|
<br />ATTY/AGR/2020.257/REDWOOD CITY GREYSTAR PURCHASE AND SALE AGREEMENT 1306 MAIN STREET
<br />REV: 12-14-2020 VR
<br />Page 56 of 82
<br />(b) the City may discharge or release, in whole or in part, any other guarantor
<br />or any other party liable for the payment and performance of all or any part of the Guaranteed
<br />Obligations, and may permit or consent to any such action or any result of such action, and shall
<br />not be obligated to demand or enforce payment upon any of the collateral for the Guaranteed
<br />Obligations, nor shall the City be liable to the Guarantor for any failure to collect or enforce
<br />payment or performance of the Guaranteed Obligations from any party or to realize on the
<br />collateral therefor;
<br />(c) in addition to the collateral for the Guaranteed Obligations, the City may
<br />take and hold other security (legal or equitable) of any kind, at any time, as collateral for the
<br />Guaranteed Obligations, and may, from time to time, in whole or in part, exchange, sell, surrender,
<br />release, subordinate, modify, waive, rescind, compromise or extend such security and may permit
<br />or consent to any such action or the result of any such action, and may apply such security and
<br />direct the order or manner of sale thereof;
<br />(d) the City may request and accept other guaranties of the Guaranteed
<br />Obligations and any other indebtedness, obligations or liabilities of the Buyer to the City and may,
<br />from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind,
<br />compromise or extend any such guaranty and may permit or consent to any such action or the
<br />result of any such action; and
<br />(e) the City may exercise, or waive or otherwise refrain from exercising, any
<br />other right, remedy, power or privilege (including, to the extent applicable, the right to accelerate
<br />the maturity of any loan secured by all, or any portion of the Property, and any power of sale)
<br />granted by the Agreement or other security document or agreement, or otherwise available to the
<br />City, with respect to the Guaranteed Obligations, any of the collateral for the Guaranteed
<br />Obligations or other security for any or all of the Guaranteed Obligations, even if the exercise of
<br />such right, remedy, power or privilege affects or eliminates any right of subrogation or any other
<br />right of the Guarantor against the Buyer; all as the City may deem advisable, and all without
<br />impairing, abridging, releasing or affecting this Guaranty.
<br />Section 4. Guarantor's Waivers.
<br />(a) The Guarantor waives and agrees not to assert:
<br />(1) all benefits and defenses the Guarantor may have under California
<br />Civil Code Section 2810 (as may be amended from time to time) and agrees that the Guarantor
<br />shall be liable even if the Buyer, any other surety for the Buyer's obligations or any other person
<br />related to the Buyer's obligations, had no liability at the time of execution of the Agreement or
<br />later ceases to be liable;
<br />(2) any rights under California Civil Code Section 2815 (as may be
<br />amended from time to time) and agrees that, by doing so, the Guarantor has no right to revoke this
<br />Guaranty until the City has released Guarantor;
<br />(3) any rights under California Civil Code Section 2819 (as may be
<br />amended from time to time) and agrees that by doing so the Guarantor's liability and the
|