Laserfiche WebLink
<br />200605846 <br /> <br />18. ACCELERATION IN CASE OF BORROWER'S INSOLVENCY. If Borrower shall <br />voluntarily file a petition under the United States Bankruptcy Code, as such Code may from time to time <br />be amended, or under any similar successor federal statute relating to bankruptcy, insolvency, <br />arrangements or reorganizations, or under any state bankruptcy or insolvency act, or file an answer in an <br />involuntary proceeding admitting insolvency or inability to pay debts, or if Borrower shall fail to obtain a <br />vacation or stay of involuntary proceedings brought for the reorganization, dissolution or liquidation of <br />Borrower within sixty (60) days from the commencement of such proceedings, or if Borrower shall be <br />adjudged a bankrupt, or if a trustee or receiver shall be appointed for Borrower or Borrower's property, or <br />if the Real Property shall become subject to the jurisdiction of a federal bankruptcy court or similar state <br />court, or if Borrower shall make an assignment for the benefit of Borrower's creditors, or if there is an <br />attachment, execution or other judicial seizure of any portion of Borrower's assets and such seizure is not <br />discharged within ten (10) days, then Lender may, at Lender's option, declare all of the sums secured by <br />this Instrument to be immediately due and payable without prior notice to Borrower, and Lender may <br />invoke any remedies permitted by this Instrument. Furthermore, Lender shall be entitled to relief from <br />any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, on or against the <br />exercise of the rights and remedies otherwise available to Lender, and Borrower hereby waives the <br />benefits of such automatic stay and consents and agrees to raise no objection to such relief. Any <br />attorneys' fees and other expenses incurred by Lender in connection with Borrower's bankruptcy or any <br />of the other aforesaid events shall be additional indebtedness of Borrower secured by this Instrument <br />pursuant to the terms hereof. <br /> <br />19. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN <br />BORROWER. If Borrower sells, exchanges, conveys, alienates, assigns, disposes of, encumbers, <br />pledges or transfers all or any portion of the Real Property (except as hereinafter provided), or if <br />Borrower executes any agreement or contract creating any right to or any equitable interest in the title to <br />the Real Property or any part thereof, or executes any agreement or contract granting a possessory right in <br />the Real Property or any part thereof (including, without limiting the generality of the foregoing, outright <br />conveyance, conveyance or alienation by land installment contract or contract for deed, alienation by <br />lease or rental agreement with an option to purchase, and the granting of deeds of trust, mortgages, liens, <br />and security interests subordinate to this Instrument), or if all or any part of any ownership interest in <br />Borrower of whatever nature whatsoever is sold, exchanged, conveyed, alienated, assigned, disposed of, <br />encumbered, pledged or transferred, then at Lender's option the amount owing under the Revolving Loan <br />Agreement and all of the sums secured by this Instrument shall be immediately and automatically due and <br />payable in full, and Lender may invoke any remedies permitted by law and/or this Instrument. The <br />conveyance or transfer of Borrower's interest in the Real Property or any interest in Borrower as a result <br />of foreclosure of a subordinate lien or a security interest or a transfer by operation of law (except as <br />otherwise provided below) shall constitute a sale or transfer subject to this paragraph. The foregoing <br />acceleration shall not apply in case of any lease, sale, transfer or similar transaction permitted under the <br />Revolving Loan Agreement. <br /> <br />Should Borrower request that Lender not exercise the right to accelerate the amount owing under <br />the Revolving Loan Agreement and the other indebtedness secured hereby, Lender may withhold consent <br />in its sole discretion and, if approved, may impose certain conditions as consideration for such agreement <br />not to accelerate, including, without limiting the generality of the foregoing, any or all of the terms set <br />forth under the Revolving Loan Agreement and other Loan Documents. Inasmuch as the loans made to <br />Borrower under the Revolving Loan Agreement were based in part on the financial and management <br />responsibility and experience of Borrower, it is specifically understood and agreed that Lender's consent <br />may be given or withheld by Lender in the exercise of its sole discretion, and failure to receive such <br />consent prior to any such transfer or conveyance or attempt thereafter shall be deemed a breach hereof. <br />Should Lender forbear from accelerating the payment of the amount owing under the Revolving Loan <br />Agreement and the other indebtedness secured hereby by reason of any of the foregoing, the assignee of <br /> <br />12 <br />