|
|
 | | | |
- close
- close
- close
- close
| |||||||||
RICK » Topics » MAKER AND EVERY OTHER LIABLE PARTY WAIVE PRESENTMENT FOR PAYMENT, PROTEST, NOTICE OF DISHONOR, GRACE, NOTICE OF INTENT TO ACCELERATE AND NOTICE OF ACCELERATION AND ANY OTHER NOTICE, FILING OF SUIT AND DILIGENCE IN COLLECTION OF THIS NOTE AND THE ENFORCEMEThis excerpt taken from the RICK 8-K filed Jun 23, 2008. MAKER AND EVERY
OTHER LIABLE PARTY WAIVE PRESENTMENT FOR PAYMENT, PROTEST, NOTICE OF DISHONOR,
GRACE, NOTICE OF INTENT TO ACCELERATE AND NOTICE OF ACCELERATION AND ANY OTHER
NOTICE, FILING OF SUIT AND DILIGENCE IN COLLECTION OF THIS NOTE AND THE
ENFORCEMENT OF ANY OF THE SECURITY RIGHTS OF LENDER, AND CONSENT AND AGREE THAT
TIME OF PAYMENT OF THIS NOTE MAY BE EXTENDED WITHOUT NOTICE AT ANY TIME AND FROM
TIME TO TIME, AND FOR PERIODS OF TIME WHETHER OR NOT FOR A TERM OR TERMS IN
EXCESS OF THE ORIGINAL TERM OF THIS NOTE WITHOUT NOTICE OR CONSIDERATION TO, OR
CONSENT FROM, ANY OF THEM.
Without
being limited thereto or thereby, this Note is secured by that certain Deed of
Trust, Security Agreement and Financing Statement of even date herewith to JAMES
EBREY, Trustee, covering and describing Lot 1A, Block B/6489, Murdock Addition,
City of Dallas, DALLAS County, Texas together with an easement
estate.
Maker and
each other liable party acknowledges and agrees that Lender may, at anytime, and
from time to time, without the consent of or notice to Maker or any other liable
party assign, sell, transfer or grant participations in all or part of the
obligations of Maker evidenced by this Note, together with any liens or
collateral securing the payment of this Note. Lender may disseminate to any
assignee, purchaser, transferee or participant or prospective assignee,
purchaser, transferee or participant any information that Lender has pertaining
to the loan evidenced by this Note, including without limitation, any
information regarding Maker, any other liable party, or any property owned or
held by Maker or other liable party or offered as security for or securing the
loan evidenced by this Note. If Maker elects to assign, sell,
transfer, or participate any Overline Portion, as hereafter defined, of the
obligations evidenced by this Note and if either: (i) Lender is
unable (having no obligation) to procure an assignee, purchaser, transferee or
participant, upon terms and conditions that are acceptable to Lender in its
sole, exclusive and absolute discretion, or (ii) an assignee, purchaser,
transferee or participant fails or refuses to advance to Maker any Overline
Portion through no fault of Lender, then Lender has no obligation and/or
liability to Maker or any other liable party for failure to fund such Overline
Portion, nor does Lender have any obligation to procure funds from other
sources. In no event is Lender obligated to fund any amount under
this Note that would cause Lender to be in violation of any state or federal law
with respect to Maker or any other liable party or any of their related
interests being liable to Lender in an amount in excess of that permitted by
such applicable law, including applicable law on the amount that Lender may
legally loan to one borrower and its related interests. “Overline
Portion” means the amount of loan proceeds in excess of the amount that Lender
is permitted by applicable law to loan to Maker and its related
interests. 5
Whenever
pursuant to this Note or any Loan Document Lender exercises any right given to
it to approve or disapprove, or any arrangement or term is to be satisfactory to
Lender, the decision of Lender to approve or disapprove or to decide whether
arrangements or terms are satisfactory or not satisfactory shall be (except as
is otherwise specifically and expressly provided herein to the contrary) in the
sole and absolute discretion of Lender and shall be final and
conclusive.
If any
provision of this Note or the application thereof, to any person or
circumstances shall, for any reason and to any extent, be invalid or
unenforceable, then neither the remainder of this Note nor the application of
such provision to other persons or circumstances nor the other instruments
referred to herein shall be affected thereby, but rather shall be enforced to
the greatest extent permitted by applicable law.
Neither
this Note nor any of the Loan Documents may be changed, waived, supplemented,
discharged or terminated orally or by any act or failure to act on the part of
Maker or Lender, but only by an agreement in writing signed by the party against
whom enforcement thereof is sought and then only to the extent expressly set
forth in such writing. No person other than a duly authorized officer
or agent of Lender shall be deemed an agent of Lender nor have any authority to
waive, modify, supplement or terminate in any manner whatsoever any terms of
this Note.
Neither
this Note nor any Loan Document nor any uncertainty or ambiguity herein or
therein shall be construed or resolved against Lender by virtue of the fact that
such document has originated with Lender as drafter. Maker
acknowledges that it has reviewed this Note and has had the opportunity to
consult with counsel on same. This Note, therefore, shall be
construed and interpreted according to the ordinary meanings of the words used
so as to fairly accomplish the purposes and intentions of the parties
hereto. Reference to days for performance shall mean calendar days
unless business days are expressly indicated.
From time
to time, at the request of Lender, Maker will: (i) promptly correct
any defect, error or omission which may be discovered in the contents of this
Note or in any Loan Document or in the execution or acknowledgment thereof; (ii)
execute, acknowledge, deliver, record and/or file (or cause to be executed,
acknowledged, delivered, recorded and/or filed), such further documents and
instruments, including, without limitation, further deeds of trust, security
agreements, financing statements, continuation statements, and assignment of
rents, and perform such further acts and provide such further assurances as may
be necessary, desirable, or proper, in Lender’s opinion: (a) to carry out more
effectively the purposes of this Note and the Loan Documents and the
transactions contemplated hereunder and thereunder, (b) to confirm the rights
created under this Note and the Loan Documents, (c) to protect and further the
validity, priority and enforceability of this Note and the Loan Documents and
the liens and security interests created thereby, and (d) to subject to the Loan
Documents any property of Maker intended by the terms of any or one or more of
the Loan Documents to be encumbered by the Loan Documents; and (iii) pay all
costs in connection with any of the foregoing. 6
|
| |||||||
