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5. If any payment received and applied by Lender to Indebtedness is set aside,
<br />recovered, or required to be returned (including, without limitation, the bankruptcy,
<br />insolvency, or reorganization of Borrower or such other person), the Indebtedness to
<br />which such payment was applied shall, for this Guaranty, be deemed to have
<br />continued in existence, notwithstanding such application, and this Guaranty shall be
<br />enforceable as to such Indebtedness as fully as if such application had not been
<br />made.
<br />6. Lender shall not be obligated by its acceptance of this Guaranty to engage in any
<br />transactions with or for Borrower. Whether or not any existing relationship between
<br />Guarantor and Borrower has been changed or ended and whether or not this
<br />Guaranty has been revoked under Paragraph 2, Lender may enter into transactions
<br />resulting in the creation or continuance of Indebtedness and may otherwise agree,
<br />consent to, or suffer the creation or continuance of any Indebtedness, without the
<br />consent or approval by Guarantor and without notice to Guarantor. Guarantor's
<br />liability shall not be affected or impaired by: (a) any acceptance of collateral security,
<br />guarantors, accommodation parties, or sureties for any or all Indebtedness; (b) one
<br />or more extensions or renewals of Indebtedness (whether or not for longer than the
<br />original period) or any modification of the interest rates, maturities, or other
<br />contractual terms applicable to any Indebtedness; (c) any waiver or indulgence
<br />granted to Borrower, any delay or lack of diligence in the enforcement of
<br />Indebtedness, or any failure to institute proceedings, to sue, to give any required
<br />notices, or to otherwise protect any Indebtedness; (d) any full or partial release of,
<br />discharge, compromise or settlement with, or agreement not to sue Borrower or any
<br />other guarantor or other person liable for any Indebtedness; (e) any release,
<br />surrender, cancellation, or other discharge of any evidence of Indebtedness or the
<br />acceptance of any instrument in renewal or substitution therefore; (f) any failure to
<br />obtain collateral security (including rights of setoff) for Indebtedness, or to see to the
<br />proper or sufficient creation and perfection thereof, or to establish the priority
<br />thereof, or to preserve, protect, insure, care for, exercise, or enforce any collateral
<br />security; (g) any modification, alteration, substitution, exchange, surrender,
<br />cancellation, termination, release, or other change, impairment, limitation, loss, or
<br />discharge of any collateral security; (h) any collection, sale, lease, or other disposition
<br />of, or any other foreclosure or enforcement of or realization on, any collateral
<br />security; (i) any assignment, pledge, or other transfer of any Indebtedness or any
<br />evidence thereof; or (j) any manner, order, or method of application of any payments
<br />or credits upon Indebtedness.
<br />7. Guarantor waives any and all defenses, claims, and setoffs related to any
<br />Indebtedness, except the defense of discharge by payment in full. Without limiting
<br />the generality of the foregoing, Guarantor will not assert against Lender any defense
<br />of waiver, release, discharge in bankruptcy, statute of limitations, res judicata,
<br />statute of frauds, anti -deficiency statute, fraud, incapacity, minority, usury, illegality,
<br />or unenforceability which may be available to Borrower or any other person liable
<br />regarding any Indebtedness, or any setoff available against Lender to Borrower or
<br />any such other person, whether or not for a related transaction, and Guarantor
<br />expressly agrees that Guarantor shall be and remain liable for any deficiency
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