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a 2� 17�2� 19 �ii} Each Third Party Trustor waives any defense to its obligations hereund�r based upan ar ar�s�ng by reason �f: �A}any d�sab��ty �r other defense of any �bligor or any other person; �B}�he cessation or limitatian fram any cause wha�sne�er, ather than payment in full, af any Secured�b�igation; ��}any lack of authority af any affic�r, directar,par�ner, agent or any ather person acting or purporting tio act on behalf of any �bligar whi�h is a corporation, par�nership or ather type af entity, ar any d�fect in the formation of any such �b��gor; �D}the application by any �bligor af the procee�s af any Secured � �bligat�on for purpos�s ather than the purposes represented by any�b�xgor to, or in�ended or understood by, Beneficiary or any Third Party Trustor; �E�any act or omission by Benef�ciary vvhich directly or ind�rectly results in or aids the discharge of any �bligor or any por�ion of any Se�ured �bligation by operation of Iaw or otherwise, or which in any way impairs or suspends any rights or remedies of Beneficiary against any �bligor; (F}any impairment of the �alue of any interest �n any security f�r the Secured�bligations or any por�ion thereaf, �n�luding withaut Iimitation,the failure to �bta�n or maintain perfection or recordati�n of any int�rest in any such security, th� release of any such security w�thout substitu�ion, andlor the fa��ure to preserve the va�ue af, or to cnmply with applicabl� �aw xn disposing of, any su�h security; (G} any modification af any Secured �b�igation, in any form whats�e�er, inc�uding vvithout ��mi�ation the renewal� eX��I1S1�Ily acceleratian or other change in time for payment of, or ather change in the terms �f, any Secured �bligation or any portion thereof, �ncluding �ncrease ar decrease of the rate of�nterest therean; ar �H} any requirement that Beneficiary give any notice af acceptance of this Deed of Trust. Unti1 all Se�ure� �bliga�i�ns shall have been paid in fu11, no Third Party Trustar shal� have any right of subrogati�n, and �ach Third Party Trustor waives any right to erifarce any remedy which Beneficiary now has or may hereafter have aga�nst any �bligor or any other p�rson, and waives any benef t af, or any right to part�c�pate in, any security now or hereafter held by Beneficiary. Each Third Party Trustor fur�her waives alI righ�s and defenses it may have arising out of: (1�any elec�ion of rem�dies by Benef�ciary, even th�ugh �ha� e�ect�on of remedies, such as a non jud�cial foreclosure with r�spect to any security for any par��an of�he Secured �bligations, destrays such Third Party Trustor's rights of subr�gat�on or such Third Party Trust�r's rights �o proceed against any �b�igor for reimbursement; or �2}any �oss of rights any Third Party Trustor may suffer by reason of any rights, povvers or remedies nf any�bligor in connecti�n with any anti-def��iency laws or any��her�aws Iimiting, qua�ify�ng ar discharging any �bligor's obligations, whe�her by operatior� of law or a�h�rwise, in�luding any rights any Third Party Trustor may have to a fair market �alue hearing to determine the s�z� of a deficiency fo�Iowing any truste�'s foreclosure sa�e or other dispositian of any security for a.ny por��on �f the Secured�bligatinns. (ii�} If any af said waivers is determin�d �o be c�ntrary to any app�icable Iaw or public poli�y, such wa�ver shall b�effective to the ex�ent permitted by appl�cable�aw�r public po�icy. ARTI�LE IV. I]EFAULT PR�VISI�NS 4.1 I]efault. Th�oc�urrence af any of the foll�wing shall cons�itute a "I]efau�t" under this Deed �f Trus�: �a�Trustor shall fail to obser�e ar perfarm any abligation ar agreement cantain�d herein; �b} any represen�at�an or warranty of Trustor herein shall pr��e to be incarrec�, false or misleading in any material respect when made; or �c�any defaul� in the payment or perfnrmance of any obl�ga�ion within fiv� (S} business d.ays of the �iue date of any such payment, �r any defined �vent of defaul�, under any pra�isions nf the Note ar any other contract, instrument ar document executed in connection with, or w�th respect t�, any Secured�bligation. 4.2 Ri�hts and Remedies. Upan the occurrence of any Defau�t, and a� any time thereafter, Ber�eficiary and Trustee shai�have all the fol�owing rights and remedies: �a� With or withaut notice, to declare al� Secured �bligations immediately due ar�d payable in full. � -�-