Common use of Guarantee Type Clause in Contracts

Guarantee Type. The Mortgagor acknowledges that the Mortgagee shall have the first priority of claims for the mortgaged properties unless otherwise agreed in this Contract. Where the debtor fails to fulfill its debts in accordance with the Principal Contract, irrespective of whether the Mortgagee has other guarantee rights (including but not limited to the guarantee by way of warranty, mortgage, and pledge) over the creditor's rights under the Principal Contract, the Mortgagee shall have the right to first require the Mortgagor to fulfill the guarantee liabilities within the scope of guarantee as agreed in this Contract without first requiring other guarantors to fulfill their guarantee liabilities.