Default; Acceleration; Default Rate Clause Samples

Default; Acceleration; Default Rate. Time is material and of the essence hereof with respect to the payment of any sums of any nature by and the performance of all duties or obligations of Mortgagor. Each of the following shall be an “Event of Default” under this Mortgage: (a) failure of Mortgagor to make any payment of principal and/or interest or any other payment required by the provisions of the Note, this Mortgage, or any other instrument securing the Note on the date such payment or payments are due; (b) failure to perform any other provision of the Note, this Mortgage, or any other instrument securing the Note; (c) a proceeding under any bankruptcy, receivership or insolvency law is instituted by or against Mortgagor; (d) the making of an assignment for the benefit of creditors by Mortgagor; (e) the imposition upon Mortgagee, under any laws, of what Mortgagee may deem to be a substantial tax upon Mortgagee by reason of its interest in this Mortgage (unless Mortgagor may lawfully pay such tax and does so); (f) if any warranty contained in this Mortgage is false in any material respect or any representation, warranty or information furnished by the Mortgagor or its agents to Mortgagee in connection with the indebtedness secured hereby is false in any material respect; or (g) Persons that is maintained by the U.S. Treasury Department’ s Office of Foreign Assets Control (“OFAC”) or on any other similar list maintained by any governmental entity or agency (collectively, the “SDN List”): (i) any Mortgagor; (ii) any principal, manager or majority shareholder of any Note signer (Principal”); (iii) any guarantor or indemnitor, if any; or (iv) any person or entity related to any Mortgagor, any Principal, any guarantor, if any of the following appear on the list of Specially Designated Nationals and Blocked any indemnitor, the debt secured by this Mortgage or the Property. Any default under this Mortgage shall constitute a default under the Note and under all other security instruments securing the Note. Any default under such other security instruments shall constitute a default under this Mortgage. Upon default, and after notice as required in paragraph B.20 below, Mortgagee may declare all sums secured hereby immediately due and payable. Any sum not paid as provided herein or in the Note or any other security instrument securing the Note shall bear interest from such due date at a rate of interest four (4) percentage points per annum greater than the Note Rate (as defined in the Note) or the m...