200605274 - Laserfiche WebLink

Browse

200605274 Article 7 - DEFAULT Section 7.1 EVENT OF DEFAULT. The term "Event of Default" as used in this Security Instrument shall have the meaning assigned to such term in the Loan Agreement. Article 8 - RIGHTS ANn REMEDIES UPON DEF AUL T Section 8.1 REMEDIES. Upon the occurrence and during the continuance of any Event of Default, Borrower agrees that Lender mayor acting by or through Trustee may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Borrower and in and to the Property, including, but not limited to, the following actions, each .of which may be pursued concurrently or otherwise, at such time and in such order as Lender or Trustee may determine, in their sole discretion, without impairing or otherwise affecting the .other rights and remedies of Lender or Trustee: (a) declare all or any portion of the entire unpaid Secured Obligations to be immediately due and payable; (b) institute proceedings, judicial or otherwise, for the complete foreclosure of this Security Instrument under any applicable provision of law, in which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner; ( c) with or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the partial foreclosure of this Security Instrument for the portion .of the Secured Obligations then due and payable, subject to the continuing lien and security interest of this Security Instrument for the balance of the Secured Obligations not then due, unimpaired and without loss of priority; (d) sell for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Borrower therein and rights of redemption thereof, pursuant to PQwer of sale or otherwise, at one or more sales, as an entirety or in parcels, at such time and place, upon such terms and after such notice thereof as may be required or permitted by law; (e) institute an action, suit or proceeding. in equity for the specific performance of any covenant, condition or agreement contained herein, in the Note, the Loan Agreement or in the other Loan DQcuments; (f) recover judgment on the Note either before, during or after any proceedings fQr the enforcement of this Security Instrument or the other Loan Documents; (g) apply for the appointment of a receiver~ trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Secured . Obligations and without regard for the solvency of Borrower or any other. Person liable for the payment of the Secured Obligations; (h) the license granted to Borrower under Section 1.2 hereof shall automatically be revoked and Lender may enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess Borrower and its agents and servants therefrom, without 8 Nebraska [TPW:NYLEGAL:505604.2] 20528-00030 05/13/200602:00 PM