Common use of Borrower Acknowledgments Clause in Contracts

Borrower Acknowledgments. Borrower acknowledges and confirms that: (A) The Land Release does not affect the liability of Borrower or any other Person for the payment of the Indebtedness, or affect the lien of the Security Instrument on the remainder of the Mortgaged Property for the full amount of the Indebtedness. (B) The release of the lien of the Security Instrument against the Release Parcel will not: (1) Cure or waive, or be deemed or construed to cure or waive, any Event of Default then in existence, or invalidate any act done by Lender in response to any such Event of Default (including the delivery of any Notice of default). (2) Invalidate, extinguish, limit, impair or otherwise affect any indemnity in favor of Lender with respect to the Release Parcel. (C) Borrower is obligated to pay all third party costs, taxes and expenses associated with the Land Release, including Lender’s Attorneys’ Fees and Costs and if the Land Release occurs after Securitization, the cost of any Rating Agency review (if applicable).