Common use of Acceleration Upon Default, Additional Remedies Clause in Contracts

Acceleration Upon Default, Additional Remedies. In the event of any event of default, Beneficiary may declare all Secured Obligations to be immediately due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may: Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems, in the exercise of good faith, necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the Rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the collection of such Rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default after written notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and application of Rents, issues or profits, Trustee or Beneficiary shall be entitled to exercise every right provided for in any of the Loan Documents or by law upon occurrence of any event of default, including the right to exercise the power of sale; Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the covenants hereof and in case of any judicial sale of the Trust Estate, or any part thereof, the Property may be sold in one parcel and as one entity or in such parcels, manner or order as the Beneficiary, in its sole discretion, may elect; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Xxxxxxxx's interest in the Trust Estate to be sold, which notice Trustee or Beneficiary shall cause to be duly filed for record in the official records of the county in which the Trust Estate is located. The waiver by Beneficiary of any default shall not constitute a waiver of any other or subsequent default.

Acceleration Upon Default, Additional Remedies. Upon the occurrence of any Event of Default hereunder, Lender may, at its option and without notice to or demand upon Borrower, take any one or more of the following actions: (a) Declare any or all indebtedness secured by this Mortgage to be due and payable immediately. (b) Bring a court action to enforce the provisions of this Mortgage or any of the indebtedness or obligations secured by this Mortgage. (c) Lender shall have the right to foreclose this Mortgage in accordance with applicable law by judicial proceedings, or to the full extent permitted by applicable law from time to time, to foreclose this Mortgage under the power of sale herein granted pursuant to Sections 1401 through 1461 of the New York Real Property Law (Actions & Proceedings) or such other laws as may be in effect from time to time, after publishing posting, and serving notice as required by applicable law. Lender may bid and purchase at such sale. If at the time of the sale Lender shall deem it best for any reason to postpone or continue said sale for one or more days, Lender may do so, in which event notice of such postponement or continuance shall be made in such manner as the Lender may deem sufficient under applicable law. Lender’s costs and expenses of sale shall be an additional indebtedness secured hereby. (d) In the event of any event of default, Beneficiary may declare all Secured Obligations to be immediately due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may: Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard foreclosure to the adequacy of its securityextent permitted by applicable law, enter upon and take possession of the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems, in the exercise of good faith, necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the Rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determine. The entering upon and taking possession of the Trust Estate, the collection of such Rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default after written notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and application of Rents, issues or profits, Trustee or Beneficiary shall Lender will be entitled to exercise every right provided a judgment which will provide that if the foreclosure sale proceeds are insufficient to satisfy the judgment, execution may issue for in any amount by which the unpaid balance of the Loan Documents obligations secured by this Mortgage exceeds the net sale proceeds payable to Lender. (e) Cause any or by law upon occurrence all of any event of default, including the right Property to exercise be sold under the power of sale; Commence an action to foreclose sale granted by this Deed of Trust as a mortgage, appoint a receiver, Mortgage in any manner permitted by applicable law. (f) Exercise any or specifically enforce any all of the covenants hereof rights and remedies provided for under this Mortgage and the other Loan Documents. (g) Exercise any other right or remedy available under law or in case equity. 8.2 Exercise of Power of Sale. For any judicial sale under the power of sale gra.11ted by this Mortgage, to the Trust Estateextent permitted by applicable law, or any part thereofLender shall record and give all notices required by law and then, upon the expiration of such time as is required by law, Lender may sell the Property upon any terms and conditions specified by Lender and permitted by applicable law. Lender may postpone any sale by public announcement at the time and place noticed for the sale. If the Property includes several lots or parcels, Lender in its discretion may designate their order of sale or may elect to sell all of them as an entirety. The Property, real, personal and mixed, may be sold in one parcel and as one entity or in such parcelsparcel. To the extent any of the Property sold by Lender is personal property, manner or order Lender shall be acting as the Beneficiary, agent of Lender in its sole discretion, selling such Property. Any person permitted by law to do so may elect; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and demand for purchase at any sale. Upon any sale, Lender will execute and deliver to the purchaser or purchasers a written notice of default deed or deeds conveying the Property sold, but without any covenant or warranty, express or implied, and election to cause Xxxxxxxx's interest the recitals in the Trust Estate to Lender’s deed showing that the sale was conducted in compliance with all the requirements of law shall be sold, which notice Trustee or Beneficiary shall cause to be duly filed prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrances for record in the official records of the county in which the Trust Estate is locatedvalue. The waiver by Beneficiary of any default shall not constitute a waiver of any other or subsequent default.8.3

Acceleration Upon Default, Additional Remedies. In Upon the event occurrence of any event an Event of defaultDefault hereunder, Beneficiary may may, at its option, declare all the Secured Obligations to be immediately due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind. ThereafterNotice of acceleration to Trustor shall not be required. Whether or not Beneficiary exercises said option, Beneficiary may: Either , to the extent permitted by law, either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust EstateProperty, or any part thereof, in its own name or in the name of the Trustee, and do any acts act which it deems, in the exercise of good faith, deems necessary or desirable to preserve the value, marketability or rentability of the Trust EstateProperty, or part thereof or interest therein, increase the income therefrom or protect the security hereof thereof and, with or without taking possession of the Trust EstateProperty, sue for xxx or otherwise collect the Rents, issues and profits thereof, Rents including those past due and unpaid, and apply the same, less reasonable costs and expenses of operation and collection including attorney feescollection, including, but not limited to, attorneys' fees and expenses, upon any indebtedness secured hereby, the Secured Obligations all in such order as Beneficiary may determine. The entering upon and taking possession of the Trust EstateProperty, the collection of such Rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default after written default, notice of default or Event of Default hereunder or invalidate any act done in response to such default or Event of Default, or pursuant to such notice of default and, notwithstanding the continuance in possession by Trustee, Beneficiary or a receiver of all or any portion of the Trust Estate Property or the collection, receipt and application of Rentsany of the Rents thereby, issues or profits, the Trustee or Beneficiary shall be entitled to exercise every right provided for in any of the Loan Documents or by law upon occurrence of any event Event of defaultDefault, including including, but not limited to, the right to exercise the power of sale; Commence an action to foreclose this Deed . Beneficiary may also exercise all other rights and remedies provided herein, in any Loan Document or in any other document or agreement now or hereafter securing all or any portion of Trust as a mortgage, appoint a receiverthe Secured Obligations, or specifically enforce any of the covenants hereof and in case of any judicial sale of the Trust Estate, or any part thereof, the Property may be sold in one parcel and as one entity or in such parcels, manner or order as the Beneficiary, in its sole discretion, may elect; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Xxxxxxxx's interest in the Trust Estate to be sold, which notice Trustee or Beneficiary shall cause to be duly filed for record in the official records of the county in which the Trust Estate is located. The waiver provided by Beneficiary of any default shall not constitute a waiver of any other or subsequent defaultlaw.

Acceleration Upon Default, Additional Remedies. In the event Upon Borrower's breach of any event representation, covenant or agreement of defaultBorrower in this Instrument, Beneficiary the Note, the Environmental Indemnity Agreement, or any other Loan Document, including, but not limited to, the covenants to pay when due any sums secured by this Instrument, Lender, at Lender's option, may declare all Secured Obligations of the sums secured by this Instrument to be immediately due and payable and the same shall thereupon become due and payable without any presentment, further demand, protest and may invoke the power of sale and any other remedies permitted by applicable law or notice provided herein. Borrower acknowledges that the power of any kindsale herein granted may be exercised by Lender without prior judicial hearing. Thereafter, Beneficiary may: Either in person or by agent, with or without bringing any Borrower has the right to bring an action or proceeding, or by to assert the non-existence of a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust Estate, breach or any part thereof, in its own name or in the name other defense of Trustee, Borrower to acceleration and do any acts which it deems, in the exercise of good faith, necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the Rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determinesale. The entering upon and taking possession of the Trust Estate, the collection of such Rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default after written notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the Trust Estate or the collection, receipt and application of Rents, issues or profits, Trustee or Beneficiary Lender shall be entitled to exercise every right collect all costs and expenses incurred in pursuing such remedies, including, but not limited to, attorney's fees and costs of documentary evidence, abstracts and title reports. Notwithstanding the foregoing, Lender shall not invoke any remedy provided for hereunder, under the Loan Documents, at law or in equity upon Borrower's breach of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(k), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Loan Documents Environmental Indemnity Agreement, provided Borrower shall have, on or by law upon occurrence before the date that is ten (10) days after Borrower's receipt of any notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such default. In the event of default, including the right to exercise the power of sale; Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, that one or specifically enforce any more of the covenants hereof and in case events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any judicial sale one or more of the Trust Estate, or any part thereof, the Property may be sold in one parcel and as one entity or in such parcels, manner or order as the Beneficiary, in its sole discretion, may elect; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Xxxxxxxx's interest in the Trust Estate to be sold, which notice Trustee or Beneficiary shall cause to be duly filed for record in the official records of the county in which the Trust Estate is located. The waiver by Beneficiary of any default shall not constitute a waiver of any other or subsequent default.following:

Acceleration Upon Default, Additional Remedies. In Upon the event occurrence of any event an Event of defaultDefault, Beneficiary may Mortgagee may, at its option, exercise all of the applicable rights and remedies set forth herein and in the other Loan Documents and, in addition, declare all Secured Obligations to be immediately due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or further notice of any kind; and whether or not Mortgagee exercises any said right or remedy. Thereafter, Beneficiary Mortgagee may: Either (a) either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, Collateral enter upon and take possession of all or part of the Trust Estate, or any part thereofCollateral, in its own name or in the name of Trustee, and do any acts which it deems, in the exercise of good faith, necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the Rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determinename. The entering upon and taking possession of the Trust EstateCollateral, the collection of such Rents, issues Rents and profits and their application to the application thereof as aforesaid, Secured Obligations shall not cure or waive any default after written Event of Default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice them. Regardless of default and, notwithstanding the continuance in whether possession of the Trust Estate Collateral or the collection, receipt and application of Rentsany of the Rents is by Mortgagee or a receiver, issues or profits, Trustee or Beneficiary Mortgagee shall be entitled to exercise every right provided for in any of the Loan Agreement and other Loan Documents or by law upon occurrence of any event Event of defaultDefault, including the right to exercise the power of sale; Commence (b) commence an action to foreclose this Deed of Trust as a mortgageMortgage, appoint a receiver, or specifically enforce any of the covenants hereof contained in this Mortgage; (c) exercise all of the rights and remedies available to a secured party under the applicable Uniform Commercial Code in such order and in case of any judicial sale of the Trust Estate, or any part thereof, the Property may be sold in one parcel and such manner as one entity or in such parcels, manner or order as the BeneficiaryMortgagee, in its sole discretion, may electdetermine, including without limitation, requiring Mortgagor to assemble the Collateral and make the Collateral available to Mortgagee at a reasonably convenient location. The expenses of retaking, holding, preparing for sale or the like shall include reasonable attorneys' fees and other expenses of Mortgagee and shall be secured by this Mortgage; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and/or (d) exercise all other rights and demand for saleremedies provided in this Mortgage, and a written notice of default and election to cause Xxxxxxxx's interest in the Trust Estate to be sold, which notice Trustee any other Loan Document or Beneficiary shall cause to be duly filed for record in the official records other document or agreement now or hereafter securing all or any portion of the county Secured Obligations, or as provided by law or in which the Trust Estate is locatedequity. The waiver by Beneficiary of any default shall not constitute a waiver of any other or subsequent default.Mortgage (ORM Timber Fund III (REIT) lnc./Note No. 6219327)

Acceleration Upon Default, Additional Remedies. In Upon the event occurrence of any event an Event of defaultDefault, Beneficiary may Mortgagee may, at its option, exercise all of the applicable rights and remedies set forth herein and in the other Loan Documents and, in addition, declare all Secured Obligations to be immediately due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or further notice of any kind; and whether or not Mortgagee exercises any said right or remedy. Thereafter, Beneficiary Mortgagee may: Either (a) either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, Collateral enter upon and take possession of all or part of the Trust Estate, or any part thereofCollateral, in its own name or in the name of Trustee, and do any acts which it deems, in the exercise of good faith, necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the Rents, issues and profits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determinename. The entering upon and taking possession of the Trust EstateCollateral, the collection of such Rents, issues Rents and profits and their application to the application thereof as aforesaid, Secured Obligations shall not cure or waive any default after written Event of Default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice them. Regardless of default and, notwithstanding the continuance in whether possession of the Trust Estate Collateral or the collection, receipt and application of Rentsany of the Rents is by Mortgagee or a receiver, issues or profits, Trustee or Beneficiary Mortgagee shall be entitled to exercise every right provided for in any of the Loan Agreement and other Loan Documents or by law upon occurrence of any event Event of defaultDefault, including the right to exercise the power of sale; Commence (b) commence an action to foreclose this Deed of Trust as a mortgageMortgage, appoint a receiver, or specifically enforce any of the covenants hereof contained in this Mortgage; (c) exercise all of the rights and remedies available to a secured party under the applicable Uniform Commercial Code in such order and in case of any judicial sale of the Trust Estate, or any part thereof, the Property may be sold in one parcel and such manner as one entity or in such parcels, manner or order as the BeneficiaryMortgagee, in its sole discretion, may electdetermine, including without limitation, requiring Mortgagor to assemble the Collateral and make the Collateral available to Mortgagee Mortgage (ORM Timber Fund III (REIT) lnc./Note No. 62 I 9327) at a reasonably convenient location. The expenses of retaking, holding, preparing for sale or the like shall include reasonable attorneys' fees and other expenses of Mortgagee and shall be secured by this Mortgage; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and/or (d) exercise all other rights and demand for saleremedies provided in this Mortgage, and a written notice of default and election to cause Xxxxxxxx's interest in the Trust Estate to be sold, which notice Trustee any other Loan Document or Beneficiary shall cause to be duly filed for record in the official records other document or agreement now or hereafter securing all or any portion of the county Secured Obligations, or as provided by law or in which the Trust Estate is located. The waiver by Beneficiary of any default shall not constitute a waiver of any other or subsequent defaultequity.