may have under Section 506(a), 506(b), 1111(b) or any
other provisions of the U.S. Bankruptcy Code to file a claim for the full amount
of the indebtedness evidenced hereby or secured by the Security Instrument or
any of the other Loan Documents or to require that all collateral shall continue
to secure all of the indebtedness owing to Lender in accordance with this Note,
the Security Instrument and the other Loan Documents.
ARTICLE III
GENERAL CONDITIONS
SECTION 3.1
NO WAIVER; AMENDMENT. NO FAILURE TO ACCELERATE THE
INDEBTEDNESS EVIDENCED HEREBY BY REASON OF DEFAULT HEREUNDER, ACCEPTANCE OF A
PARTIAL OR PAST DUE PAYMENT, OR INDULGENCES GRANTED FROM TIME TO TIME SHALL BE
CONSTRUED (I) AS A NOVATION OF THIS NOTE OR AS A
10
REINSTATEMENT OF THE INDEBTEDNESS EVIDENCED HEREBY OR AS A WAIVER OF SUCH RIGHT
OF ACCELERATION OR OF THE RIGHT OF LENDER THEREAFTER TO INSIST UPON STRICT
COMPLIANCE WITH THE TERMS OF THIS NOTE, OR (II) TO PREVENT THE EXERCISE OF SUCH
RIGHT OF ACCELERATION OR ANY OTHER RIGHT GRANTED HEREUNDER OR BY ANY APPLICABLE
LAWS; AND BORROWER HEREBY EXPRESSLY WAIVES THE BENEFIT OF ANY STATUTE OR RULE OF
LAW OR EQUITY NOW PROVIDED, OR WHICH MAY HEREAFTER BE PROVIDED, WHICH WOULD
PRODUCE A RESULT CONTRARY TO OR IN CONFLICT WITH THE FOREGOING. NO EXTENSION OF
THE TIME FOR THE PAYMENT OF THIS NOTE OR ANY INSTALLMENT DUE HEREUNDER MADE BY
AGREEMENT WITH ANY PERSON NOW OR HEREAFTER LIABLE FOR THE PAYMENT OF THIS NOTE
SHALL OPERATE TO RELEASE, DISCHARGE, MODIFY, CHANGE OR AFFECT THE ORIGINAL
LIABILITY OF BORROWER UNDER THIS NOTE, EITHER IN WHOLE OR IN PART, UNLESS LENDER
AGREES OTHERWISE IN WRITING. THIS NOTE MAY NOT BE CHANGED ORALLY, BUT ONLY BY AN
AGREEMENT IN WRITING SIGNED BY THE PARTY AGAINST WHOM ENFORCEMENT OF ANY WAIVER,
CHANGE, MODIFICATION OR DISCHARGE IS SOUGHT.
SECTION 3.2
WAIVERS. PRESENTMENT FOR PAYMENT, DEMAND, PROTEST AND
NOTICE OF DEMAND, PROTEST AND NONPAYMENT AND ALL OTHER NOTICES ARE HEREBY WAIVED
BY BORROWER. BORROWER HEREBY FURTHER WAIVES AND RENOUNCES, TO THE FULLEST EXTENT
PERMITTED BY LAW, ALL RIGHTS TO THE BENEFITS OF ANY MORATORIUM, REINSTATEMENT,
MARSHALING, FORBEARANCE, VALUATION, STAY, EXTENSION, REDEMPTION, APPRAISEMENT,
EXEMPTION AND HOMESTEAD NOW OR HEREAFTER PROVIDED BY THE CONSTITUTION AND LAWS
OF THE UNITED STATES OF AMERICA AND OF EACH STATE THEREOF, BOTH AS TO ITSELF AND
IN AND TO ALL OF ITS PROPERTY, REAL AND PERSONAL, AGAINST THE ENFORCEMENT AND
COLLECTION OF THE OBLIGATIONS EVIDENCED BY THIS NOTE OR THE OTHER LOAN
DOCUMENTS.
SECTION 3.3
LIMIT OF VALIDITY. THE PROVISIONS OF THIS NOTE AND OF
ALL AGREEMENTS BETWEEN BORROWER AND LENDER, WHETHER NOW EXISTING OR HEREAFTER
ARISING AND WHETHER WRITTEN OR ORAL, INCLUDING, BUT NOT LIMITED TO, THE LOAN
DOCUMENTS, ARE HEREBY EXPRESSLY LIMITED SO THAT IN NO CONTINGENCY OR EVENT
WHATSOEVER, WHETHER BY REASON OF DEMAND OR ACCELERATION OF THE MATURITY OF THIS
NOTE OR OTHERWISE, SHALL THE AMOUNT CONTRACTED FOR, CHARGED, TAKEN, RESERVED,
PAID OR AGREED TO BE PAID ("INTEREST") TO LENDER FOR THE USE, FORBEARANCE