Operator Security Agreement Page 14
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32Party in this Agreement and the other Loan Documents will be cumulative, and none of
these rights or remedies will be exclusive of any other right or remedy allowed at law or
in equity or in any other Loan Document, and all of these rights and remedies may be
exercised and enforced concurrently.
(b)
Neither the
Operator nor any other Persons interested in the
Collateral or the proceeds of the Collateral shall have any right to require the Secured
Party first to resort to or proceed personally against any other Person or to proceed
against any other collateral security, or to give priority or preference to any item of
Collateral, or to proceed upon any guaranty, prior to exercising its rights hereunder. No
renewal or extension of the Loan, no release or surrender of the Collateral and/or any
other security for the Obligations, no release of any obligor with respect to the
Obligations, and no delay by the Secured Party in enforcing the Obligations or exercising
any right or power with respect to the Obligations shall affect the Secured Party's rights
with respect to the Collateral.
11.
BINDING EFFECT. All rights and remedies of the Secured Party under
this Agreement will inure to the benefit of the Secured Party’s successors and assigns;
and all agreements, obligations, and duties of the Operator will bind its heirs, personal
representatives and permitted successors and assigns; however, the Operator may not
assign this Agreement or any of its rights under this Agreement or delegate any of its
duties or obligations under this Agreement without the consent of the Secured Party.
12.
GOVERNING
LAW;
CONSTRUCTION;
WAIVER
OF
SECRETARY TRIAL BY JURY.
(a)
This Agreement and all rights and obligations under this Agreement,
including matters of construction, validity and performance, will be governed by the laws
of the State of [enter property or organizational jurisdiction] in which the Healthcare
Facility is located (the "State"). If any term of this Agreement is found to be invalid by a
court with jurisdiction under the laws of the State or laws of mandatory application, then
the invalid term will be considered excluded from this Agreement and will not invalidate
the remaining terms of this Agreement. All uncapitalized terms used herein which are
now or hereafter defined in the Uniform Commercial Code, as now enacted in the State
or as hereafter amended or superseded (the "UCC"), will have the same meaning herein
as in the UCC unless the context indicates otherwise. Every power given herein is
coupled with an interest and is irrevocable by death, dissolution or otherwise. The
definition of any document includes all schedules, attachments and exhibits to that
document, and all renewals, extensions, supplements, amendments, modifications,
restatements and consolidations of that document, and any document given in substitution
for or replacement of that document. The term "including" is used by way of example
only and not by way of limitation, and the singular includes the plural and conversely.
The captions or headings contained in this Agreement are for reference purposes only and
will not affect or relate to the interpretation of this Agreement.
(b)
AS
Secured PartyA SPECIFICALLY BARGAINED INDUCEMENT
FOR THE SECURED PARTY TO ENTER INTO THE AGREEMENT AND EXTEND
14
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