PAY IN LAWFUL MONEY OF THE UNITED STATES OF
AMERICA, THE AMOUNT DUE ON THE GUARANTEED OBLIGATIONS TO LENDER AT LENDER'S
ADDRESS AS SET FORTH HEREIN.
SUCH DEMAND(S) MAY BE MADE AT ANY TIME COINCIDENT
WITH OR AFTER THE TIME FOR PAYMENT OF ALL OR PART OF THE GUARANTEED OBLIGATIONS
AND MAY BE MADE FROM TIME TO TIME WITH RESPECT TO THE SAME OR DIFFERENT ITEMS OF
GUARANTEED OBLIGATIONS.
SUCH DEMAND SHALL BE DEEMED MADE, GIVEN AND RECEIVED IN
ACCORDANCE WITH THE NOTICE PROVISIONS HEREOF.
SECTION 1.7
NO DUTY TO PURSUE OTHERS.
IT SHALL NOT BE NECESSARY FOR
LENDER (AND GUARANTOR HEREBY WAIVES ANY RIGHTS WHICH GUARANTOR MAY HAVE TO
REQUIRE LENDER), IN ORDER TO ENFORCE THE OBLIGATIONS OF GUARANTOR HEREUNDER,
FIRST TO (A) INSTITUTE SUIT OR EXHAUST ITS REMEDIES AGAINST 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
GUARANTORS OF THE GUARANTEED OBLIGATIONS, (D) JOIN BORROWER OR ANY OTHERS LIABLE
ON THE GUARANTEED OBLIGATIONS IN ANY ACTION SEEKING TO ENFORCE THIS GUARANTY,
(E) EXHAUST ANY REMEDIES AVAILABLE TO LENDER AGAINST ANY COLLATERAL WHICH SHALL
EVER HAVE BEEN GIVEN TO SECURE THE LOAN, OR (F) 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.
SECTION 1.8
WAIVERS.
GUARANTOR ACKNOWLEDGES RECEIPT OF COPIES OF
THE LOAN DOCUMENTS AND HEREBY WAIVES NOTICE OF (A) ANY LOANS OR ADVANCES MADE BY
LENDER TO BORROWER, (B) ACCEPTANCE OF THIS GUARANTY, (C) ANY AMENDMENT OR
EXTENSION OF THE NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR OF ANY OTHER LOAN
DOCUMENTS, (D) THE EXECUTION AND DELIVERY BY BORROWER AND LENDER OF ANY OTHER
LOAN OR CREDIT AGREEMENT OR OF BORROWER'S EXECUTION AND DELIVERY OF ANY
PROMISSORY NOTES OR OTHER DOCUMENTS ARISING UNDER THE LOAN DOCUMENTS OR IN
CONNECTION WITH THE PROPERTY, (E) THE OCCURRENCE OF (I) ANY BREACH BY BORROWER
OF ANY OF THE TERMS AND CONDITIONS OF THE LOAN AGREEMENT OR ANY OF THE OTHER
LOAN DOCUMENTS, OR (II) AN EVENT OF DEFAULT, (F) LENDER'S TRANSFER, SALE,
ASSIGNMENT, PLEDGE, PARTICIPATION 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 BORROWER, OR (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/OR THE OBLIGATIONS HEREBY GUARANTEED, EXCEPT IN EACH CASE TO THE EXTENT
EXPRESSLY PROVIDED HEREIN.
5
SECTION 1.9
PAYMENT OF EXPENSES.
IN THE EVENT THAT GUARANTOR SHOULD
BREACH OR FAIL TO TIMELY PERFORM ANY PROVISIONS OF THIS