Common use of Separate Obligation Clause in Contracts

Separate Obligation. Guarantor hereby expressly agrees that this -------------------- Guaranty is independent of, and in addition to, all collateral granted, pledged or assigned under the Note, Mortgage and other documents and instruments given to evidence or secure the Loan, and Guarantor hereby consents that from time to time, before or after any default by the Borrower, with or without further notice to or assent from Guarantor: (a) any security at any time held by or available to the Lender for any obligation of the Borrower, or any security at any time held by or available to the Lender for any obligation of any other person or party secondarily or otherwise liable for all or any portion of the Debt, including any guarantor of the Debt, or any obligations of Guarantor hereunder, may be settled, exchanged, surrendered or released and the Lender may fail to set off and may release, in whole or in part, any balance of any deposit account or credit on its books in favor of the Borrower, or any such other person or party; (b) any obligation of the Borrower, or of any such other person or party, may be changed, altered, renewed, extended, continued, accelerated, surrendered, compromised, settled, waived or released in whole or in part, or any default with respect thereto waived; and (c) the Lender may extend further credit in any manner whatsoever to the Borrower, and generally deal with the Borrower or any of the above mentioned security, deposit account, credit on it books or other person or party as the Lender may see fit; and Guarantor shall remain bound under this Guaranty, without any loss of rights by the Lender and without affecting the liability of Guarantor, notwithstanding any such exchange, surrender, release, change, alteration, renewal, extension, continuance, compromise, waiver, inaction, extension of further credit or other dealing.

Separate Obligation. Guarantor hereby expressly agrees that this -------------------- Guaranty is independent of, and in addition to, all collateral granted, pledged or assigned under the Note, Mortgage Security Deed and other documents and instruments given to evidence or secure the Loan, and Guarantor hereby consents that from time to time, before or after any default by the Borrower, with or without further notice to or assent from Guarantor: (a) any security at any time held by or available to the Lender for any obligation of the Borrower, or any security at any time held by or available to the Lender for any obligation of any other person or party secondarily or otherwise liable for all or any portion of the Debt, including any guarantor of the Debt, or any obligations of Guarantor hereunder, may be settled, exchanged, surrendered or released and the Lender may fail to set off and may release, in whole or in part, any balance of any deposit account or credit on its books in favor of the Borrower, or any such other person or party; (b) any obligation of the Borrower, or of any such other person or party, may be changed, altered, renewed, extended, continued, accelerated, surrendered, compromised, settled, waived or released in whole or in part, or any default with respect thereto waived; and (c) the Lender may extend further credit in any manner whatsoever to the Borrower, and generally deal with the Borrower or any of the above mentioned security, deposit account, credit on it its books or other person or party as the Lender may see fit; and Guarantor shall remain bound under this Guaranty, without any loss of rights by the Lender and without affecting the liability of Guarantor, notwithstanding any such exchange, surrender, release, change, alteration, renewal, extension, continuance, compromise, waiver, inaction, extension of further credit or other dealing.