation of new indebtedness by the other Co-Borrower.
(g) Each Co-Borrower represents and warrants to Beneficiary that each will
derive benefit, directly and indirectly, from the collective administration and
availability of the Loan under this Deed of Trust and the other Security
Documents. Each Co-Borrower agrees that Beneficiary will not be required to
inquire as to the disposition by the other Co-Borrower of funds disbursed in
accordance with the terms of the Security Documents.
(h) Until all obligations of Co-Borrowers to Beneficiary under the Security
Documents have been paid in full, each Co-Borrower waives any right of
subrogation, reimbursement, indemnification and