Common use of DEFAULT AND ACCELERATION Clause in Contracts

DEFAULT AND ACCELERATION. The whole of the principal sum of this Note, together with all interest accrued and unpaid thereon, and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (hereinafter defined) and this Note (all such sums hereinafter collectively referred to as the "Debt") shall without notice become immediately due and payable at the option of Payee if any payment due on the Maturity Date is not paid on such date or if any other payment required in this Note is not paid on or before the fifth (5th) day after the date when due, or if any Event of Default (as defined in the Mortgage) occurs, or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents (hereinafter collectively an "Event of Default"), and further provided that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Payee, if an Event of Default of the type set forth in Section 22(g) of the Mortgage occurs with respect to Maker. All of the terms, covenants and conditions contained in the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security hereof, Maker also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be brought.

DEFAULT AND ACCELERATION. The whole of the principal sum of this Note, together with all interest accrued and unpaid thereon, and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (as hereinafter defined) and this Note (all such sums hereinafter collectively referred to as the "Debt") shall without notice become immediately due and payable at the option of Payee if any payment due on the Maturity Date is not paid on such date or if any other payment required in this Note is not paid on or before the fifth (5th) day after the date when due, or if any Event of Default (as defined in the Mortgage) occursoccurs and is continuing, or on the happening of any other defaultdefault and continuance thereof, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents (hereinafter collectively an "Event of Default"), and further provided that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Payee, if an Event of Default of the type set forth in Section 22(g) of the Mortgage occurs with respect to Maker. All of the terms, covenants and conditions contained in the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security hereof, Maker also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be brought.

DEFAULT AND ACCELERATION. The Borrower covenants and agrees that if (a) any payment required hereunder (other than the payment due on the Maturity Date) is not paid on the date due, or (b) the entire Debt (defined below) is not paid on or before the Maturity Date or (c) any other breach or default under this Note shall occur, then at the option of Lender (i) the whole of the principal sum Principal Sum of this Note, together with (ii) interest, default interest, late charges and other sums, as provided in this Note and the Pledge Agreement of even date herewith between Borrower and Lender (the “Pledge Agreement”), (iii) all other monies agreed or provided to be paid by Borrower in this Note or the Pledge Agreement, (iv) all sums advanced pursuant to the Pledge Agreement to protect and preserve any Collateral (as defined in the Pledge Agreement) and the lien and the security interest accrued and unpaid thereoncreated by the Pledge Agreement, and (v) all other sums due under advanced and costs and expenses incurred by Lender in connection with the Mortgage (hereinafter defined)Debt or any part thereof, any renewal, extension or change of or substitution for the Loan Documents (hereinafter defined) and this Note Debt or any part thereof, or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or Lender (all such the sums hereinafter referred to in (i) through (v) above shall collectively be referred to as the "“Debt"”) shall without notice become immediately due and payable at the option of Payee if payable. Whenever any payment to be made under this Note or the Pledge Agreement shall be stated to be due on the Maturity Date a day which is not paid on a business day, the due date thereof shall be the business day immediately preceding such date or if any other payment required in this Note is not paid on or before the fifth (5th) day after the date when due, or if any Event of Default (as defined in the Mortgage) occurs, or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents (hereinafter collectively an "Event of Default"), and further provided that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Payee, if an Event of Default of the type set forth in Section 22(g) of the Mortgage occurs with respect to Maker. All of the terms, covenants and conditions contained in the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security hereof, Maker also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be broughtday.

DEFAULT AND ACCELERATION. The whole of the principal sum of this NoteNote Face Amount, together with all interest accrued and unpaid thereon, thereon and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (hereinafter defined) Security Instrument and this Note (all such sums hereinafter collectively referred to as the "DebtDEBT") shall without notice become immediately due and payable at the option of Payee Lender if (i) there is sufficient Net Operating Revenue to pay the amounts required under Article L hereof and any payment due on the Maturity Date portion of such amounts is not paid on such date within ten (10) days after an applicable Monthly Payment Date, or if (ii) any other payment required in this Note is not paid on or before within ten (10) days after written notice from the fifth (5th) day after Lender notifying Borrower that the date when due, or if any Event of Default (as defined in the Mortgage) occurs, same is due or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents Security Instrument (hereinafter collectively an "Event of DefaultEVENT OF DEFAULT"); provided, and further provided however, that there shall be no grace period for failure to pay the Debt shall automatically become immediately due and payable, without notice or any exercise of any option Note Face Amount on the part of Payee, if an Event of Default of the type set forth in Section 22(g) of the Mortgage occurs with respect to MakerMaturity Date. All of the terms, covenants and conditions contained in the Mortgage Security Instrument and the other Loan Other Security Documents (hereinafter defined) are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect protect, sell or foreclose the security hereof, Maker Xxxxxxxx also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be brought.

DEFAULT AND ACCELERATION. The whole of the principal sum of this NoteNote Face Amount, together with all interest accrued and unpaid thereon, thereon and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (hereinafter defined) Security Instrument and this Note (all such sums hereinafter collectively referred to as the "DebtDEBT") shall without notice become immediately due and payable at the option of Payee Lender if any payment due on (i) the Maturity Date is payments required under Sections L(2)(a), L(2)(c) and L(2)(d) hereof are not paid on such date within five (5) days after an applicable Monthly Payment Date, or if (ii) any other payment required in this Note is not paid on or before within ten (10) days after written notice from the fifth (5th) day after Lender notifying Borrower that the date when due, or if any Event of Default (as defined in the Mortgage) occurs, same is due or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents Security Instrument (hereinafter collectively an "Event of DefaultEVENT OF DEFAULT"); provided, and further provided however, that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Payee, if an no Event of Default shall be deemed to have occurred if and to the extent that Lender actually receives payment of the type set forth in Section 22(gamounts required to be paid under Sections L(2)(a), L(2)(c) and L(2)(d) hereof within five (5) days after the applicable Monthly Payment Date as a payment of an Aggregate Operating Revenue Shortfall Amount (hereinafter defined) under one (1) or more of the Mortgage occurs with respect Other Senior Notes (hereinafter defined); and provided, further, that there shall be no grace period for failure to Makerpay the Reduced Payoff Amount on the Maturity Date. All of the terms, covenants and conditions contained in the Mortgage Security Instrument and the other Loan Other Security Documents (hereinafter defined) are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect protect, sell or foreclose the security hereof, Maker Xxxxxxxx also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be brought.

DEFAULT AND ACCELERATION. The whole principal unpaid balance, plus accrued interest, shall, at the option of the principal sum Lender or any holder of this Note, together with all interest accrued and unpaid thereon, and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (hereinafter defined) and this Note (all such sums hereinafter collectively referred to as the "Debt") shall without notice become immediately due and payable at the option of Payee if any payment due on the Maturity Date is not paid on such date without notice or if any other payment required in this Note is not paid on or before the fifth (5th) day after the date when due, or if any Event of Default (as defined in the Mortgage) occurs, or on demand upon the happening of any other defaultone or more of the Events of Default defined in the Loan Agreement. In the event that any amount due under this Note is reduced to judgment, or if Borrower fails to make any payment provided for in this Note when due, after the expiration of any all applicable notice and grace cure periods, herein or under the terms if any of the Mortgage or other Loan Documents (hereinafter collectively an "Event Events of Default"), Default described above shall occur and further provided that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Payee, if an such Event of Default is not cured as allowed by the Loan Agreement, Lender, or any holder of this Note, may, at its option declare the unpaid balance of principal and the accrued unpaid interest due and payable although the time of maturity as expressed herein shall not have arrived, and, regardless whether Lender so accelerates, the total of the type set forth unpaid balance of principal and the then accrued and unpaid interest shall then begin accruing interest at the rate stated in Section 22(g2, plus five percent (5.00%) per annum (the “Default Rate”), until such time as the Event of Default in question has been cured. At that time, the interest rate will revert to that rate provided in Section 2. Borrower acknowledges that the effect of this Default Rate provision could operate to compound some of the interest obligations due, and Borrower hereby expressly consents to such compounding should it occur and to the compounding of interest in general (to the full extent allowed by Nevada Revised Statutes (“NRS”) Section 99.050). In addition to the Default Rate, and all other fees due hereunder, for each payment not made within ten (10) days of the due date therefor, Borrower will pay Lender a late fee equal to ten percent (10%) of the Mortgage occurs with respect to Maker. All of the terms, covenants and conditions contained in the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security hereof, Maker also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be broughtpayment due.