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202406660
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Last modified
12/30/2024 4:10:54 PM
Creation date
12/30/2024 4:10:52 PM
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DEEDS
Inst Number
202406660
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202406660 <br />such law or statute; or shall be dissolved, liquidated, terminated or merged; or shall effect <br />a plan or other arrangement with creditors; or a trustee, receiver, liquidator or custodian <br />shall be appointed for it or for any of its property or assets and shall not be discharged <br />within sixty (60) days after the date of appointment; or a petition in involuntary bankruptcy <br />or similar proceedings is filed against it and is not dismissed within sixty (60) days after <br />the date of its filing; <br />(h) A final non -appealable judgment against Borrower for the payment of <br />money totaling in excess of $100,000.00 which is not payable by insurance proceeds shall <br />be outstanding for a period of sixty (60) days without a stay of execution; <br />(i) Any property of the Borrower shall be garnished or attached in any <br />proceeding and such garnishment or attachment shall remain undischarged for a period of <br />sixty (60) days during which execution is not effectively stayed. <br />ARTICLE 6 <br />REMEDIES OF LENDER <br />Section 6.01 Remedies. Upon the occurrence of any one or more Events of Default not <br />cured within any applicable grace period and at any time thereafter, unless such Event of Default <br />is subsequently waived in writing by Lender, Lender shall be entitled, at the option of Lender, to <br />exercise any or all of the following rights and remedies, consecutively or simultaneously, and in <br />any order: <br />(a) Lender may make one or more further Advances of Loan proceeds, without <br />liability to make any subsequent Advances thereof; <br />(b) Lender may suspend its obligation to make Advances under this Agreement, <br />with or without notice to Borrower; <br />(c) Lender may terminate its obligation to make Advances under this <br />Agreement, and may declare the entire unpaid principal balance of the Advances made <br />under this Agreement to be immediately due and payable, together with accrued and unpaid <br />interest thereon, with notice to and demand on Borrower or the Guarantor; <br />(d) Lender may exercise any or all remedies specified herein and in the other <br />Loan Documents, including (without limiting the generality of the foregoing) the right to <br />foreclose the Deed of Trust, and/or any other remedies which it may have therefor at law, <br />in equity or under statute; <br />(e) Lender may cure the Event of Default on behalf of Borrower, and, in doing <br />so, after providing written notice to Borrower, may enter upon the Project, and may expend <br />such reasonable sums as it may deem desirable to cure the same, including reasonable <br />attorneys' fees, all of which shall be deemed to be Advances hereunder, even though <br />causing the Loan to exceed the face amount of the Note, shall bear interest at the default <br />rate provided in the Note and shall be payable by Borrower on demand; and <br />
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