06-20-11 Council Agenda - Laserfiche WebLink

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(c) (d) (e) (f) (g) The undersigned will pay or reimburse the Lender for all costs and expenses, including reasonable attorneys' fees and legal expenses, incurred by Lender in connection with the protection, defense or enforcement of this Guaranty in any litigation or Bankruptcy or insolvency proceedings, or whether litigation is actually commenced. lithe undersigned shall be or become insolvent (however defined) then the Lender shall have the right to declare the indebtedness evidenced by the Note immediately due and payable, and the undersigned shall forthwith cause the Lender to be paid the full amount of such indebtedness, whether then due and payable or ummtured. The undersigned will not exercise or enforce any right of contribution, reim- bursement, recourse or subrogation available to the undersigned against Borrower or any other person liable for payment of any of the indebtedness evi- denced by the Note, unless and until all of the indebtedness evidenced by the Note shall have been fully paid and discharged. Whether or not any existing relationship between the undersigned and any Borrower has been changed or ended, the Lender may, but shall not be obligated to, enter into transactions resulting in the creation or continuance of indebtedness, without any consent or approval by the undersigned, and without notice to the undersigned. The liability of the undersigned shall not be affected or impaired by any of the following acts or things which Lender is expressly authorized to do, omit or suffer from time to time, without notice to or approval by the undersigned: (i) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all indebtedness; (ii) any one or more extension or renewals of indebtedness (whether or not for longer than the original period) or any modification of the interest rates, maturities or other contractual terms applicable to any indebtedness; (iii) any waiver or indulgence granted to Borrower, any delay or lack of diligence in the enforcement of indebt- edness, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any indebtedness; (iv) any full or partial release of settlement with or agreement not to sue, Borrower or any other guarantor or other person liable in respect to any indebtedness; (v) any discharge of any evidence of indebtedness or the acceptance of any instrument in renewal thereof or substitu- tion therefor; (vi) any failure to obtain collateral security (including rights of setoff) for indebtedness, or to see to the proper or sufficient creation and per- fection thereof, or to establish the priority thereof, or to protect, insure, or enforce any collateral security; or any modification, substitution, discharge, impairment, or loss of any collateral security; ( vii) any foreclosure or enforcement of any col- lateral security; (viii) any transfer of any indebtedness or any evidence thereof; (ix) any order of application of any payments or credits upon indebtedness; (x) any election by the Lender under §I1I1(b)(2) of the United States Bankruptcy Code. The undersigned hereby waives all errors and omissions in connection with the Lender's administration of any indebtedness evidenced by the Note, except behavior that amounts to had faith. The undersigned waives any and all defenses, claims and discharges of any Borrower, or any other Guarantor pertaining to the indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the 49