200809578 - Laserfiche WebLink

Browse

200809578 Default The unpaid principal balance hereWlder shall, at the sole option of Lender, mature and become immediately due and payable, without any declaration, notice, presentment, protest or demand of any kind (all of which are hereby waived), upon the occurrence of any of the following events (each, an "Event of Default"): (a) The Borrowers shall fail to pay the principal and/or interest on the Note when due or other expenses to be paid by it hereunder or Wlder the Security Document, when due, and such Event of Default has continued for a period of ten (10) days after the due date of any such payment. (b) The Borrowers shall fail to observe or perform any covenant or agreement binding upon them under this Note or under the Security Document or under any other assignment, conveyance, instrument or agreement now in effect or hereafter made by them with the Lender, and such Event of Default has continued for a period of ten (10) days or, if such Event of Default is not reasonably susceptible to being cured within such ten (10) day period, the Borrowers have not commenced attempts and are not diligently attempting to cure such Event of Default within such ten (10) day period. (c) Payment of any substantial indebtedness of either Borrower, other than the debts and obligations evidenced by the Note, shall be demanded or the maturity of any such indebtedness shall be accelerated, or any precondition or circumstance permitting any creditor of a Borrower, acting individually or with the consent of other creditors, to accelerate the maturity of any such indebtedness shall have occurred. (d) The death of a Borrower. (e) Either Borrower or any guarantor shall have entered against him/her by a court having jurisdiction thereof a decree or order for relief in respect to such Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the appointing of a receiver, liquidator, assignee, custodian, trustee (or similar official) for a Borrower or for any substantial part of any of his/her respective property, or ordering the winding up or liquidation of any of his /her respective affairs. (f) Either Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or a Borrower shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian (or similar official) of such Borrower for any substantial part of his/her respective property, or make any general assignment for the benefit of creditors, or fail generally to pay his/her debts as they become due. (g) A material adverse change shall have occurred in the affairs or financial condition of either Borrower that results in the Lender being reasonably insecure as to the repayment of amounts owing hereunder.