LOAN (OR ANY PORTION THEREOF), (III)
2
ENFORCE NOTE B HOLDER'S RIGHTS AGAINST ANY OTHER GUARANTORS OF THE GUARANTEED
OBLIGATIONS, (IV) JOIN BORROWER OR ANY OTHERS LIABLE ON THE GUARANTEED
OBLIGATIONS IN ANY ACTION SEEKING TO ENFORCE THIS GUARANTY, (V) EXHAUST ANY
REMEDIES AVAILABLE TO NOTE B HOLDER AGAINST ANY COLLATERAL WHICH SHALL EVER HAVE
BEEN GIVEN TO SECURE THE LOAN (OR ANY PORTION THEREOF), OR (VI) RESORT TO ANY
OTHER MEANS OF OBTAINING PAYMENT OF THE GUARANTEED OBLIGATIONS. NOTE B HOLDER
SHALL NOT BE REQUIRED TO MITIGATE DAMAGES OR TAKE ANY OTHER ACTION TO REDUCE,
COLLECT OR ENFORCE THE GUARANTEED OBLIGATIONS.
1.7
WAIVERS. GUARANTOR AGREES TO THE PROVISIONS OF
THE LOAN DOCUMENTS AND HEREBY WAIVES NOTICE OF (I) ANY LOANS OR ADVANCES MADE BY
LENDER TO BORROWER, (II) ACCEPTANCE OF THIS GUARANTY, (III) ANY AMENDMENT OR
EXTENSION OF THE NOTE B, THE MORTGAGE, THE LOAN AGREEMENT 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 AN
EVENT OF DEFAULT, (VI) NOTE B HOLDER'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, (VIII) PROTEST, PROOF OF NON-PAYMENT OR DEFAULT BY BORROWER, OR
(IX) ANY OTHER ACTION AT ANY TIME TAKEN OR OMITTED BY NOTE B HOLDER AND,
GENERALLY, ALL DEMANDS AND NOTICES OF EVERY KIND (OTHER THAT THOSE SPECIFICALLY
REQUIRED HEREUNDER) IN CONNECTION WITH THIS GUARANTY, THE LOAN DOCUMENTS, ANY
DOCUMENTS OR AGREEMENTS EVIDENCING, SECURING OR RELATING TO ANY OF THE
GUARANTEED OBLIGATIONS AND THE OBLIGATIONS HEREBY GUARANTEED.
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 NOTE B HOLDER, PAY NOTE B
HOLDER ALL COSTS AND EXPENSES (INCLUDING COURT COSTS AND REASONABLE ATTORNEYS'
FEES) INCURRED BY NOTE B HOLDER IN THE ENFORCEMENT HEREOF OR THE PRESERVATION OF
NOTE B HOLDER'S RIGHTS HEREUNDER. THE COVENANT CONTAINED IN THIS SECTION SHALL
SURVIVE THE PAYMENT AND PERFORMANCE OF THE GUARANTEED OBLIGATIONS.
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, NOTE B HOLDER
MUST RESCIND OR RESTORE ANY PAYMENT OR ANY PART THEREOF RECEIVED BY NOTE B
HOLDER IN SATISFACTION OF THE GUARANTEED OBLIGATIONS, ANY PRIOR RELEASE OR
DISCHARGE FROM THE TERMS OF THIS GUARANTY GIVEN TO GUARANTOR BY NOTE B HOLDER
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