THE LOAN AND ALL
EXTENSIONS IN THE TIME OF PAYMENT THEREOF, EVEN THOUGH SUCH ADVANCES, EXTENSIONS
OR RENEWALS BE EVIDENCED BY NEW PROMISSORY NOTES OR OTHER INSTRUMENTS HEREAFTER
EXECUTED AND IRRESPECTIVE OF WHETHER FILED OR RECORDED.
LIKEWISE, THE EXECUTION
OF THIS AGREEMENT SHALL NOT IMPAIR OR AFFECT ANY OTHER SECURITY WHICH MAY BE
GIVEN TO SECURE THE PAYMENT OF THE LOAN, AND ALL SUCH ADDITIONAL SECURITY SHALL
BE CONSIDERED AS CUMULATIVE.
THE TAKING OF ADDITIONAL SECURITY, EXECUTION OF
PARTIAL RELEASES OF THE SECURITY, OR ANY EXTENSION OF TIME OF PAYMENT OF THE
LOAN SHALL NOT DIMINISH THE FORCE, EFFECT OR LIEN OF THIS AGREEMENT AND SHALL
NOT AFFECT OR IMPAIR THE LIABILITY OF BORROWER AND SHALL NOT AFFECT OR IMPAIR
THE LIABILITY OF ANY MAKER, SURETY, OR ENDORSER FOR THE PAYMENT OF THE LOAN.
SECTION 7.20.
APPLICATION OF DEFAULT RATE NOT A WAIVER.
APPLICATION OF THE
DEFAULT RATE SHALL NOT BE DEEMED TO CONSTITUTE A WAIVER OF ANY DEFAULT OR EVENT
OF DEFAULT OR ANY RIGHTS OR REMEDIES OF LENDER UNDER THIS AGREEMENT, ANY OTHER
LOAN DOCUMENT OR APPLICABLE LEGAL REQUIREMENTS, OR A CONSENT TO ANY EXTENSION OF
TIME FOR THE PAYMENT OR PERFORMANCE OF ANY OBLIGATION WITH RESPECT TO WHICH THE
DEFAULT RATE MAY BE INVOKED.
SECTION 7.21.
INTERVENING LIEN.
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
AGREEMENT HEREAFTER MADE PURSUANT TO THIS AGREEMENT SHALL BE SUPERIOR TO THE
RIGHTS OF THE HOLDER OF ANY INTERVENING LIEN.
SECTION 7.22.
NO JOINT VENTURE OR PARTNERSHIP.
BORROWER AND LENDER INTEND THAT
THE RELATIONSHIP CREATED HEREUNDER BE SOLELY THAT OF PLEDGOR AND PLEDGEE OR
BORROWER AND LENDER, AS THE CASE MAY BE.
NOTHING HEREIN IS INTENDED TO CREATE A
JOINT VENTURE OR PARTNERSHIP RELATIONSHIP BETWEEN BORROWER AND LENDER NOR TO
GRANT LENDER ANY INTEREST IN THE COLLATERAL OTHER THAN THAT OF PLEDGEE OR
LENDER.
SECTION 7.23.
TIME OF THE ESSENCE.
TIME SHALL BE OF THE ESSENCE IN THE
PERFORMANCE OF ALL OBLIGATIONS OF BORROWER HEREUNDER.
SECTION 7.24.
BORROWER'S OBLIGATIONS ABSOLUTE.
BORROWER ACKNOWLEDGES THAT
LENDER AND/OR CERTAIN AFFILIATES OF LENDER ARE ENGAGED IN THE BUSINESS OF
FINANCING, OWNING, OPERATING, LEASING, MANAGING, AND BROKERING REAL ESTATE AND
IN OTHER BUSINESS VENTURES WHICH MAY BE VIEWED AS ADVERSE TO OR COMPETITIVE WITH
THE BUSINESS, PROSPECT, PROFITS, OPERATIONS OR CONDITION (FINANCIAL OR
OTHERWISE) OF BORROWER.
EXCEPT AS SET FORTH TO THE CONTRARY IN THE LOAN
DOCUMENTS, ALL SUMS PAYABLE BY BORROWER HEREUNDER SHALL BE PAID WITHOUT NOTICE
OR DEMAND, COUNTERCLAIM, SET-OFF, DEDUCTION OR DEFENSE AND WITHOUT ABATEMENT,
SUSPENSION, DEFERMENT, DIMINUTION OR REDUCTION, AND THE OBLIGATIONS AND
LIABILITIES OF BORROWER HEREUNDER SHALL IN NO WAY BE RELEASED, DISCHARGED, OR
OTHERWISE AFFECTED (EXCEPT AS EXPRESSLY PROVIDED HEREIN) BY REASON OF:
(A) ANY
50
BANKRUPTCY PROCEEDING RELATING TO OWNER, BORROWER, ANY GENERAL PARTNER, OR ANY
GUARANTOR OR INDEMNITOR, OR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT BY ANY TRUSTEE OR RECEIVER OF OWNER, BORROWER OR ANY
SUCH GENERAL PARTNER, GUARANTOR OR INDEMNITOR, OR BY ANY COURT, IN ANY SUCH
PROCEEDING; (B)