ANY DEFICIENCY
DEPOSIT.
THE LIABILITIES OF GUARANTOR UNDER THIS SECTION 4 SHALL NOT BE LIMITED
BY THE AMOUNT OF THE LOAN, BUT SHALL BE DETERMINED SOLELY BY THE AMOUNT OF
DEFICIENCY DEPOSITS REQUIRED TO KEEP THE LOAN "IN BALANCE" AS DETERMINED BY
LENDER IN ACCORDANCE WITH THE LOAN AGREEMENT.
5.
THE PAYMENT, COMPLIANCE AND PERFORMANCE OBLIGATIONS GUARANTEED
BY GUARANTOR PURSUANT TO SECTIONS 1 THROUGH 4 ABOVE ARE HEREINAFTER COLLECTIVELY
REFERRED TO AS THE "GUARANTEED OBLIGATIONS".
6.
GUARANTOR HEREBY WAIVES: (A) NOTICE OF ACCEPTANCE OF THIS
GUARANTY BY LENDER AND OF PRESENTMENT, DEMAND, PROTEST, NOTICE OF PROTEST AND OF
DISHONOR, NOTICE OF DEFAULT AND, EXCEPT FOR THE NOTICES SET FORTH HEREIN, ALL
OTHER NOTICES OF EVERY KIND OR NATURE NOW OR
3
HEREAFTER PROVIDED BY AGREEMENT OR AVAILABLE AT LAW; (B) THE PLEADING OF ANY
STATUTE OF LIMITATIONS AS A DEFENSE TO THE OBLIGATIONS HEREUNDER; AND (C) ANY
RIGHT TO REQUIRE OR COMPEL LENDER, PRIOR TO EXERCISING ITS RIGHTS HEREUNDER TO
FIRST PROCEED AGAINST BORROWER OR ANY SECURITY FOR THE LOAN, OR TO PURSUE ANY
OTHER REMEDY AVAILABLE TO LENDER.
LENDER'S FAILURE TO EXERCISE, OR DELAY IN
EXERCISING, ANY RIGHT OR POWER HEREUNDER SHALL NOT OPERATE AS A WAIVER THEREOF,
NOR SHALL ANY SINGLE OR PARTIAL EXERCISE BY LENDER OF ANY RIGHT, REMEDY OR POWER
HEREUNDER PRECLUDE ANY OTHER OR FUTURE EXERCISE OF ANY OTHER RIGHT, REMEDY OR
POWER.
GUARANTOR ACKNOWLEDGES THAT LENDER MAY SEEK RECOVERY OF THE GUARANTEED
OBLIGATIONS FROM GUARANTOR WITH THE SAME FORCE AND EFFECT AS IF GUARANTOR WERE
PRIMARY OBLIGOR UNDER THE NOTE AND THE OTHER LOAN DOCUMENTS.
7.
GUARANTOR FURTHER AGREES THAT THE VALIDITY OF THIS GUARANTY AND
THE OBLIGATIONS OF GUARANTOR HEREUNDER SHALL IN NO WAY BE TERMINATED, AFFECTED
OR IMPAIRED BY REASON OF: (A) THE ASSERTION BY LENDER OF ANY RIGHTS OR REMEDIES
WHICH IT MAY HAVE UNDER OR WITH RESPECT TO THE NOTE OR THE OTHER LOAN DOCUMENTS
AGAINST ANY PERSON OBLIGATED THEREUNDER OR AGAINST THE OWNER OF THE PROJECT; (B)
ANY FAILURE TO FILE OR RECORD ANY OF THE LOAN DOCUMENTS OR TO TAKE OR PERFECT
ANY SECURITY INTENDED TO BE PROVIDED THEREBY; (C) THE RELEASE OR EXCHANGE OF THE
REAL PROPERTY OR ANY OTHER COLLATERAL FOR THE LOAN; PROVIDED THAT THIS GUARANTY
SHALL NOT, WITHOUT THE PRIOR CONSENT OF THE PRINCIPALS, COVER OR PERTAIN TO ANY
LOSSES ATTRIBUTABLE TO SUCH RELEASED COLLATERAL AND ARISING FROM AND AFTER THE
RELEASE OF SUCH RELEASED OR EXCHANGED COLLATERAL; (D) THE COMMENCEMENT OF A CASE
UNDER THE BANKRUPTCY CODE BY OR AGAINST ANY PERSON OBLIGATED UNDER THE NOTE OR
THE OTHER LOAN DOCUMENTS; OR (E) ANY PAYMENT MADE ON THE DEBT OR ANY OTHER
INDEBTEDNESS ARISING UNDER THE NOTE OR THE OTHER LOAN DOCUMENTS, WHETHER MADE BY
BORROWER OR GUARANTOR OR ANY OTHER PERSON, WHICH IS REQUIRED TO BE REFUNDED
PURSUANT TO ANY BANKRUPTCY OR INSOLVENCY LAW; IT BEING UNDERSTOOD THAT NO
PAYMENT SO REFUNDED SHALL BE CONSIDERED AS A PAYMENT OF ANY PORTION OF THE DEBT,
NOR SHALL IT HAVE THE EFFECT OF