Common use of Effect of Extension of Time Clause in Contracts

Effect of Extension of Time. If the payment of the Secured Obligations, or any part thereof, is extended or varied, or if any part of any security for the payment of the Secured Obligations is released, or if any Person liable for the payment of the Secured Obligations is released, or if the Mortgagee takes other or additional security for the payment of the Secured Obligations, or if the Mortgagee waives or fails to exercise any right granted herein, or in the Note, the Guaranty or in any other instrument given to secure the payment hereof (including, without limitation, any of the Loan Documents), then all Persons now or at any time hereafter liable for the payment of the Secured Obligations, or any part thereof, or interested in the Mortgaged Premises shall be held to assent to such extension, variation, release, waiver, failure to exercise or the taking of additional security, and their liability and the lien and all provisions hereof shall continue in full force, the right of recourse against all such Persons being expressly reserved by the Mortgagee, notwithstanding such extension, variation, release, waiver, failure to exercise, or the taking of additional security.

Effect of Extension of Time. If the payment of the Secured Obligations, or any part thereof, is extended or varied, or if any part of any security for the payment of the Secured Obligations is released, or if any Person liable for the payment of the Secured Obligations is released, or if the Mortgagee takes other or additional security for the payment of the Secured Obligations, or if the Mortgagee waives or fails to exercise any right granted herein, or in the Note, the Non-Recourse Guaranty or in any other instrument given to secure the payment hereof (including, without limitation, any of the Loan Documents), then all Persons now or at any time hereafter liable for the payment of the Secured Obligations, or any part thereof, or interested in the Mortgaged Premises shall be held to assent to such extension, variation, release, waiver, failure to exercise or the taking of additional security, and their liability and the lien and all provisions hereof shall continue in full force, the right of recourse against all such Persons being expressly reserved by the Mortgagee, notwithstanding such extension, variation, release, waiver, failure to exercise, or the taking of additional security.