OR OTHERWISE, WHICH ARE OR MIGHT BE
IN CONFLICT WITH THE TERMS OF THIS AGREEMENT AND AGREES THAT GUARANTOR'S
OBLIGATIONS SHALL NOT BE AFFECTED BY ANY CIRCUMSTANCES, WHETHER OR NOT REFERRED
TO IN THIS AGREEMENT, WHICH MIGHT OTHERWISE CONSTITUTE A LEGAL OR EQUITABLE
DISCHARGE OF A SURETY, A GUARANTOR, A BORROWER OR A MORTGAGOR.
GUARANTOR HEREBY
WAIVES THE BENEFITS OF ANY RIGHT OF DISCHARGE UNDER ANY AND ALL STATUTES OR
OTHER LAWS RELATING TO A GUARANTOR, A SURETY, A BORROWER OR A MORTGAGOR AND ANY
OTHER RIGHTS OF A SURETY, A GUARANTOR, A BORROWER OR A MORTGAGOR THEREUNDER.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, GUARANTOR HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, DILIGENCE IN COLLECTING THE SPONSOR'S
STABILIZATION OBLIGATIONS, PRESENTMENT, DEMAND FOR PAYMENT (EXCEPT AS EXPRESSLY
SET FORTH HEREIN), PROTEST, ALL NOTICES WITH RESPECT TO THE REIMBURSEMENT
AGREEMENT AND THIS AGREEMENT WHICH MAY BE REQUIRED BY STATUTE, RULE OF LAW OR
OTHERWISE TO PRESERVE FREDDIE MAC'S RIGHTS AGAINST GUARANTOR UNDER THIS
AGREEMENT, INCLUDING, BUT NOT LIMITED TO (EXCEPT AS EXPRESSLY SET FORTH HEREIN),
NOTICE OF ACCEPTANCE, NOTICE OF ANY AMENDMENT OF THE REIMBURSEMENT AGREEMENT,
NOTICE OF THE OCCURRENCE OF ANY DEFAULT OR EVENT OF DEFAULT, NOTICE OF INTENT TO
ACCELERATE, NOTICE OF ACCELERATION, NOTICE OF DISHONOR, NOTICE OF FORECLOSURE,
NOTICE OF PROTEST, AND NOTICE OF THE INCURRING BY SPONSOR OF ANY OBLIGATION OR
INDEBTEDNESS.
GUARANTOR ALSO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,
ALL RIGHTS TO REQUIRE FREDDIE MAC TO (A) PROCEED AGAINST SPONSOR WITH RESPECT TO
THE SPONSOR'S STABILIZATION OBLIGATIONS, OR (B) PROCEED AGAINST OR EXHAUST ANY
COLLATERAL HELD BY FREDDIE MAC TO SECURE THE REPAYMENT OF THE OBLIGATIONS.
GUARANTOR FURTHER WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT TO REVOKE THIS AGREEMENT AS TO ANY FUTURE ADVANCES BY FREDDIE MAC UNDER
THE REIMBURSEMENT AGREEMENT.
4.4
MODIFICATIONS TO DOCUMENTS.
AT ANY TIME OR FROM TIME TO TIME AND
ANY NUMBER OF TIMES, WITHOUT NOTICE TO GUARANTOR AND WITHOUT AFFECTING THE
LIABILITY OF GUARANTOR, (A) THE TIME FOR PAYMENT OF THE SPONSOR'S STABILIZATION
OBLIGATIONS MAY BE EXTENDED OR THE SPONSOR'S STABILIZATION OBLIGATIONS MAY BE
RENEWED IN WHOLE OR IN PART; (B) THE TIME FOR SPONSOR'S PERFORMANCE OF OR
COMPLIANCE WITH ANY COVENANT OR AGREEMENT CONTAINED IN THE REIMBURSEMENT
AGREEMENT, WHETHER PRESENTLY EXISTING OR HEREINAFTER ENTERED INTO, MAY BE
EXTENDED OR SUCH PERFORMANCE OR COMPLIANCE MAY BE WAIVED; (C) THE REIMBURSEMENT
AGREEMENT, AND THE SECURITY INSTRUMENT OR ANY OTHER LOAN DOCUMENT EVIDENCING OR
SECURING THE OBLIGATIONS OF OWNERS (AS DEFINED IN THE REIMBURSEMENT AGREEMENT)
MAY BE MODIFIED OR AMENDED BY FREDDIE MAC AND SPONSOR IN ANY RESPECT; AND
(D) ANY SECURITY FOR THE SPONSOR'S STABILIZATION OBLIGATIONS MAY BE MODIFIED,
EXCHANGED, SURRENDERED OR OTHERWISE DEALT WITH OR ADDITIONAL SECURITY MAY BE
PLEDGED OR MORTGAGED FOR THE SPONSOR'S STABILIZATION OBLIGATIONS.
4.5
SUBORDINATION OF SPONSOR'S INDEBTEDNESS.
ANY INDEBTEDNESS OF
SPONSOR HELD BY GUARANTOR NOW OR IN THE FUTURE IS AND SHALL BE SUBORDINATED TO
THE SPONSOR'S STABILIZATION OBLIGATIONS AND ANY SUCH INDEBTEDNESS OF SPONSOR
SHALL BE COLLECTED,