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� 2� 17�2� 15 _ � � �� Waivers. (i� Each Th�rd Party Trustor waives any right �o require Beneficxary to: (A}proceed against any �bl�gor or any o�her persan; �B}marshal assets or proc�ed against or exhaust any security held from any �bl�gor�r any other person; �C�gi�e no�ice of the�erms, time and p�ace of any pub�� ar private sa�e or ather dispos�tion of p�rsonal prap�rty securi�y held from any�b�igor�r any other person; �D}�ake any other actiion or pursue any other remedy i.n Ber�ef�c�ary's power; or (E�make any presentment �r demand for performanGe, ar give any natice of nanperformance, pratest, nnt�ce�f protest or notice of dishonor hereund�r or in connection with any abligations ar evidences of irid�btedness held by Beneficiary as security for or vvhich constitute in whole �r in part �he Secured �bliga��ons, �r a.n cannection with�he creation of new�r additiona�obliga��ons. �ii} Each Third Par�y Trustor waives any defense�o i�s obligat�ons hereunder based upan or ar�sing by reas�n flf: �A�any disabi�ity or other defense of any �bligar or any o�her person; �B}the cessation�r Iimita�i�n from an�cause�uhatsoever, ather than payment in ful�, of any S ecured�bligation; (�} any Iack of authority of any affi�er, directar,partner, agent or any other persan acting or purport�ng to act on behalf of any �bligor which �s a carporation, partnershi.p or other�ype af entity, or any defect in the formation �f any such �bligar; �D}the applicat�on by any �bligor of the proceeds of any S e�ured �bliga�ion for purposes other than�he purp�ses r�presented by any�bligor��, �r intended or understood by, Beneficiary �r any Third Party Trustnr; (E)any act or omissian by Beneficiary which directly ar �ndirectly results in or aids the discharge of any 4bligor ar any por�ion of any Secured �bligation by operation of law or otherwise, or which �n any way impairs or suspends any rights or remedies of Benef�ciary against any �b�igor; �F}any impairm�nt of the value of any in�erest in any security for the S�cured�bligations or any partion thereof, including w�thaut limitation, the failure to abtain or main�ain perfection or recordati�n of any interest in any such security, the rel�ase of any su�h security without substi�utior�, andlar the failure to preserve the value �f, or t� comp�y with app�icable law in d�spos�ng vf, ara.y such security; ��}any mod�fication of any Secured �bligation, in any form whatsoever, including wi�hou� Iim�.�ation the renewa�, extensi�n, accelera��on or o�her change in �ime for payment of, or other change in the terms of, any Secured �bligation or any portian thereof, including increase or decrease af the rate af�nterest ther�an; or�H} any requirement�hat B�neficiary give any no�ice of acceptance of th�s D�ed of Trust. Unti� all Secured �bligations shall have been paid in full, no Third Paxty Trustor shal� have any righ� of subr�gatian, and each Th�rd Party Trustor wai�es any right to enforce any remedy which Beneficiary naw has or may hereafter have against any �bligor or any other person, and wa�ves any benefit of, �r any righ� to participate in, any securi�y now ar her�after held by Beneficiary. Each Third Party Trustor further wai�es a11 righ�s and de�enses i� may ha�e arising out of: ��any electian of remed�es by Ben�ficiary, even though that elec�ion of remedies, such as a nan jud�cial forec�osure with respect to any security f�r any por��on af�he Secured �bligati�ns, des�roys such Third Party Trus�or's � � rights of subrogation ar such Third Party Trustorrs rights to praceed against any �b�igor for ' reimbursement; ar �2}any lass of rights any Third Party Trustor may suffer by reason of any rights, pawers or remedies of any�b�ig�r in conn�ction with any an��-deficiency laws or any a�her�a�rs�imiting, qualifying or discharging any �bligor's ob�igations, vvhether�y operation of law �r otherwis�, inc�uding any rights any Third Party Trustor may ha�e to a fair market value hearing �� determine the size �f a defic�ency following any trustee's fareclasure sale ar�ther dispnsition of any secu.rity f�r any portion af �he Secured�bligations. �iii} If any af sazd waivers is de�ermined to be contrary ta any applicable law or public policy, such waiver shall be effecti�e to the extent permitted by applicable�aw ar public pol�cy. .ARTI�LE N. DEFAULT PR�VISI�NS 4.1 Default. The occurrence of any af the foll�wing shall constitute a '"Default" under�his D�ed af Trust: �a}Trustor shall fai� ta abserve or perform any obligation ar agreement �an�ained herein; � _g_