Common use of Acceleration; Foreclosure Clause in Contracts

Acceleration; Foreclosure. Whenever any Event of Default shall have occurred and be subsisting, the Mortgagee may, at its option, exercise one or more of the following rights and remedies (and/or any other rights and remedies available to it): (a) Mortgagee may, by written notice to the Mortgagor, declare immediately due and payable all Indebtedness secured by this Mortgage, and the same shall thereupon be immediately due and payable, without further notice or demand. (b) Mortgagee shall have and may exercise with respect to all personal property and fixtures which are part of the Mortgaged Property and with respect to the Revenues and Income, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code, as in effect in the State of Minnesota. If notice to the 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 21) at least 10 calendar days prior to the date of intended disposition. Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in exercising such rights and remedies, including without limitation, reasonable attorneys' fees and legal expenses. (c) Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to chapters 580 through 582 of the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Mortgaged Property (including, without limitation, and at the option of the Mortgagee, any goods constituting a part thereof) 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 or any part of the Indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees the Mortgagor agrees to pay. (d) The Mortgagor shall be entitled, without notice and without any showing of waste of the Mortgaged Property, inadequacy of the Mortgaged Property as security for the Indebtedness, or insolvency of the Mortgagor, to the appointment of a receiver of the rents and profits of the Mortgaged Property, including those past due. (e) Mortgagee may pursue one or more of the remedies provided for herein, in the Note, or in any other agreement now or hereafter entered into between the Mortgagor and Mortgagee in connection with the Note.

Acceleration; Foreclosure. Whenever Upon the occurrence of any Event of Default shall have occurred and be subsistingDefault, the Mortgagee may, at its option, exercise one or more of the following rights and remedies (and/or and any other rights and remedies which are available to itthe Mortgagee under applicable law or other collateral documents): (a) A. The Mortgagee may, by written notice to the Mortgagor, may declare immediately due and payable all Indebtedness secured by this Mortgageunpaid principal of and accrued interest on any Indebtedness, together with all other sums due hereunder, and the same shall thereupon be immediately due and payablepayable without presentment or other demand, without further protest, notice of dishonor or demandany other notice of any kind, all of which are hereby expressly waived. B. The Mortgagee may exercise any or all of its rights and remedies under the Note, the Loan Agreement or any documents executed in connection with the Note. C. The Mortgagee may (band is hereby authorized and empowered to) pursuant to law of the State of Minnesota in such case made and provided, such power being expressly granted to sell the Mortgaged Property 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 with interest, and all legal costs and charges of such foreclosure and reasonable attorneys’ fees permitted by law, which costs, charges and fees the Mortgagor agrees to pay. D. Mortgagee may obtain a judgment for any deficiency against Mxxxxxxxx remaining in the indebtedness due to Mortgagee after application of all amounts received from the exercise of the rights provided in this Section if Lender forecloses the Mortgage by action. E. Mortgagee shall have and may exercise with respect to all personal property and fixtures which are part of the Mortgaged Property and with respect to the Revenues and IncomePersonal Property, all the rights and remedies accorded upon default to a secured party under the Minnesota Uniform Commercial Code, as in effect in the State of Minnesota. If notice to the 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 21) at least 10 calendar ten (10) days prior to the date of intended disposition. Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in exercising such rights and remedies, including without limitation, reasonable attorneys' fees and legal expenses. (c) F. The Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to chapters 580 through 582 of the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Mortgaged Property (including, without limitation, and at the option of the Mortgagee, any goods constituting a part thereof) 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 or any part of the Indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees the Mortgagor agrees to pay. (d) The Mortgagor shall be entitled, without notice and entitled without any showing of waste of the Mortgaged Property, inadequacy of the Mortgaged Property as security for the Indebtednesssecurity, or insolvency of the MortgagorMortgagor upon an Event of Default, to the appointment of a receiver of the rents and profits of the Mortgaged Property, including those past due., pursuant to Minnesota Statutes, Section 576.25, Subsection 5, or any other provision of Minnesota Statutes in effect at such time. The Mortgagee or any receiver shall be entitled to receive and dispose of the profits and income of the Mortgaged Property and to sue for and recover any account or other item of profits and income from the Mortgagor or any account debtor or other third person. Subject to any order of a court appointing a receiver and applicable provisions of Minnesota Statutes, the Mortgagee in its discretion may apply the profits and income: (ei) Mortgagee may pursue one or more to the expenses of operating the Mortgaged Property and conducting the business thereof, (ii) to the repairs, maintenance, renewals, replacements, alterations, additions, betterments and Improvements of the remedies provided for herein, Mortgaged Property, (iii) to the payment of reserves that may be made or set up in the NoteMortgagee’s discretion for taxes, assessments, insurance and other proper charges upon or in any other agreement now or hereafter entered into between the Mortgagor and Mortgagee in connection with the Noteoperation of the Mortgaged Property or any part thereof, (iv) to the just and reasonable compensation of the Mortgagee for its own services and for the services of counsel, agents and employees by it properly engaged and employed, and (v) to the reimbursement of the Mortgagee for the Indebtedness. G. Mortgagee shall have all other rights and remedies provided in this Mortgagee or in the Note and Loan Agreement between Mortgagee and Mortgagor. MXXXXXXXX EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT PERSONAL PROPERTY COVERED BY THIS MORTGAGE AND SECURITY AGREEMENT MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED HEREIN.

Acceleration; Foreclosure. Whenever Upon the occurrence of any Event of Default shall have occurred and be subsistingDefault, the Mortgagee may, at its option, exercise one or more of the following rights and remedies (and/or and any other rights and remedies available to it): (a) Mortgagee shall, for an Event of Default under Section 4.01(a) and for any other Event of Default may, by written notice to the Mortgagor, declare immediately due and payable all Indebtedness indebtedness secured by this Mortgage, and the same shall thereupon be immediately due and payable, without further notice or demand.; (b) Mortgagee shall have and may exercise with respect to all personal property and fixtures which are part of the Mortgaged Property and with respect to the Revenues and IncomeProperty, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code, as in effect in the State of Minnesota. If Minnesota and if notice to the 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 21Section 5.02) at least 10 ten (10) calendar days prior to the date of intended disposition. disposition and Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in exercising such rights and remedies, including without limitation, reasonable attorneys' ’ fees and legal expenses.; and (c) Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to chapters 580 through 582 of the statutes of the State of Minnesota in is such case made and provided, power being expressly granted to sell the Mortgaged Property (including, without limitation, and at the option of the Mortgagee, any goods constituting a part thereof) at public auction and convey the same to the purchaser in fee simple and and, out of the proceeds arising from such sale, to pay all or any part of the Indebtedness indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' ’ fees permitted by law, which costs, charges charges, and fees the Mortgagor agrees to pay. XXXXXXXXX HEREBY: EXPRESSLY CONSENTS TO THE FORECLOSURE AND SALE OF THE MORTGAGED PROPERTY BY ACTION PURSUANT TO MINNESOTA STATUTES CHAPTER 581 OR, AT THE OPTION OF MORTGAGEE, BY ADVERTISEMENT PURSUANT TO MINNESOTA STATUTES CHAPTER 580, WHICH PROVIDES FOR SALE AFTER SERVICE OF NOTICE THEREOF UPON THE OCCUPANT OF THE MORTGAGED PROPERTY AND PUBLICATIONS OF SAID NOTICE FOR SIX WEEKS IN THE COUNTY IN MINNESOTA WHERE THE MORTGAGED PROPERTY IS SITUATED AND ACKNOWLEDGES THAT SERVICE NEED NOT BE MADE UPON MORTGAGOR PERSONALLY UNLESS MORTGAGOR IS AN OCCUPANT AND THAT NO HEARING OF ANY TYPE IS REQUIRED IN CONNECTION WITH THE SALE AND EXCEPT AS MAY BE PROVIDED IN SAID STATUTES, EXPRESSLY WAIVES ANY AND ALL RIGHT TO PRIOR NOTICE OF SALE OF THE MORTGAGED PROPERTY AND ANY AND ALL RIGHTS TO A PRIOR HEARING OF ANY TYPE IN CONNECTION WITH THE SALE OF THE MORTGAGED PROPERTY. XXXXXXXXX ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS MORTGAGE THIS SECTION AND XXXXXXXXX’S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL; AND THAT MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH XXXXXX. (d) The Mortgagor shall be entitled, without notice and without any showing of waste of the Mortgaged Property, inadequacy of the Mortgaged Property as security for the Indebtedness, or insolvency of the Mortgagor, to the appointment of a receiver of the rents and profits of the Mortgaged Property, including those past due. (e) Mortgagee may pursue one or more of the remedies provided for herein, in the Note, or in any other agreement now or hereafter entered into between the Mortgagor and Mortgagee in connection with the Note.

Acceleration; Foreclosure. Whenever Upon the occurrence of any Event of Default shall have occurred and be subsistingDefault, the Mortgagee may, at its option, exercise one or more of the following rights and remedies (and/or and any other rights and remedies which are available to itthe Mortgagee under applicable law or other collateral documents): (a) A. The Mortgagee may, by written notice to the Mortgagor, may declare immediately due and payable all Indebtedness secured by this Mortgageunpaid principal of and accrued interest on any Indebtedness, together with all other sums due hereunder, and the same shall thereupon be immediately due and payablepayable without presentment or other demand, without further protest, notice of dishonor or demandany other notice of any kind, all of which are hereby expressly waived. B. The Mortgagee may exercise any or all of its rights and remedies under the Note, the Loan Agreement or any documents executed in connection with the Note. C. The Mortgagee may (band is hereby authorized and empowered to) pursuant to law of the State of Minnesota in such case made and provided, such power being expressly granted to sell the Mortgaged Property 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 with interest, and all legal costs and charges of such foreclosure and reasonable attorneys’ fees permitted by law, which costs, charges and fees the Mortgagor agrees to pay. D. Mortgagee may obtain a judgment for any deficiency against Mortgagor remaining in the indebtedness due to Mortgagee after application of all amounts received from the exercise of the rights provided in this Section if Lender forecloses the Mortgage by action. E. Mortgagee shall have and may exercise with respect to all personal property and fixtures which are part of the Mortgaged Property and with respect to the Revenues and IncomePersonal Property, all the rights and remedies accorded upon default to a secured party under the Minnesota Uniform Commercial Code, as in effect in the State of Minnesota. If notice to the 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 21) at least 10 calendar ten (10) days prior to the date of intended disposition. Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in exercising such rights and remedies, including without limitation, reasonable attorneys' fees and legal expenses. (c) F. The Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to chapters 580 through 582 of the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Mortgaged Property (including, without limitation, and at the option of the Mortgagee, any goods constituting a part thereof) 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 or any part of the Indebtedness secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees the Mortgagor agrees to pay. (d) The Mortgagor shall be entitled, without notice and entitled without any showing of waste of the Mortgaged Property, inadequacy of the Mortgaged Property as security for the Indebtednesssecurity, or insolvency of the MortgagorMortgagor upon an Event of Default, to the appointment of a receiver of the rents and profits of the Mortgaged Property, including those past due., pursuant to Minnesota Statutes, Section 576.25, Subsection 5, or any other provision of Minnesota Statutes in effect at such time. The Mortgagee or any receiver shall be entitled to receive and dispose of the profits and income of the Mortgaged Property and to xxx for and recover any account or other item of profits and income from the Mortgagor or any account debtor or other third person. Subject to any order of a court appointing a receiver and applicable provisions of Minnesota Statutes, the Mortgagee in its discretion may apply the profits and income: (ei) Mortgagee may pursue one or more to the expenses of operating the Mortgaged Property and conducting the business thereof, (ii) to the repairs, maintenance, renewals, replacements, alterations, additions, betterments and Improvements of the remedies provided for herein, Mortgaged Property, (iii) to the payment of reserves that may be made or set up in the NoteMortgagee’s discretion for taxes, assessments, insurance and other proper charges upon or in any other agreement now or hereafter entered into between the Mortgagor and Mortgagee in connection with the Noteoperation of the Mortgaged Property or any part thereof, (iv) to the just and reasonable compensation of the Mortgagee for its own services and for the services of counsel, agents and employees by it properly engaged and employed, and (v) to the reimbursement of the Mortgagee for the Indebtedness. G. Mortgagee shall have all other rights and remedies provided in this Mortgagee or in the Note and Loan Agreement between Mortgagee and Mortgagor. MORTGAGOR EXPRESSLY CONSENTS AND AGREES THAT THE MORTGAGED PROPERTY MAY BE FORECLOSED BY ADVERTISEMENT AND THAT PERSONAL PROPERTY COVERED BY THIS MORTGAGE AND SECURITY AGREEMENT MAY BE DISPOSED OF PURSUANT TO THE UNIFORM COMMERCIAL CODE, ALL AS DESCRIBED HEREIN.