OF PROTEST AND NOTICES OF DISHONOR WITH RESPECT TO THE SECURED
OBLIGATIONS, AND NOTICES OF ACCEPTANCE OF THIS DEED OF TRUST;
(B)
ANY RIGHT TO REQUIRE THE BENEFICIARY TO PROCEED AGAINST BORROWER OR ANY
GUARANTOR AT ANY TIME OR TO PROCEED AGAINST OR EXHAUST ANY SECURITY HELD BY THE
BENEFICIARY AT ANY TIME OR TO PURSUE ANY OTHER REMEDY WHATSOEVER AT ANY TIME;
12
(C)
THE DEFENSE OF ANY STATUTE OF LIMITATIONS AFFECTING THE LIABILITY OF
TRUSTOR HEREUNDER, THE LIABILITY OF ANY OF THE BORROWER OR ANY GUARANTOR UNDER
THE LOAN DOCUMENTS, OR THE ENFORCEMENT HEREOF, TO THE EXTENT PERMITTED BY LAW;
(D)
ANY DEFENSE ARISING BY REASON OF ANY INVALIDITY OR UNENFORCEABILITY OF (OR
ANY LIMITATION OF LIABILITY IN) ANY OF THE LOAN DOCUMENTS OR ANY DISABILITY OF
TRUSTOR OR ANY GUARANTOR OR OF ANY MANNER IN WHICH BENEFICIARY HAS EXERCISED ITS
RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS, OR BY ANY CESSATION FROM ANY CAUSE
WHATSOEVER OF THE LIABILITY OF TRUSTOR OR THE BORROWER OR ANY GUARANTOR;
(E)
WITHOUT LIMITATION ON CLAUSE (D) ABOVE, ANY DEFENSE BASED UPON ANY LACK OF
AUTHORITY OF THE OFFICERS, DIRECTORS, PARTNERS OR AGENTS ACTING OR PURPORTING TO
ACT ON BEHALF OF TRUSTOR OR THE BORROWER OR ANY PRINCIPAL OF TRUSTOR OR THE
BORROWER OR ANY DEFECT IN THE FORMATION OF TRUSTOR OR THE BORROWER OR ANY
PRINCIPAL OF TRUSTOR OR THE BORROWER;
(F)
ANY DEFENSE BASED UPON THE APPLICATION BY TRUSTOR OR THE BORROWER OF THE
PROCEEDS OF THE LOANS FOR PURPOSES OTHER THAN THE PURPOSES REPRESENTED BY
TRUSTOR OR THE BORROWER TO THE BENEFICIARY OR INTENDED OR UNDERSTOOD BY THE
BENEFICIARY OR TRUSTOR;
(G)
ANY DEFENSE BASED UPON AN ELECTION OF REMEDIES BY THE BENEFICIARY,
INCLUDING ANY ELECTION TO PROCEED BY JUDICIAL OR NONJUDICIAL FORECLOSURE OF ANY
SECURITY, WHETHER REAL PROPERTY OR PERSONAL PROPERTY SECURITY, OR BY DEED IN
LIEU THEREOF, AND WHETHER OR NOT EVERY ASPECT OF ANY FORECLOSURE SALE IS
COMMERCIALLY REASONABLE, OR ANY ELECTION OF REMEDIES, INCLUDING REMEDIES
RELATING TO REAL PROPERTY OR PERSONAL PROPERTY SECURITY, WHICH DESTROYS OR
OTHERWISE IMPAIRS THE SUBROGATION RIGHTS OF TRUSTOR OR THE RIGHTS OF TRUSTOR TO
PROCEED AGAINST ANY OF THE BORROWER OR ANY GUARANTOR FOR REIMBURSEMENT, OR BOTH
(INCLUDING, WITHOUT LIMITATION, CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS
580A, 580B, 580D AND 726);
(H)
ANY DEFENSE BASED UPON ANY STATUTE OR RULE OF LAW WHICH PROVIDES THAT THE
OBLIGATION OF A SURETY MUST BE NEITHER LARGER IN AMOUNT NOR IN ANY OTHER ASPECTS
MORE BURDENSOME THAN THAT OF A PRINCIPAL;
(I)
ANY DEFENSE BASED UPON THE BENEFICIARY'S ELECTION, IN ANY PROCEEDING
INSTITUTED UNDER THE FEDERAL BANKRUPTCY CODE, OF THE APPLICATION OF
SECTION 1111(B)(2) OF THE FEDERAL BANKRUPTCY CODE OR ANY SUCCESSOR STATUTE;
(J)
ANY DEFENSE BASED UPON ANY BORROWING OR ANY GRANT OF A SECURITY INTEREST
UNDER SECTION 364 OF THE FEDERAL BANKRUPTCY CODE;
(K)
ANY DUTY OF THE BENEFICIARY TO ADVISE TRUSTOR OF ANY INFORMATION KNOWN TO
THE BENEFICIARY REGARDING THE FINANCIAL CONDITION OF THE BORROWER AND ALL OTHER
CIRCUMSTANCES