Common use of CONDITIONAL GUARANTEE OF ENTIRE INDEBTEDNESS Clause in Contracts

CONDITIONAL GUARANTEE OF ENTIRE INDEBTEDNESS. The Carveout Obligor hereby irrevocably, absolutely and unconditionally guarantees the full and prompt payment to Lender of the Indebtedness if the Borrower (a) voluntarily transfers or creates any voluntary lien on the Property in violation of the Loan Documents, or (b) files a voluntary petition for reorganization under the Bankruptcy Code and has not offered, prior to the filing, to enter into the Lender’s choice of either an agreement to permit an uncontested foreclosure, or an agreement to deliver a deed in lieu of foreclosure within sixty days of the Lender’s acceptance of the offer. Following the Lender’s acceptance of such an offer, default by the Borrower under such an agreement shall trigger personal liability for the entire Indebtedness. No such offer shall be conditioned on any payment by the Lender, on the release of any Obligor from any Carveout Obligation, or on any other concession. The foregoing guarantee is not a guarantee of collection, but rather is an irrevocable, absolute and unconditional, continuing guarantee of payment and performance. In this regard, the Carveout Obligor hereby acknowledges that the guarantee set forth in this Agreement may not be revoked as to any present or future advances to or existing or additional liability incurred by the Borrower under the terms of the Loan Documents. The guarantee set forth in this Section 6 shall terminate when the Indebtedness has been satisfied in full.

Appears in 9 contracts

Samples: Guarantee and Indemnity Agreement (Consolidated Capital Properties Iv), Guarantee and Indemnity Agreement (Oxford Residential Properties I LTD Partnership), Guarantee and Indemnity Agreement (Consolidated Capital Properties Iv)

AutoNDA by SimpleDocs

CONDITIONAL GUARANTEE OF ENTIRE INDEBTEDNESS. The Carveout Obligor hereby irrevocably, absolutely and unconditionally guarantees the full and prompt payment to Lender of the Indebtedness if the Borrower (a) voluntarily transfers or creates any material voluntary lien on the Property in violation of the Loan Documents, or (b) files a voluntary petition for reorganization under the Bankruptcy Code and has not offered, prior to the filing, to enter into the Lender’s choice of either an agreement to permit an uncontested foreclosure, or an agreement to deliver a deed in lieu of foreclosure within sixty days of the Lender’s acceptance of the offer. Following the Lender’s acceptance of such an offer, default by the Borrower under such an agreement shall trigger personal liability for the entire Indebtedness. No such offer shall be conditioned on any payment by the Lender, on the release of any Obligor from any Carveout Obligation, or on any other concession. The foregoing guarantee is not a guarantee of collection, but rather is an irrevocable, absolute and unconditional, continuing guarantee of payment and performance. In this regard, the Carveout Obligor hereby acknowledges that the guarantee set forth in this Agreement may not be revoked as to any present or future advances to or existing or additional liability incurred by the Borrower under the terms of the Loan Documents. The guarantee set forth in this Section 6 shall terminate when the Indebtedness has been satisfied in full.

Appears in 1 contract

Samples: Supplemental Carveout Guarantee and Indemnity Agreement (NNN Apartment REIT, Inc.)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.