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foregoing, the undersigned will not assert, plead or enforce against the Lender <br />any defense of waiver, release, suretyship defenses, discharge in bankruptcy, <br />statute of limitations, res judicata, statute of frauds, anti- deficiency statute, fraud, <br />incapacity, minority, usury, illegality or unenforceability which may be available <br />to any Borrower or to any other person liable in respect to any indebtedness or <br />any setoff available against the Lender to any Borrower or any such other person, <br />whether or not on account of a related transaction. The undersigned expressly <br />agrees that it shall be and remain liable for any deficiency remaining after <br />foreclosure of any mortgage or security interest securing any indebtedness <br />evidenced by the Note, or securing this or any other Guaranty, whether or not the <br />liability of any Borrower or any other obligor, or guarantor, for such deficiency is <br />discharged pursuant to statute or judicial decision. <br />(h) The undersigned waives presentment, demand for payment, notice of dishonor or <br />non - payment, and protest of any instrument evidencing any indebtedness <br />evidences( by the Note. Lender shall not be required first to resort to payment of <br />the indebtedness to any Borrower or other persons or their properties, or first to <br />enforce, realize upon or exhaust any collateral security for the indebtedness <br />evidenced by the Note, before enforcing this Guaranty. <br />(i) <br />If any payment applied by the Lender to any indebtedness evidenced by the Note <br />is thereafter set aside, recovered, rescinded or required to be returned for any rea- <br />son (including, without limitation, the bankruptcy, insolvency or reorganization <br />of any Borrower or any other obligor) the indebtedness to which such payment <br />was applied shall for the purpose of this Guaranty be deemed to have continuad <br />in existence, notwithstanding such application, release or discharge earlier given <br />and this Guaranty shall be enforceable as to such indebtedness as fully as if such <br />application had never been made. <br />(j) The liability of the undersigned under this Guaranty is in addition to and shall be <br />cumulative with all other liabilities of the undersigned to the Lender as Guarantor <br />or otherwise, without any limitation as to amount, unless the instrument or <br />agreement evidencing or creating such other liability specifically provides to the <br />contrary. <br />(k) This Guaranty shall be effective upon delivery to the Lender, without further <br />action, condition or acceptance by the Lender, and shall he binding upon the <br />undersigned and its heirs, representatives, successors and assigns and shall inure <br />to the benefit of the Lender and its participants, successors and assigns. Any <br />invalidity or unenforeeability of any provision or application of this Agreement <br />shall not affect other lawful provisions and application hereof, and to this end the <br />provisions of this Guaranty are declared to be severable. This Guaranty may not <br />be waived, modified, amended, terminated, released or otherwise changed except <br />by a writing signed by the undersigned and the Lender. The undersigned waives <br />notice of the Lender's acceptance hereof and waives the right to a trial by jury in <br />any action based on or pertaining to this Guaranty. <br />(a) <br />The undersigned represents, warrants and agrees that: <br />The undersigned Guarantor will benefit by and from the making of the Loan <br />referenced herein; <br />50 <br />3 <br />