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2� 17�2� 17 (ii} Each Third Party Trustar wai�es any d�fense to its obligations hereunder based up�n or arising by reasan of: �A}any disability or ather defense of any �b��g�r or any oth�r person; (B}�he cessatian or limitatian from any cause whatsoe�er, other than payment�n full, af any Secured�bligation; ��any�ack of authority�f any officer, director,partner, agent ar any other person acting nr purpar�ing to act on beha�f of any �h�xgor which is a corporation, partnership or o�her�ype af entity, �r any defe�t in the farmatian of a.ny such �bligor; �D}the application by any �bligor af the proceeds af any Secured �bligati�n for purposes o�her than the purposes represented by any�b�igor�a, ar in�ended ar understood by, Beneficiary or any Third Party Trustor; (E}any act or omissi�n by Ben�ficiary whi.ch direct�y or indire�tly resu�ts �n or aids �he discharge of any �b�igor or any por�ion of any Secured �b�igati�n by �perati�n af 1aW or otherwise, or which zr� any way impairs or suspends any rights or remedies of Beneficiary against any �b�igar; �F}any im�airment of the value of any interest in any security for the S ecured �bligat�ons or any port�on th�r�o f, �ncluding wi�hout limi�a�ion, th�fai�ure to abtain or maintain perfect�an ar rec�rdatian of any int�rest �n any such security, the r�lease of any such s�curity without subs�itution, andlor the failure tn preser�e the value�f, or to �omply with appiicable law in disposing of, any such securi�y; �G) any madif�cation of a.ny Secured 4b��ga��on, in any form whatsoe�er, including without limita�ion the renewal, �xtension, acc�leration or ather change in time for payment of, ar other �hange in the �erms of, any Secured �hligat�an ar any port�on thereof, including increase or decr�ase of �he rate of interest thereon; or (H} any requirement that Beneficiary gi�e any not�ce of accep�ance of�his Deed af Trust. Unti� a11 Secured �bligation� shall have been paid in fu11, na Third Party Trustor shall have any right of subragati�n, and each Third Party Trustor waives any right to enf�rce any remedy wh�ch Beneficiary now has or may hereafter have against any �bligor ar any other person, and waives any benefit of, or any right to part�czpate �n, any secur�ty now �r hereafter held �y Beneficiary. Each Third Party Trustor fur�ther waives a1� rights and defenses it may have arising out �f: �1}any eleCtion af remedies by Benef�ciary, ev�n though �hat election of remedies, such as a non judicial fareclosure with respect to any security far any por�i�n of�he Secured �bliga�ions, des�roys such Third Party Trustor's rights of subrogat�on or such Third Party Trustor's rights to proceed against any �blignr for reimbursement; �r �2}any loss �f rights any Third Par�y Trustor may suffer by reason of any righ�s, powers ar remedies of any�bligor in conriection with any anti-def�ciency�aws or any other Iaws limit�ng, qualifying or discharging any �bl�gor's �b��gati�ns, whether by operatian of�aw or atherwise, including any rights any Thi.rd Party Trustar may ha�e t� a fair market va�ue hearing t� de�ermine the size af a deficiency folloWing any trustee's forec�osure sale or oth�r dispasition af any security far any por�ian of the Secured�bliga�ions. ��ii} If any of said waivers is determin�d to b� contrary ta any applicable 1aw or public policy, such waiver sha�l be effective to�he extent permitted by applicable�aw ar public poli�y. ARTI�LE IV. I]EFAULT PR�VI5I4NS 4.1 Default. The occurrence of any of the foi�aw�ng shall const�tute a "Default" und�r�his Deed of Trust: �a}Trustar shall fail to observe or perform any obligation ar agreement contained herein; �b� any representat�on or warranty af Trustor herei.n sha11 pro�e t�be incorrect, fa�se nr mis�eading in any material respect when made; or �c�any default in the payment or performance of any obl�gation within five �5} business days of the due date af ar�y such payment, or any defined event of default, under any provisions of�he Note�r any other contract, instrument or document execu�ed in connection wi�h, or with respect to, any Secured�bligatian. 4.� R� hts and Rernedies. Upon the occurrence of any I3efault, and at any time thereafter, Benef�ciary and Trustee sha�I have al�the following rights and remedies: �a} W�th nr withaut noti�e, to declare al� Secured �bligat�ons immed�ately due and payab�e in full. _�_