200403826 - Laserfiche WebLink

Browse

200403826- (b) the net award or payment may be applied as directed by Purchaser toward the acquisition of additional or replacement facilities to replace or supplement the portions of the Project so taken. In any event, the taking of all or any portion of the Project by the right of eminent domain by any governmental body shall not affect or reduce Purchaser's obligation to make basic and additional payments as provided in this Contract for Purchase. ARTICLE XV DEFAULT PROVISIONS This Contract for Purchase is made on condition that if. (a) Purchaser defaults in the due and punctual payment of basic payments or additional payments and such default continues for a period of five (5) days after Purchaser's receipt of notice of such nonpayment from Vendor or the Trustee, or (b) Purchaser defaults in the keeping or performance of any other covenant or obligation herein contained on Purchaser's part to be kept or performed, and Purchaser fails to remedy the same within sixty (60) days after Vendor or the Trustee has given Purchaser written notice specifying such default (or within such additional period, if any, as may be reasonably required to cure such default if it is of such nature that it cannot be cured within a sixty (60) day period because of any cause beyond the control of the Purchaser), then Vendor or the Trustee may exercise any or all of the rights of a secured party under the Uniform Commercial Code with respect to the Project other than the Accessions, including the right to retake possession of the Project (not including the Accessions) and resell the same, subject to the limitations set forth in the Uniform Commercial Code. The parties hereto acknowledge and agree that this Contract for Purchase is not subject to the terms of Article 9 of the Uniform Commercial Code by virtue of the provisions of Section 9- 109(c)(2) thereof and the Nebraska Governmental Unit Security Interest Act, Sections 10 -1101 Et Seq., R.S. Supp. 2002, as amended, and hereby agree that the provisions of such Article 9 relating to remedies of a secured party and the rights of a debtor shall apply with respect to the Project and are hereby incorporated by reference as the agreement between the parties with respect to remedies upon default. Anything in this Contract for Purchase to the contrary notwithstanding, the remedies available to Vendor and the Trustee relating to repossession as described above shall not be construed to preclude direct enforcement by legal proceedings of Purchaser's obligation to make basic payments and additional payments hereunder and the above described remedies of repossession, or otherwise, shall be construed as additional and supplemental to such direct enforcement of Purchaser's obligation to make basic payments and additional payments by legal proceedings. 12 s