NOT GENUINE OR
AUTHENTIC, IT BEING AGREED THAT BORROWER SHALL REMAIN LIABLE HEREON REGARDLESS
OF WHETHER THE CROSSED BORROWERS OR ANY OTHER PERSON BE FOUND NOT LIABLE ON THE
CROSSED LOANS OR ANY PART THEREOF FOR ANY REASON.
(V)
ANY FULL OR PARTIAL RELEASE OF THE LIABILITY
OF THE CROSSED BORROWERS ON THE CROSSED LOANS, OR ANY PART THEREOF, OR OF ANY
CO-GUARANTORS, OR ANY OTHER PERSON OR ENTITY NOW OR HEREAFTER LIABLE, WHETHER
DIRECTLY OR INDIRECTLY, JOINTLY, SEVERALLY, OR JOINTLY AND SEVERALLY, TO PAY,
PERFORM, GUARANTEE OR ASSURE THE PAYMENT OF THE CROSSED LOANS, OR ANY PART
THEREOF, IT BEING RECOGNIZED, ACKNOWLEDGED AND AGREED BY BORROWER THAT BORROWER
HAS NOT BEEN INDUCED TO ENTER INTO THIS LOAN AGREEMENT OR THE OTHER LOAN
DOCUMENTS ON THE BASIS OF A CONTEMPLATION, BELIEF, UNDERSTANDING OR AGREEMENT
THAT OTHER PARTIES WILL BE LIABLE TO PAY OR PERFORM THE LOAN OR THE BORROWER'S
OBLIGATIONS UNDER THE LOAN
42
AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR THAT LENDER WILL LOOK TO OTHER PARTIES
TO PAY OR PERFORM THE CROSSED LOANS.
(VI)
THE TAKING OR ACCEPTING OF ANY OTHER SECURITY,
COLLATERAL OR GUARANTY, OR OTHER ASSURANCE OF PAYMENT, FOR ALL OR ANY PART OF
THE CROSSED LOANS.
(VII)
ANY RELEASE, SURRENDER, EXCHANGE, SUBORDINATION,
DETERIORATION, WASTE, LOSS OR IMPAIRMENT (INCLUDING WITHOUT LIMITATION
NEGLIGENT, WILLFUL, UNREASONABLE OR UNJUSTIFIABLE IMPAIRMENT) OF ANY COLLATERAL,
PROPERTY OR SECURITY, AT ANY TIME EXISTING IN CONNECTION WITH, OR ASSURING OR
SECURING PAYMENT OF, ALL OR ANY PART OF THE CROSSED LOANS.
(VIII)
THE FAILURE OF OR REFUSAL OF LENDER OR ANY OTHER
PARTY ACTING ON BEHALF OF LENDER TO EXERCISE DILIGENCE OR REASONABLE CARE IN THE
PRESERVATION, PROTECTION, ENFORCEMENT, SALE OR OTHER HANDLING OR TREATMENT OF
ALL OR ANY PART OF SUCH COLLATERAL, PROPERTY OR SECURITY, INCLUDING BUT NOT
LIMITED TO ANY NEGLECT, DELAY, OMISSION, FAILURE OR REFUSAL OF LENDER (A) TO
TAKE OR PROSECUTE ANY ACTION FOR THE COLLECTION OF ANY OF THE CROSSED LOANS, (B)
TO FORECLOSE, OR INITIATE ANY ACTION TO FORECLOSE, OR, ONCE COMMENCED, PROSECUTE
TO COMPLETION ANY ACTION TO FORECLOSE UPON ANY SECURITY THEREFOR, OR (C) TO TAKE
OR PROSECUTE ANY ACTION IN CONNECTION WITH ANY INSTRUMENT OR AGREEMENT
EVIDENCING OR SECURING ALL OR ANY PART OF THE CROSSED LOANS.
(IX)
THE FACT THAT ANY COLLATERAL, SECURITY,
SECURITY INTEREST OR LIEN CONTEMPLATED OR INTENDED TO BE GIVEN, CREATED OR
GRANTED AS SECURITY FOR THE REPAYMENT OF THE CROSSED LOANS, OR ANY PART THEREOF,
SHALL NOT BE PROPERLY PERFECTED OR CREATED, OR SHALL PROVE TO BE UNENFORCEABLE
OR SUBORDINATE TO ANY OTHER SECURITY INTEREST OR LIEN, IT BEING RECOGNIZED AND
AGREED BY BORROWER THAT BORROWER IS NOT ENTERING INTO THIS LOAN AGREEMENT IN
RELIANCE ON, OR IN CONTEMPLATION OF THE BENEFITS OF, THE VALIDITY,
ENFORCEABILITY, COLLECTIBILITY OR VALUE OF ANY OF THE COLLATERAL FOR THE CROSSED
LOANS.
(X)
ANY PAYMENT BY ANY OF THE CROSSED
BORROWERS TO LENDER IS HELD TO CONSTITUTE A PREFERENCE UNDER BANKRUPTCY LAWS, OR
FOR ANY REASON LENDER IS REQUIRED TO REFUND SUCH PAYMENT