Common use of Selective Enforcement Clause in Contracts

Selective Enforcement. The Lender is not required to proceed against the Collateral to satisfy the obligations of the Borrower hereunder which are general obligations of the Borrower. The Lender may elect to proceed against the Collateral in any order or priority, however, the Borrower will be liable for any deficiency. In the event the Lender elects to selectively and successively enforce the Lender's rights under any one or more of the instruments securing payment of the indebtedness evidenced by the Note, such action will not be deemed a waiver or discharge of any remaining indebtedness hereunder or of any other lien or encumbrance securing payment of any of the indebtedness evidenced by the Note until such time as the Lender has been paid in full all sums advanced by the Lender plus all accrued interest thereon.

Selective Enforcement. The Lender is not required to proceed against the Collateral to satisfy the obligations of the Borrower hereunder which are general obligations of the Borrower. The Lender may elect to proceed against the Collateral in any order or priority, however, the Borrower will be liable for any deficiency. In the event the Lender elects to selectively and successively enforce the Lender's rights under any one or more of the instruments securing payment of the indebtedness evidenced by the Note, such action will not be deemed a waiver or discharge of any remaining indebtedness hereunder or of any other lien or encumbrance securing payment of any of the indebtedness evidenced by the Note until such time as the Lender has been paid in full all sums advanced by the Lender plus all accrued interest thereon.Initial Approval FINAL DOCUMENT --------- --------- ---------