Common use of Extensions and Modifications Clause in Contracts

Extensions and Modifications. From time to time, without affecting the obligation of Grantor or Grantor’s successors or assigns to pay the sums secured by this Deed and to observe the covenants of Grantor contained herein, without affecting the guaranty of any person, corporation, partnership or other entity for payment of indebtedness secured hereby, and without affecting the lien or priority of lien hereof on the Premises, Grantee may, at Grantee’s option, without giving notice to or obtaining the consent of Grantor, Grantor’s successors or assigns or of any other lienholders or guarantors, and without liability on Grantee’s part, extend the time for payment of said indebtedness or any part thereof, reduce the payments thereon, release anyone liable on any of said indebtedness, accept a renewal Note or notes therefor, modify the terms and time of payment of said indebtedness, release from this Deed any part of the Premises, take or release other or additional security, reconvey any part of the Premises, consent to the granting of any easement or dedication, join in any extension or subordination agreement and agree in writing with any person obligated to pay the same to modify the rate of interest or period of amortization of the indebtedness secured hereby or change the amount of the installments payable thereon. Grantor shall pay Grantee a reasonable service charge, together with such title insurance premiums and attorneys’ fees as may be incurred at Grantee’s option, for any such action if taken at Grantor’s request.