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T 2� 17�2� 13 �ii} Each Third Party Trustor waives any defense to its obliga�i�ns h�reund�r based upon or aris�ng by reason of: �A}any d�sability or other defense af any 4bligor or any o�her pers�n; �B�the cessa��on�r��mi�ation from any cause whatsoever, other than payment in full, of any S ecured�bligat��n; ��any lack of authority of any officer, director,partrier, agent�r any other person act�ng ar purporti.ng to act on�eha�f of any �bligor which is a corporation, partnership or other type of entity, ar any d�fect in the formatian of any such �bl�gor; �D��he app�icat�on by ar�y �bligar of th� praceeds af any S�cured �bligatzon far purposes other than the purposes represen�ed by any�b�igor�o, ar intended or und�rstood by, Beneficiary or any Third Party Trustar; �E�any act or om�s��on by Beneficiary which directly �r indire�tly r�sults in or aids the disCharge �f any �bligor ar any por��n of ar�y Secured ��ligation by operati�n of law ar �therwise, ar which in any way impa�rs or suspends any rights or remed�es of Benef�ciary aga�nst any �bligar; �F}any impairment of the valu� of any interest in any security far the Secured�b�iga�ions or any portian thereof, including wi�hout l�mitation, the failure to obtain or maintain perfec�ian �r recordation of any in�erest in any such security, the release �f any such se�urity without subs�itutivn, andJor the fa��ure to pr�ser�e the�a1ue af, or to comply wi�h applicable law in disposing af, any such securi.ty; (G�any modification of any Secured �bligation, ir� any form whatsoever, including without limitation the renewal, e�tension, acceleration or ather change in �ime for payment of, or other change in the terms of, any S ecured �bliga�ion or any port�on thereof, including increase ar decrease �f the rate of interest thereon; or�H} any requ�rement that Ben�ficiary gi�e any n�tice of accep�ance of this Deed of Trust. Until a�l Secured �bligations shall have been paid in full, no Third Party Trustar sha�� have any right of subr�gation, and eaCh Th�rd Farty Trustar wa�ves any righ� to enfarce any remedy which Beneficiary n�w has or may hereafter have against any �bligor or any other person, and waives any b�n�fit of, or any right to par�i�xpat� in, any security now or h�reafter held by Beneficiary. Each Third Party Trustor furth�r Waives al1 righ�s and defenses it may have arising out of: �� any e�ection af r�medies by Benef�ciary, even �haugh that election of remed�es, such as a non judicia� foreclosure with respec� to any security for any por�ion of�he Secured �blxgations, destroys such Third Party Trustor's rights of subrogation ar such Third Party Trustor's rights to proce�d against any �bligor far reimbursement; or ��any lass of rights any Third Par�y Trustor may suffer by reason of any rights, pawers or rernedies of any�bligor in connection with any anti-d�ficiency laws or any other laws limi�ing, quaiifying or d�scharging any �bligor's obligat�ans, whether by �peratian of law or o�herwise, including any r�ghts any Third Party Trus�ar may ha�e �o a fair market value hearing to determine the size of a deficiency fallowing any trus�ee's foreciasure sale or�ther disposition of an� security for any por�ion of th� S ecured�bliga�ions. �iii� If any of sai� waivers �s deternzined to be contrary to any applicahle law ar public po�i�y, such waiver shall be effective��the exten�permit�ed by applicable law ar pub�ic policy. ARTICLE N. DEFAULT PRUVISI�NS 4.� Default. The occurrence af any of the following shal�const��ute a "'I]efaul�" under th�s Deed of Trus�: �a�Trustflr shall fai� to obser�� or perform any obl�gation or agreement contained herein; �b�any representat�fln or warranty of Trustor here�n sha1�prove t�be incorrec�, false or misleading in any material respect when made; ar (�}any default in the payment �r performance �f any obligation within fi�e t5� bus�n�ss days of the due date of any such payment, or any def�ned event of default, under any pro�isions of the Note or any other contract, instrument or document�xecuted in cor�nectian with, �r with respect�a,any Secured�bligat�on. 4.� Ri�hts and Remed�es. iJpon the occurrence af any Default, and at any time thereafter, Beneficiary and Trus�ee shall ha�e al�the fol�awing rights and remedies: �a� With or wi�hout no�ice, to dec�are all Secured �bligations immediately due and payab�e in fu��. _g_