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201400400 in accordance with the California UCC as to any personal property or fixtures and separately as to its remedies with respect to real property and fixtures, or may proceed in any sequence as to some or all of the real property and some or all of the personal property and fixtures in accordance with its rights and remedies in respect of the real property, as specifically permitted under Section 9604 of the California UCC, and treat both the real property and the personal property or fixtures as one parcel of security. Lender and Deed of Trust Trustee may aggregate their rights in any real property, fixtures and/or personal to create such parcels of security to be sold pursuant to the power of sale herein or by judicial foreclosure. A sale of a parcel of security including real and personal property may be conducted by the Deed of Trust Trustee. 13. Paragraph 31 of this Security Agreement is hereby deleted in its entirety and replaced with the following: 31. Marshalling and Other Matters. (a) Borrower hereby waives, to the extent permitted by law, the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Mortgaged Property or any part thereof or any interest therein. Further, Borrower hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of this Security Instrument on behalf of Borrower, and on behalf of each and every person acquiring any interest in or title to the Mortgaged Property subsequent to the date of this Security Instrument and on behalf of all persons to the extent permitted by applicable law. (b) Borrower expressly waives any and all benefits which might otherwise be available to Borrower under California Civil Code Sections 2809, 2810, 2819, 2839, 2845, 2849, 2850, 2899 and 3433. (c) Borrower hereby waives any and all defenses, including but not limited to Borrower's defense of estoppel discussed in Union Bank vs. Gradsky (1968) 265 Cal.App.2d 40, based upon a foreclosure against all or any part of the real property security for the indebtedness evidenced by the Note pursuant to the power of sale contained in this Security Instrument as opposed to proceeding by way of judicial foreclosure. Borrower waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as a non judicial foreclosure with respect to security for a guaranteed obligation, has destroyed Borrower's rights of subrogation and reimbursement by the operation of Section 580d of the California Code of Civil Procedure or otherwise. (d) Borrower hereby waives all rights and defenses that Borrower may have because any of the Debt is secured by real property. This means, among other things: (1) subject to the provisions of paragraph 51 of this Security Instrument, Lender may collect from Borrower without first foreclosing on any real or personal property collateral pledged by any other borrower, including without limitation, Lessee or any of its affiliates (collectively, the "Other Borrowers" and individually, an "Other Borrower "); (2) If Lender forecloses on any real property collateral pledged by Borrower or any one or more Other Borrowers: (A) the amount of debt may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, (B) subject to the provisions of paragraph