Common use of No Effect on Liability Clause in Contracts

No Effect on Liability. Without affecting the liability of any other Person liable with respect to the Obligations and without affecting the lien or charge of the Mortgage upon any portion of the Premises not then or theretofore released as security for the Obligations, Lender may from time to time and without notice (a) release any Person so liable, (b) extend the maturity or alter any of the terms of any of the Obligations, (c) grant other indulgences, (d) release or reconvey, or cause to be released or reconveyed, any parcel, portion or all of the Premises, (e) take or release any other or additional security for any Obligation, or (f) make compositions or other arrangements with debtors in relation thereto. No sale of the Premises shall in any way affect the liability of any party to the Note, or any Person liable or to become liable with respect to the Obligations. The defenses of impairment of Collateral and impairment of recourse and any requirement of diligence on Lender's part in collecting the Obligations are hereby waived.