201400400 - Laserfiche WebLink

Browse

201400400 51 of this Security Instrument, Lender may collect from Borrower or each Other Borrower even if Lender, by foreclosing on the real property collateral, has destroyed any right Borrower or any such Other Borrower may have to collect from any of the other Other Borrowers. This is an unconditional and irrevocable waiver of any rights and defenses Borrower may have because Borrower's debt is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. (e) In the case of a power of sale foreclosure under this Security Instrument, the fair market value of the real property collateral shall be conclusively deemed to be the amount of the successful bid at the foreclosure sale. Borrower waives any rights or benefits it may now or hereafter have to a fair value hearing under Section 580a of the California Code of Civil Procedure. Lender shall have absolutely no obligation to make a bid at any foreclosure sale, but rather may make no bid or bid any amount which Lender, in its sole discretion, deems appropriate. (f) Borrower hereby irrevocably authorizes Lender to apply any and all amounts received by Lender in repayment of the Debt first to amounts which are guaranteed pursuant to the terms of the Loan Documents and then to amounts which are not guaranteed pursuant to the terms of the Loan Documents, if any. Borrower hereby waives any and all rights that it has or may hereafter have under Section 2822 of the California Civil Code which provides that if a guarantor is "liable upon only a portion of an obligation and the principal provides partial satisfaction of the obligation, the principal may designate the portion of the obligation that is to be satisfied." (g) Lender acknowledges that the provisions of this paragraph are intended to constitute a waiver of any rights and defenses Borrower may now or hereafter have as a "guarantor" to the extent this Security Instrument is construed to be in whole or in part a guaranty of the Other Borrowers' obligations under any other document or agreement. Nothing contained in this Section 31 shall be deemed to constitute a waiver of the antideficiency or one action protections afforded Borrower under Section 580a, 580d and 726 of the California Code of Civil Procedure, as modified or recodified from time to time as such protections may be applied to Borrower in its status as a primary obligor under this Security Instrument as opposed to a guarantor. (h) Borrower warrants and represents to Lender that (i) it now has or will continue to have full and complete access to any and all information concerning the transactions contemplated by the Loan Documents and Lease, the value of the assets owned or to be acquired by any of the Other Borrowers under the Loan Documents and Lease, their financial status and their respective ability to pay and perform their respective obligations under the Loan Documents and Lease; and (ii) Borrower has reviewed and approved copies of the Loan Documents and is fully informed of the remedies Lender may pursue, with or without notice to Borrower, in the event of default under the Loan Documents. Borrower shall keep fully informed as to all aspects of the financial condition of the Other Borrowers and the performance of their respective obligations under the Loan Documents and the Lease.