LENDER
SHALL NOT BE REQUIRED TO MITIGATE DAMAGES OR TAKE ANY OTHER ACTION TO REDUCE,
COLLECT OR ENFORCE THE GUARANTEED OBLIGATIONS.
SECTION 1.7
WAIVERS. GUARANTOR AGREES TO THE PROVISIONS OF THE LOAN
DOCUMENTS, AND HEREBY WAIVES NOTICE OF (I) ANY OTHER LOANS OR ADDITIONAL
ADVANCES MADE BY LENDER TO BORROWER, (II) ACCEPTANCE OF THIS GUARANTY, (III) ANY
AMENDMENT OR EXTENSION OF THE NOTE OR OF ANY OTHER LOAN DOCUMENTS, (IV) 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, (V) THE OCCURRENCE OF ANY BREACH BY BORROWER OR EVENT OF DEFAULT (AS
DEFINED IN THE SECURITY INSTRUMENT), (VI) LENDER'S TRANSFER OR DISPOSITION OF
THE GUARANTEED OBLIGATIONS, OR ANY PART THEREOF, (VII) SALE OR FORECLOSURE (OR
POSTING OR ADVERTISING FOR SALE OR FORECLOSURE) OF ANY COLLATERAL FOR THE
GUARANTEED OBLIGATIONS, EXCEPT AS OTHERWISE REQUIRED UNDER APPLICABLE LAW,
(VIII) PROTEST, PROOF OF NON-PAYMENT OR DEFAULT BY BORROWER, OR (IX) ANY OTHER
ACTION AT ANY TIME TAKEN OR OMITTED BY LENDER.
SECTION 1.8
PAYMENT OF EXPENSES. IN THE EVENT THAT GUARANTOR SHOULD
BREACH OR FAIL TO TIMELY PERFORM ANY PROVISIONS OF THIS GUARANTY, GUARANTOR
SHALL, IMMEDIATELY UPON DEMAND BY LENDER, PAY LENDER ALL REASONABLE COSTS AND
EXPENSES (INCLUDING COURT COSTS AND REASONABLE ATTORNEYS' FEES) INCURRED BY
LENDER IN THE ENFORCEMENT HEREOF OR THE PRESERVATION OF LENDER'S RIGHTS
HEREUNDER. THE COVENANT CONTAINED IN THIS SECTION SHALL SURVIVE THE PAYMENT AND
PERFORMANCE OF THE GUARANTEED OBLIGATIONS.
SECTION 1.9
EFFECT OF BANKRUPTCY. IN THE EVENT THAT, PURSUANT TO ANY
INSOLVENCY, BANKRUPTCY, REORGANIZATION, RECEIVERSHIP OR OTHER DEBTOR RELIEF LAW,
OR ANY JUDGMENT, ORDER OR DECISION THEREUNDER, LENDER MUST RESCIND OR RESTORE
ANY PAYMENT, OR ANY PART THEREOF, RECEIVED BY LENDER IN SATISFACTION OF THE
GUARANTEED OBLIGATIONS, AS SET FORTH HEREIN, ANY PRIOR RELEASE OR DISCHARGE FROM
THE TERMS OF THIS GUARANTY GIVEN TO GUARANTOR BY LENDER SHALL BE WITHOUT EFFECT,
AND THIS GUARANTY SHALL REMAIN IN FULL FORCE AND EFFECT. IT IS THE INTENTION OF
BORROWER AND GUARANTOR THAT GUARANTOR'S OBLIGATIONS HEREUNDER SHALL NOT BE
DISCHARGED EXCEPT BY GUARANTOR'S PERFORMANCE OF SUCH OBLIGATIONS AND THEN ONLY
TO THE EXTENT OF SUCH PERFORMANCE.
SECTION 1.10
DEFERMENT OF RIGHTS OF SUBROGATION AND REIMBURSEMENT.
(A)
NOTWITHSTANDING ANY PAYMENT OR PAYMENTS MADE BY GUARANTOR
HEREUNDER, GUARANTOR WILL NOT ASSERT OR EXERCISE ANY RIGHT OF LENDER OR OF
GUARANTOR AGAINST BORROWER TO RECOVER THE AMOUNT OF ANY PAYMENT MADE BY
GUARANTOR TO LENDER BY WAY OF SUBROGATION, REIMBURSEMENT, CONTRIBUTION,
INDEMNITY, OR OTHERWISE ARISING BY CONTRACT OR OPERATION OF LAW, AND GUARANTOR
SHALL NOT HAVE ANY RIGHT OF RECOURSE TO OR ANY CLAIM AGAINST ASSETS OR PROPERTY
OF BORROWER, WHETHER OR NOT THE OBLIGATIONS OF BORROWER HAVE BEEN SATISFIED, ALL
OF SUCH RIGHTS BEING HEREIN EXPRESSLY WAIVED BY GUARANTOR UNTIL THE OBLIGATIONS
(AS HEREINAFTER DEFINED) HAVE BEEN PAID IN FULL. UNTIL THE OBLIGATIONS HAVE BEEN
PAID IN FULL, THE PROVISIONS OF THIS PARAGRAPH