Common use of Acceleration; Foreclosure Clause in Contracts

Acceleration; Foreclosure. (1) If an Event of Default has occurred and is continuing, the entire unpaid principal balance of the Advances Outstanding, any Accrued Interest, interest accruing at the Default Rate, the Prepayment Premium (if applicable), and all other Indebtedness, at the option of Lender, shall immediately become due and payable, without any prior written notice to Borrower, unless Applicable Law requires otherwise (and in such case, after any required written notice has been given). Lender may exercise this option to accelerate regardless of any prior forbearance. In addition, Lender shall have all rights and remedies afforded to Lender hereunder and under the other Loan Documents, including, foreclosure on and/or the power of sale of any or all of the Mortgaged Properties, as provided in the Security Instrument, and any rights and remedies available to Lender at law or in equity (subject to Borrower’s statutory rights of reinstatement, if any). Any proceeds of a Foreclosure Event may be held and applied by Lender as additional collateral for the Indebtedness pursuant to this Master Agreement. Notwithstanding the foregoing, the occurrence of any Bankruptcy Event of Borrower shall automatically accelerate the Indebtedness, which Indebtedness shall be immediately due and payable without written notice or further action by Lender. (2) Lender may Accelerate any Note without the obligation, but the right to accelerate any other Note (if more than one). In the exercise of its rights and remedies under the Loan Documents, Lender may, except as provided in this Master Agreement, exercise and perfect any and all of its rights in and under the Loan Documents with regard to any Mortgaged Property without the obligation (but with the right) to exercise and perfect its rights and remedies with respect to any other Mortgaged Property. Any such exercise shall be without regard to the Allocable Facility Amount assigned to such Mortgaged Property. Lender may recover an amount equal to the full amount Outstanding in respect of any of the Notes in connection with such exercise. Any such amount shall be applied to the Obligations as determined by Lender.

Acceleration; Foreclosure. (1) If an Upon the occurrence of any Event of Default has occurred and is continuingat any time thereafter while such Event of Default exists, the entire unpaid principal balance Lender may, at its option, exercise one or more of the Advances Outstanding, following rights and remedies (and any Accrued Interest, interest accruing at the Default Rate, the Prepayment Premium other rights and remedies available to it): (if applicable)a) Lender may declare immediately due and payable all indebtedness secured by this Instrument, and all other Indebtedness, at the option of Lender, same shall thereupon be immediately become due and payable, without any prior written further notice to Borrower, unless Applicable Law requires otherwise or demand. (and in such case, after any required written notice has been given). Lender may exercise this option to accelerate regardless of any prior forbearance. In addition, b) Lender shall have and may exercise with respect to all fixtures which are part of the Property, all the rights and remedies afforded accorded upon default to Lender hereunder and a secured party under the other Loan Documents, including, foreclosure on and/or the power of sale of any or all of the Mortgaged PropertiesUniform Commercial Code, as provided in effect in the Security InstrumentState of Iowa. If notice to Borrower of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given to Borrower at least ten (10) days prior to the date of intended disposition. Borrower shall pay on demand all costs and any expenses incurred by Lender in exercising such rights and remedies available to Lender at law or in equity (subject to Borrower’s statutory rights of reinstatementremedies, if any). Any proceeds of a Foreclosure Event may be held including without limitation, reasonable attorney's fees and applied by Lender as additional collateral for the Indebtedness pursuant to this Master Agreement. Notwithstanding the foregoing, the occurrence of any Bankruptcy Event of Borrower shall automatically accelerate the Indebtedness, which Indebtedness shall be immediately due and payable without written notice or further action by Lenderlegal expenses. (2c) Lender may Accelerate (and is hereby authorized and empowered to) foreclose this Instrument in accordance with the law of the State of Iowa, and in connection therewith: (i) At any Note without time after the obligationcommencement of an action in foreclosure, but or during the right period of redemption, the court having jurisdiction of the case shall at the request of Lender appoint a receiver to accelerate any other Note take immediate possession of the Property and of the rents and profits accruing therefrom, and to rent or cultivate the same as he may deem best for the interest of all parties concerned, and such receiver shall be liable to account to Borrower only for the net profits, after application of rents, issues and profits upon the costs and expenses of the receivership and foreclosure and upon the indebtedness. (if more than one). ii) In the exercise event of foreclosure of this Instrument and sale of the property by Sheriff's sale in said foreclosure proceeding, the period of redemption after such sale shall be reduced to six (6) months provided the Land comprises less than ten (10) acres and Lender waives in the foreclosure action any rights to a deficiency judgment against Borrower which might arise out of the foreclosure proceedings. (iii) The court in a decree of foreclosure may find affirmatively that Property has been abandoned by the owners and those persons personally liable under this Instrument at the time of such foreclosure. Should the court so find and if Lender shall waive any rights to a deficiency judgment against Borrower or its rights successors in interest in the foreclosure action, then the period of redemption after foreclosure shall be reduced to sixty (60) days. (iv) If any indebtedness or evidence thereof or this Instrument shall be placed in the hands of an attorney for collection, foreclosure, or other legal proceedings, Borrower will pay a reasonable attorney's fee for any service rendered by such attorney in connection therewith, and remedies under the Loan Documents, Lender may, except as provided will also pay all expenses incurred by such attorney in this Master Agreement, exercise and perfect procuring abstracts of title for purposes of any foreclosure proceeding and all of its rights in and under the Loan Documents with regard to any Mortgaged Property without the obligation (but with the right) to exercise and perfect its rights and remedies with respect to any other Mortgaged Property. Any expenses reasonably incurred by such exercise shall be without regard to the Allocable Facility Amount assigned to such Mortgaged Property. Lender may recover an amount equal to the full amount Outstanding in respect of any of the Notes attorney in connection with such exercise. Any foreclosure proceeding; and such amount attorney's fees and expenses shall be applied to considered part of the Obligations as determined by Lenderindebtedness secured hereby and collectible accordingly.

Acceleration; Foreclosure. (1) If an Upon the occurrence of any Event of Default has occurred and is continuingduring the continuance thereof, the entire unpaid principal balance Mortgagee may, at its option, exercise one or more of the Advances Outstandingfollowing rights and remedies (and any other rights and remedies available to it): (a) Mortgagee may, any Accrued Interestby written notice to Mortgagor, interest accruing at the Default Rate, the Prepayment Premium (if applicable)declare immediately due and payable all unmatured Indebtedness secured by this Mortgage, and all other Indebtedness, at the option of Lender, same shall thereupon be immediately become due and payable, without further notice or demand; and (b) Without limiting in any prior written notice to Borrowerway the rights of the Mortgagee under paragraph 14 hereof, unless Applicable Law requires otherwise (Mortgagee shall have and in such case, after any required written notice has been given). Lender may exercise this option with respect to accelerate regardless of any prior forbearance. In addition, Lender shall have all rights personal property and remedies afforded to Lender hereunder and under the other Loan Documents, including, foreclosure on and/or the power of sale of any or all fixtures which are part of the Mortgaged Properties, as provided in all the Security Instrument, and any rights and remedies available accorded upon default to Lender a secured party under the Uniform Commercial Code, as in effect in the state in which the Mortgaged Properties in question are located. If notice to Mortgagor of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given to Mortgagor (in the manner specified in paragraph 20) at law least 10 calendar days prior to the date of intended disposition; (c) Mortgagee may, prior or in equity (subject subsequent to Borrower’s statutory rights of reinstatement, if any). Any proceeds of a Foreclosure Event may be held and applied by Lender as additional collateral for the Indebtedness pursuant to this Master Agreement. Notwithstanding the foregoing, the occurrence institution of any Bankruptcy Event foreclosure proceedings, enter upon the Mortgaged Properties, or any part thereof, and exercise without interference from Mortgagor any and all rights which Mortgagor has with respect to the management, possession and operation of Borrower the Mortgaged Properties. All costs, expenses and liabilities of every character incurred by Mortgagee in managing, operating and maintaining such properties shall automatically accelerate become additional Indebtedness of Mortgagor secured by the IndebtednessMortgage. Unless Mortgagor and Mortgagee agree in writing to other terms of repayment, which Indebtedness such amounts shall be immediately due and payable without written notice and shall bear interest from date of expenditure until paid at the same annual rate stated in the Credit Agreement, including the rate payable on occurrence of or further Event Default (unless collection of interest from Mortgagor at such rate would be contrary to applicable law in which event such amount shall bear interest at the highest rate which may be collected from Mortgagor under applicable law); and (d) Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or by Lenderadvertisement under the power of sale, pursuant to the laws of the respective states in which the Mortgaged Properties are located, in such case made and provided, power being expressly granted to sell the Mortgaged Properties at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all Indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and reasonable attorneys' fees (to the extent permitted by law), which costs, charges and fees the Mortgagor agrees to pay. Mortgagee shall be entitled to bid at any sale and the Mortgagee shall have the right to credit upon the amount of the bid made therefore, to the extent necessary to satisfy such bid, the Indebtedness secured hereby owing to the Mortgagee. In connection with any such foreclosure, the Mortgagor waives all rights of appraisal. (2e) Lender Mortgagee may Accelerate request, and Mortgagor agrees that Mortgagee shall as a matter of right be entitled to, the appointment of a receiver or receivers for all or any Note without part of the obligationMortgaged Properties, but whether such receivership be incident to a proposed sale of the right to accelerate any other Note (if more than one). In the exercise of its rights Mortgaged Properties or otherwise, and remedies under the Loan Documents, Lender may, except as provided in this Master Agreement, exercise and perfect any and all of its rights in and under the Loan Documents with regard to any Mortgaged Property without the obligation (but with the right) to exercise and perfect its rights and remedies with respect to any other Mortgaged Property. Any such exercise shall be without regard Mortgagor does hereby consent to the Allocable Facility Amount assigned appointment of such receiver or receivers and agrees not to such Mortgaged Property. Lender may recover an amount equal to oppose any application therefor by the full amount Outstanding in respect Mortgagee; provided, however, that the appointment of any receiver, trustee or other appointee by virtue of any court order, statute or regulation shall not impair or in any manner prejudice the Notes in connection with such exercise. Any such amount shall be applied rights of Mortgagee to the Obligations receive payment of Proceeds of Runs as determined by Lenderherein provided.

Acceleration; Foreclosure. (1) If an On the occurrence of any Event of Default has occurred and or at any time thereafter until such Event of Default is continuingcured to the written satisfaction of the Mortgagee, the entire unpaid principal balance Mortgagee may, at its option, exercise one or more of the Advances Outstandingfollowing rights and remedies (and any other rights and remedies available to it): (a) Mortgagee may, any Accrued Interestby written notice to the Mortgagor, declare immediately due and payable all principal of and interest accruing at on the Default Rate, the Prepayment Premium (if applicable), Note and all other Indebtednessunmatured Indebtedness secured by this Mortgage, at and the option of Lender, same shall thereupon be immediately become due and payable, without any prior written further notice to Borrower, unless Applicable Law requires otherwise or demand. (b) Mortgagee shall have and in such case, after any required written notice has been given). Lender may exercise this option with respect to accelerate regardless all personal property and fixtures which are part of any prior forbearance. In addition, Lender shall have the Mortgaged Property all the rights and remedies afforded accorded upon default to Lender hereunder and a secured party under the other Loan Documents, including, foreclosure on and/or the power of sale of any or all of the Mortgaged PropertiesUniform Commercial Code, as provided in effect in the Security InstrumentState of Minnesota. If notice to the Mortgagor of intended disposition of such property is required by law in particular instance, such notice shall be deemed commercially reasonable if given to Mortgagor (in the manner specified in paragraph 21 at least ten calendar days prior to the date of intended disposition. Mortgagor shall pay on demand all costs and any expenses incurred by Mortgagee in exercising such rights and remedies available to Lender at law or in equity (subject to Borrower’s statutory rights of reinstatementremedies, if any). Any proceeds of a Foreclosure Event may be held including without limitation, attorneys' fees and applied by Lender as additional collateral for the Indebtedness pursuant to this Master Agreement. Notwithstanding the foregoing, the occurrence of any Bankruptcy Event of Borrower shall automatically accelerate the Indebtedness, which Indebtedness shall be immediately due and payable without written notice or further action by Lenderlegal expenses. (2c) Lender Mortgagee may Accelerate any Note without (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the obligationstatutes of the State of Minnesota in such case made and provided, but power being expressly granted to sell the right Mortgaged Property at public auction and convey the same to accelerate any other Note (if more than one). In the exercise purchaser in fee simple and, out of its rights and remedies under the Loan Documentsproceeds arising from such sale, Lender mayto pay all Indebtedness secured hereby with interest, except as provided in this Master Agreement, exercise and perfect any and all legal costs and charges of its rights in such foreclosure and under the Loan Documents with regard maximum attorneys' fees permitted by law, which costs, charges and fees the Mortgagor agrees to any Mortgaged Property without the obligation (but with the right) to exercise and perfect its rights and remedies with respect to any other Mortgaged Property. Any such exercise shall be without regard to the Allocable Facility Amount assigned to such Mortgaged Property. Lender may recover an amount equal to the full amount Outstanding in respect of any of the Notes in connection with such exercise. Any such amount shall be applied to the Obligations as determined by Lenderpay.

Acceleration; Foreclosure. (1) If an Upon the occurrence of any Event of Default has occurred and is continuingduring the continuance thereof, the entire unpaid principal balance Mortgagee may, at its option, exercise one or more of the Advances Outstandingfollowing rights and remedies (and any other rights and remedies available to it): (a) Mortgagee may, any Accrued Interestby written notice to Mortgagor, interest accruing at the Default Rate, the Prepayment Premium (if applicable)declare immediately due and payable all unmatured Indebtedness secured by this Mortgage, and all other Indebtedness, at the option of Lender, same shall thereupon be immediately become due and payable, without further notice or demand; and (b) Without limiting in any prior written notice to Borrowerway the rights of the Mortgagee under paragraph 14 hereof, unless Applicable Law requires otherwise (Mortgagee shall have and in such case, after any required written notice has been given). Lender may exercise this option with respect to accelerate regardless of any prior forbearance. In addition, Lender shall have all rights personal property and remedies afforded to Lender hereunder and under the other Loan Documents, including, foreclosure on and/or the power of sale of any or all fixtures which are part of the Mortgaged Properties, as provided in all the Security Instrument, and any rights and remedies available accorded upon default to Lender a secured party under the Uniform Commercial Code, as in effect in the state in which the Mortgaged Properties in question are located. If notice to Mortgagor of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given to Mortgagor (in the manner specified in paragraph 20) at law least 10 calendar days prior to the date of intended disposition; (c) Mortgagee may, prior or in equity (subject subsequent to Borrower’s statutory rights of reinstatement, if any). Any proceeds of a Foreclosure Event may be held and applied by Lender as additional collateral for the Indebtedness pursuant to this Master Agreement. Notwithstanding the foregoing, the occurrence institution of any Bankruptcy Event foreclosure proceedings, enter upon the Mortgaged Properties, or any part thereof, and exercise without interference from Mortgagor any and all rights which Mortgagor has with respect to the management, possession and operation of Borrower the Mortgaged Properties. All costs, expenses and liabilities of every character incurred by Mortgagee in managing, operating and maintaining such properties shall automatically accelerate become additional Indebtedness of Mortgagor secured by the IndebtednessMortgage. Unless Mortgagor and Mortgagee agree in writing to other terms of repayment, which Indebtedness such amounts shall be immediately due and payable without written notice and shall bear interest from date of expenditure until paid at the same annual rate stated in the Credit Agreement, including the rate payable on occurrence of or further Event Default (unless collection of interest from Mortgagor at such rate would be contrary to applicable law in which event such amount shall bear interest at the highest rate which may be collected from Mortgagor under applicable law); and (d) Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or by Lenderadvertisement under the power of sale, pursuant to the laws of the State of Wyoming, in such case made and provided, power being expressly granted to sell the Mortgaged Properties at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all Indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and reasonable attorneys' fees (to the extent permitted by law), which costs, charges and fees the Mortgagor agrees to pay. Mortgagee shall be entitled to bid at any sale and the Mortgagee shall have the right to credit upon the amount of the bid made therefore, to the extent necessary to satisfy such bid, the Indebtedness secured hereby owing to the Mortgagee. In connection with any such foreclosure, the Mortgagor waives all rights of appraisal. (2e) Lender Mortgagee may Accelerate request, and Mortgagor agrees that Mortgagee shall as a matter of right be entitled to, the appointment of a receiver or receivers for all or any Note without part of the obligationMortgaged Properties, but whether such receivership be incident to a proposed sale of the right to accelerate any other Note (if more than one). In the exercise of its rights Mortgaged Properties or otherwise, and remedies under the Loan Documents, Lender may, except as provided in this Master Agreement, exercise and perfect any and all of its rights in and under the Loan Documents with regard to any Mortgaged Property without the obligation (but with the right) to exercise and perfect its rights and remedies with respect to any other Mortgaged Property. Any such exercise shall be without regard Mortgagor does hereby consent to the Allocable Facility Amount assigned appointment of such receiver or receivers and agrees not to such Mortgaged Property. Lender may recover an amount equal to oppose any application therefor by the full amount Outstanding in respect Mortgagee; provided, however, that the appointment of any receiver, trustee or other appointee by virtue of any court order, statute or regulation shall not impair or in any manner prejudice the Notes in connection with such exercise. Any such amount shall be applied rights of Mortgagee to the Obligations receive payment of Proceeds of Runs as determined by Lenderherein provided.