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202406658
<br />be deemed an election of remedies. To the extent permitted by law, Guarantor waives the benefit
<br />of any statute of limitation affecting Guarantor's liability hereunder or the manner or mode of
<br />enforcement thereof. Notwithstanding anything to the contrary herein, Lender agrees that Lender
<br />will not exercise any rights or remedies it may have under the Loan Documents with respect to the
<br />Guarantor unless the Department (as defined in the Loan Agreement) is seeking remedies from
<br />Lender or Borrower or enforcing an event of default against Lender or Borrower; provided,
<br />however, that Lender shall not be prohibited from requiring Guarantor to cure any non -monetary
<br />default prior to the Department seeking any remedies from Lender or Borrower or enforcing an
<br />event of default against Lender or Borrower.
<br />5. Guarantor consents, without affecting Guarantor's liability to Lender hereunder,
<br />that Lender may, without notice to or consent of Guarantor, upon such terms as it may deem
<br />advisable, (a) extend, in whole or in part, by renewal, modification or otherwise, the time of
<br />payment of the indebtedness owing by Borrower to Lender, or held by Lender as security for the
<br />indebtedness, (b) settle or compromise any claim of Lender against Borrower, or against any other
<br />person, firm or corporation, whose obligation is held by Lender as collateral security for the
<br />indebtedness, or (c) offset the full amount of the indebtedness guaranteed hereby without notice,
<br />against any accounts or sums of Guarantor held by Lender, as security or otherwise. Guarantor
<br />hereby ratifies and affirms any such extension, renewal, modification, settlement, compromise or
<br />offset and waives all defenses, counterclaims or offsets which Guarantor might have by reason
<br />thereof.
<br />6. If all or any part of the indebtedness hereby guaranteed shall be secured, Guarantor
<br />agrees that Lender may from time to time, at its discretion, with or without valuable consideration,
<br />allow release, surrender, substitution, exchange, subordination, loss or withdrawal of security or
<br />collateral, and should Borrower execute in favor of said Lender any collateral agreement, the
<br />exercise by Lender of any right conferred upon it in said agreement shall be wholly discretionary
<br />with Lender, and such exercise of, or failure to exercise such right shall not in any manner impair
<br />or diminish the obligations of Guarantor hereunder. Lender may, without in any manner impairing
<br />or diminishing the obligations of Guarantor hereunder, elect to pursue any available remedy
<br />against Borrower or against any security held by Lender, whether or not the exercise by Lender of
<br />any such remedy shall result in loss to Guarantor of any right of subrogation or right to proceed
<br />against Borrower for reimbursement.
<br />7. In the event Borrower is a corporation, limited liability company or partnership, or
<br />is hereafter incorporated, if the indebtedness at any time hereafter exceeds the amount permitted
<br />by law, if the indebtedness is at any time hereafter deemed to be usurious, or Borrower is not liable
<br />because the act of creating the obligation is ultra vices, or the officers or persons creating same
<br />acted in excess of their authority, and for any of these reasons the indebtedness to Lender which
<br />Guarantor agreed to pay cannot be enforced against the corporation, limited liability company or
<br />partnership, such facts shall in no manner affect Guarantor's liability hereunder, but Guarantor
<br />shall be liable hereunder, notwithstanding that such corporation, limited liability company or
<br />partnership is not liable for such indebtedness, and to the same extent as Guarantor would have
<br />been if the indebtedness of Borrower had been enforceable against it.
<br />8. Guarantor further agrees that this Guaranty shall not be discharged, impaired or
<br />affected by the transfer by Borrower of all or any portion of the real estate or improvements
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