HAVE AGAINST LENDER.
LENDER MAY APPLY ANY AND ALL SUCH PAYMENTS TO THE SECURED OBLIGATIONS IN ANY
ORDER OF PRIORITY AS LENDER SHALL, IN ITS SOLE DISCRETION, DETERMINE.
NO
4
PAYMENT MADE PURSUANT TO THIS COMPLETION GUARANTY SHALL REDUCE OR LIMIT THE
AMOUNT PAYABLE BY GUARANTOR HEREUNDER.
NOTHING CONTAINED IN THIS SECTION 2
SHALL BE DEEMED TO LIMIT GUARANTOR'S LIABILITY UNDER THE ENVIRONMENTAL INDEMNITY
AGREEMENT, THE LIMITED GUARANTY OR ANY OTHER LOAN DOCUMENT TO WHICH GUARANTOR IS
A PARTY.
3.
IRREVOCABLE GUARANTY.
(A)
THIS IS AN ABSOLUTE, IRREVOCABLE, PRESENT AND CONTINUING GUARANTY
OF PAYMENT AND PERFORMANCE OF THE GUARANTEED OBLIGATIONS AND NOT OF COLLECTION.
(B)
THE OBLIGATIONS OF GUARANTOR HEREUNDER ARE INDEPENDENT OF AND IN
ADDITION TO THE OBLIGATIONS OF GUARANTOR, BORROWER AND ANY OTHER LOAN PARTY
UNDER THE ENVIRONMENTAL INDEMNITY AGREEMENT, THE LIMITED GUARANTY, OR ANY OTHER
LOAN DOCUMENT AND A SEPARATE ACTION OR ACTIONS MAY BE BROUGHT OR PROSECUTED
AGAINST GUARANTOR, WHETHER ANY ACTION IS BROUGHT AGAINST BORROWER OR ANY OTHER
LOAN PARTY OR WHETHER BORROWER OR ANY OTHER LOAN PARTY IS JOINED IN ANY ACTION
OR ACTIONS.
IN ANY ACTION TO ENFORCE THIS COMPLETION GUARANTY, LENDER, AT ITS
ELECTION, MAY PROCEED AGAINST GUARANTOR, WITH OR WITHOUT:
(I) JOINING BORROWER
OR ANY OTHER LOAN PARTY IN ANY SUCH ACTION; (II) COMMENCING ANY ACTION AGAINST
OR OBTAINING ANY JUDGMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY; OR (III)
COMMENCING ANY PROCEEDING TO ENFORCE THE NOTE OR THE LOAN AGREEMENT OR TO
REALIZE UPON ALL OR ANY PART OF THE PROPERTY; PROVIDED, HOWEVER, NOTHING HEREIN
CONTAINED SHALL PRECLUDE LENDER FROM SUING ON THE NOTE AND THE LOAN AGREEMENT OR
FORECLOSING THE LOAN DOCUMENTS OR FROM EXERCISING ANY OTHER RIGHTS, REMEDIES OR
POWER UNDER THE ENVIRONMENTAL INDEMNITY AGREEMENT, THE LIMITED GUARANTY, OR ANY
LOAN DOCUMENT, AND IF SUCH FORECLOSURE OR OTHER RIGHTS, POWERS OR REMEDIES ARE
AVAILED OF, ONLY THE NET PROCEEDS THEREFROM, AFTER DEDUCTION OF ALL CHARGES AND
EXPENSES OF EVERY KIND AND NATURE WHATSOEVER, SHALL BE APPLIED IN REDUCTION OF
THE SECURED OBLIGATIONS.
LENDER SHALL NOT BE REQUIRED TO INSTITUTE OR PROSECUTE
PROCEEDINGS TO RECOVER ANY DEFICIENCY AS A CONDITION OF ANY PAYMENT HEREUNDER OR
ENFORCEMENT HEREOF.
AT ANY SALE OF THE PROPERTY, WHETHER BY FORECLOSURE OR
OTHERWISE, LENDER MAY, AT ITS DISCRETION, PURCHASE ALL OR ANY PART OF SUCH THE
PROPERTY, OFFERED FOR SALE FOR ITS OWN ACCOUNT, AND MAY APPLY AGAINST THE AMOUNT
BID THEREFOR THE UNPAID BALANCE OR ANY PART THEREOF TO THE SECURED OBLIGATIONS.
(C)
THE OBLIGATIONS AND LIABILITIES OF GUARANTOR HEREUNDER SHALL NOT
BE DIMINISHED OR OFFSET BY ANY PAYMENT BY GUARANTOR UNDER ANY OTHER AGREEMENT,
DOCUMENT, OR INSTRUMENT ENTERED INTO BY GUARANTOR IN FAVOR OF LENDER, INCLUDING,
WITHOUT LIMITATION, THE LIMITED GUARANTY AND THE ENVIRONMENTAL INDEMNITY
AGREEMENT.
4.
RETURN OF PAYMENTS.
GUARANTOR AGREES THAT, IF AT ANY TIME ALL OR
ANY PART OF THE PAYMENTS THERETOFORE APPLIED BY LENDER TO ANY OF THE SECURED
OBLIGATIONS, BUT ONLY TO THE EXTENT OF THE GUARANTEED OBLIGATIONS, IS RESCINDED
OR RETURNED BY LENDER OR LENDER