Common use of Waiver of Statute of Limitations, Offsets and Counterclaims Clause in Contracts

Waiver of Statute of Limitations, Offsets and Counterclaims. Borrower waives the right to assert any statute of limitations as a bar to the enforcement of this Continuing Covenant Agreement or the Lien of the Security Instrument or to any action brought to enforce any Financing Document. Borrower waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Funding Lender or otherwise to offset any obligations to make the payments required by the Financing Documents. No failure by Funding Lender to perform any of its obligations under the Financing Documents will be a valid defense to, or result in any offset against, any payments that Borrower is obligated to make under any of the Financing Documents.

Waiver of Statute of Limitations, Offsets and Counterclaims. To the extent permitted by applicable law, Borrower waives the right to assert any statute of limitations as a bar to the enforcement of this Continuing Covenant Loan Agreement or the Lien of the Security Instrument or to any action brought to enforce any Financing Loan Document. Borrower waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Funding Lender or otherwise to offset any obligations to make the payments required by the Financing Loan Documents. No failure by Funding Lender to perform any of its obligations under the Financing Loan Documents will be a valid defense to, or result in any offset against, any payments that Borrower is obligated to make under any of the Financing Loan Documents.. 119. Section 11.02(b) is revised to read in its entirety as follows:

Waiver of Statute of Limitations, Offsets and Counterclaims. To the extent permitted by applicable law, Borrower waives the right to assert any statute of limitations as a bar to the enforcement of this Continuing Covenant Loan Agreement or the Lien of the Security Instrument or to any action brought to enforce any Financing Loan Document. Borrower waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Funding Lender or otherwise to offset any obligations to make the payments required by the Financing Loan Documents. No failure by Funding Lender to perform any of its obligations under the Financing Loan Documents will be a valid defense to, or result in any offset against, any payments that Borrower is obligated to make under any of the Financing Loan Documents.