Common use of Acceleration of Debt Clause in Contracts

Acceleration of Debt. Upon the occurrence of any condition listed in Section 16 hereof, subject to cure pursuant to Section 18 hereof, and subject to the provisions of Section 19 hereof, all obligations and sums owing by Debtors to Lender (whether or not evidenced by the Note) shall become immediately due and payable, any note or other agreement to the contrary notwithstanding, and Lender shall have all the rights and remedies given a secured party by the Uniform Commercial Code. To the fullest extent permissible, Debtors hereby waive and disclaim all rights given to a Debtors, including the right to enforce any and all duties imposed upon a secured party by the Uniform Commercial Code. If the sum realized from any disposition of the Collateral is not sufficient to pay all obligations secured by this Agreement, Debtors promise and agree to pay Lender the deficiency. Upon Debtors' default, Lender shall not be obligated to resort to any security held by it hereunder or otherwise, but may enforce all obligations owed by Debtors to it by any lawful means, in the same manner and to the same extent as if no such security were held by Lender. Debtors expressly agree that Lender may apply against any proceeds of any disposition of the Collateral upon Debtors' default all their attorneys' fees and legal expenses incurred by it in the securing of payment therefrom.

Acceleration of Debt. Upon the occurrence of any condition listed in Section 16 hereof, subject to cure pursuant to Section 18 hereof, and subject to the provisions of Section 19 hereof, all obligations and sums owing by Debtors to Lender (whether or not evidenced by the Note) shall become immediately due and payable, any note or other agreement to the contrary notwithstanding, and Lender shall have all the rights and remedies given a secured party by the Uniform Commercial Code. To the fullest extent permissible, Debtors hereby waive and disclaim all rights given to a DebtorsDebtor, including the right to enforce any and all duties imposed upon a secured party by the Uniform Commercial Code. If the sum realized from any disposition of the Collateral is not sufficient to pay all obligations secured by this Agreement, Debtors promise and agree to pay Lender the deficiency. Upon Debtors' default, Lender shall not be obligated to resort to any security held by it hereunder or otherwise, but may enforce all obligations owed by Debtors to it by any lawful means, in the same manner and to the same extent as if no such security were held by Lender. Debtors expressly agree that Lender may apply against any proceeds of any disposition of the Collateral upon Debtors' default all their attorneys' fees and legal expenses incurred by it in the securing of payment therefrom.