Contractual Statute of Limitations. Borrower agrees that any claim or cause of action by Borrower or anyone claiming by, through or under Borrower against Lender, or any of Lender’s directors, officers, employees, agents, accountants or attorneys, in connection with, arising out of, or in any way related to, the Loan, the Collateral, the Property, this Agreement, any of the other Loan Documents, or any of the transactions contemplated by this Agreement or the other Loan Documents, whether sounding in contract or in tort or otherwise, shall be barred unless asserted by the commencement of an action or proceeding in a court of competent jurisdiction by the filing of a complaint within one year after Borrower first acquires or reasonably should have acquired knowledge of the first act, occurrence or omission upon which such claim or cause of action, or any part thereof, is based and service of a summons and complaint on an officer of Lender or any other person authorized to accept service of process on behalf of Lender, within thirty (30) days thereafter. Borrower agrees that such one-year period of time is reasonable and sufficient time to investigate and act upon any such claim or cause of action. The one-year period provided herein shall not be waived, tolled or extended except by the specific written agreement of Lender. This provision shall survive any termination of this Agreement or any of the other Loan Documents.
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Sources: Mezzanine Loan Agreement (Strategic Storage Trust II, Inc.)
Contractual Statute of Limitations. Borrower agrees that any claim or cause of action by Borrower or anyone claiming by, through or under Borrower against Lender, or any of Lender’s directors, officers, employees, agents, accountants or attorneys, in connection with, arising out of, or in any way related to, the Loan, the Collateral, the Property, this Agreement, any of the other Loan Documents, or any of the transactions contemplated by this Agreement or the other Loan Documents, whether sounding in contract or in tort or otherwise, shall be barred unless asserted by the commencement of an action or proceeding in a court of competent jurisdiction by the filing of a complaint within one year after Borrower first acquires or reasonably should have acquired knowledge of the first act, occurrence or omission upon which such claim or cause of action, or any part thereof, is based and service of a summons and complaint on an officer of Lender or any other person authorized to accept service of process on behalf of Lender, within thirty (30) days thereafter. Borrower agrees that such one-year period of time is reasonable and sufficient time to investigate and act upon any such claim or cause of action. The one-year period provided herein shall not be waived, tolled or extended except by the specific written agreement of Lender. This provision shall survive any termination of this Agreement or any of the other Loan Documents.
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