Common use of DEFAULTS; ACCELERATION; REMEDIES Clause in Contracts

DEFAULTS; ACCELERATION; REMEDIES. Each of the following shall constitute an "EVENT OF DEFAULT" under this Instrument: (a) Any failure of Borrower to pay any money as and when due under the Note or under any of the other Loan Documents; PROVIDED, HOWEVER, that Lender agrees to give to Borrower seven (7) calendar days, after written from Lender, to cure any defaults caused by Borrower's failure to pay any money as and when due, other than a regularly scheduled monthly payment of principal, interest revenues, escrows or other amounts, required under the Note, this Instrument, or any other Loan Document; (b) Any breach of (i) Section 5 of this Instrument (except that Borrower shall be entitled to seven (7) calendar days, after written notice from Lender, in which to cure any delinquencies in the delivery of insurance certificates or insurance policies required to be delivered to Lender pursuant to Section 5 of this Instrument), (b) Sections 15, 16, or 29 of this Instrument, or (iii) the Environmental Indemnity Agreement; (c) Other than as specified in items (a) or (b) above, any breach of any covenant, representation, warranty, or other obligation of Borrower or any guarantor or indemnitor under the Note, this Instrument, or any of the other Loan Documents, which breach is not completely cured on or before the 30th day after notice of the same from Lender to Borrower; provided however that if the default is capable of cure but with diligence cannot be cured within such period of 30 days, and if Borrower shall have given Lender evidence satisfactory to Lender that Borrower has commenced the cure within ten (10) days after the first notice of default and at all times after such commencement has pursued such cure diligently, then such period shall be extended for so long as is reasonably necessary, but in no event beyond the sixtieth (60th) day after the original notice of default. If Lender shall have the right to exercise any of its remedies by reason of any default as to which there is no grace period or by reason of expiration of any grace period without cure of any applicable default, then there shall be no requirement of notice and time to cure for any other or subsequent default. Upon the occurrence of any Event of Default, Lender may, at Lender's option, declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may exercise any and all remedies permitted hereunder, under any of the Loan Documents, or pursuant to applicable law. Without limitation of the foregoing, Lender may invoke the power of sale granted herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing, in accordance with applicable law. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect from Borrower all costs and expenses incurred in pursuing such remedies, including, but not limited to, attorney's fees and costs of environmental reports, appraisals, documentary evidence, abstracts, and title reports. Any deed delivered to the purchaser at any sale pursuant hereto may be without any covenant or warranty, expressed or implied. The recitals in the deed shall be prima facie evidence of the truth of the statements made therein. The proceeds of the sale shall be applied in the following order: (a) to all costs and expenses of the sale, including, but not limited to, fees for any foreclosure services, attorney's fees and costs of title evidence; (b) to all sums secured by this Instrument in such order as Lender, in Lender's sole discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto.

DEFAULTS; ACCELERATION; REMEDIES. Each of the following shall constitute an "EVENT OF DEFAULT" under this Instrument: (a) Any failure of Borrower to pay any money as and when due under the Note or under any of the other Loan Documents; PROVIDED, HOWEVER, that Lender agrees to give to Borrower seven (7) calendar days, after written from Lender, to cure any defaults caused by Borrower's failure to pay any money as and when due, other than a regularly scheduled monthly payment of principal, interest revenues, escrows or other amounts, required under the Note, this Instrument, or any other Loan Document; (b) Any breach of (i) Section 5 of this Instrument (except that Borrower shall be entitled to seven (7) calendar daysSections 5, after written notice from Lender, in which to cure any delinquencies in the delivery of insurance certificates or insurance policies required to be delivered to Lender pursuant to Section 5 of this Instrument), (b) Sections 15, 16, or 29 of this Instrument, or (iii) the Environmental Indemnity Agreement; (c) Other than as specified in items (a) or (b) above, any breach of any covenant, representation, warranty, or other obligation of Borrower or any guarantor or indemnitor under the Note, this Instrument, or any of the other Loan Documents, which breach is not completely cured on or before the 30th day after notice of the same from Lender to Borrower; provided however that if the default is capable of cure but with diligence cannot be cured within such period of 30 days, and if Borrower shall have given Lender evidence satisfactory to Lender that Borrower has commenced the cure within ten (10) 10 days after the first notice of default and at all times after such commencement has pursued such cure diligently, then such period shall be extended for so long as is reasonably necessary, but in no event beyond the sixtieth (60th) 60th day after the original notice of default. If Lender shall have the right to exercise any of its remedies by reason of any default as to which there is no grace period or by reason of expiration of any grace period without cure of any applicable default, then there shall be no requirement of notice and time to cure for any other or subsequent default. Upon the occurrence and during the continuance of any Event of Default, Lender may, at Lender's option, declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may exercise any and all remedies permitted hereunder, under any of the Loan Documents, or pursuant to applicable law. Without limitation of the foregoing, Lender may invoke the power of sale granted herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing, in accordance with applicable law. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect from Borrower all costs and expenses incurred in pursuing such remedies, including, but not limited to, reasonable attorney's fees and costs of environmental reports, appraisals, documentary evidence, abstracts, and title reports. Any deed delivered to the purchaser at any sale pursuant hereto may be without any covenant or warranty, expressed or implied. The recitals in the deed shall be prima facie evidence of the truth of the statements made therein. The proceeds of the sale shall be applied in the following order: (a) to all costs and expenses of the sale, including, but not limited to, fees for any foreclosure services, attorney's fees and costs of title evidence; (b) to all sums secured by this Instrument in such order as Lender, in Lender's sole discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto.

DEFAULTS; ACCELERATION; REMEDIES. Each of the following shall constitute an "EVENT OF DEFAULTEvent of Default" under this Instrument: (a) Any failure of Borrower to pay any money as and when due under the Note or under any of the other Loan Documents; PROVIDED, HOWEVER, that Lender agrees to give to Borrower seven (7) calendar days, after written from Lender, to cure any defaults caused by Borrower's failure to pay any money as and when due, other than a regularly scheduled monthly payment of principal, interest revenues, escrows or other amounts, required under the Note, this Instrument, or any other Loan Document; (b) Any breach of (i) Section 5 of this Instrument (except that Borrower shall be entitled to seven (7) calendar daysSections 5, after written notice from Lender, in which to cure any delinquencies in the delivery of insurance certificates or insurance policies required to be delivered to Lender pursuant to Section 5 of this Instrument), (b) Sections 15, 16, or 29 of this Instrument, or (iii) the Environmental Indemnity Agreement; (c) Other than as specified in items (a) or (b) above, any breach of any covenant, representation, warranty, or other obligation of Borrower or any guarantor or indemnitor under the Note, this Instrument, or any of the other Loan Documents, which breach is not completely cured on or before the 30th day after notice of the same from Lender to Borrower; provided however that if the default is capable of cure but with diligence cannot be cured within such period of 30 days, and if Borrower shall have given Lender evidence satisfactory to Lender that Borrower has commenced the cure within ten (10) 10 days after the first notice of default and at all times after such commencement has pursued such cure diligently, then such period shall be extended for so long as is reasonably necessary, but in no event beyond the sixtieth (60th) 60th day after the original notice of default. If Lender shall have the right to exercise any of its remedies by reason of any default as to which there is no grace period or by reason of expiration of any grace period without cure of any applicable default, then there shall be no requirement of notice and time to cure for any other or subsequent default. Upon the occurrence and during the continuance of any Event of Default, Lender may, at Lender's option, declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may exercise any and all remedies permitted hereunder, under any of the Loan Documents, or pursuant to applicable law. Without limitation of the foregoing, Lender may invoke the power of sale granted herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing, in accordance with applicable law. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect from Borrower all costs and expenses incurred in pursuing such remedies, including, but not limited to, reasonable attorney's fees and costs of environmental reports, appraisals, documentary evidence, abstracts, and title reports. Any deed delivered to the purchaser at any sale pursuant hereto may be without any covenant or warranty, expressed or implied. The recitals in the deed shall be prima facie evidence of the truth of the statements made therein. The proceeds of the sale shall be applied in the following order: (a) to all costs and expenses of the sale, including, but not limited to, fees for any foreclosure services, attorney's fees and costs of title evidence; (b) to all sums secured by this Instrument in such order as Lender, in Lender's sole discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto.

DEFAULTS; ACCELERATION; REMEDIES. Each of the following shall constitute an "EVENT OF DEFAULT" under this Instrument: (a) Any failure of Borrower to pay any money as and when due under the Note or under any of the other Loan Documents; PROVIDED, HOWEVER, that Lender agrees to give to Borrower seven (7) calendar days, after written from Lender, to cure any defaults caused by Borrower's failure to pay any money as and when due, other than a regularly scheduled monthly payment of principal, interest revenues, escrows or other amounts, required under the Note, this Instrument, or any other Loan Document; (b) Any breach of (i) Section 5 of this Instrument (except that Borrower shall be entitled to seven (7) calendar daysSections 5, after written notice from Lender, in which to cure any delinquencies in the delivery of insurance certificates or insurance policies required to be delivered to Lender pursuant to Section 5 of this Instrument), (b) Sections 15, 16, or 29 of this Instrument, or (iii) the Environmental Indemnity Agreement; (c) Other than as specified in items (a) or (b) above, any breach of any covenant, representation, warranty, or other obligation of Borrower or any guarantor or indemnitor under the Note, this Instrument, or any of the other Loan Documents, which breach is not completely cured on or before the 30th day after notice of the same from Lender to Borrower; provided however that if the default is capable of cure but with diligence cannot be cured cured. within such period of 30 days, and if Borrower shall have given Lender evidence satisfactory to Lender that Borrower has commenced the cure within ten (10) 10 days after the first notice of default and at all times after such commencement has pursued such cure diligently, then such period shall be extended for so long as is reasonably necessary, but in no event beyond the sixtieth (60th) 60th day after the original notice of default. If Lender shall have the right to exercise any of its remedies by reason of any default as to which there is no grace period or by reason of expiration of any grace period without cure of any applicable default, then there shall be no requirement of notice and time to cure for any other or subsequent default. Upon the occurrence and during the continuance of any Event of Default, Lender may, at Lender's option, declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may exercise any and all remedies permitted hereunder, under any of the Loan Documents, or pursuant to applicable law. Without limitation of the foregoing, Lender may invoke the power of sale granted herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing, in accordance with applicable law. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect from Borrower all costs and expenses incurred in pursuing such remedies, including, but not limited to, reasonable attorney's fees and costs of environmental reports, appraisals, documentary evidence, abstracts, and title reports. Any deed delivered to the purchaser at any sale pursuant hereto may be without any covenant or warranty, expressed or implied. The recitals in the deed shall be prima facie evidence of the truth of the statements made therein. The proceeds of the sale shall be applied in the following order: (a) to all costs and expenses of the sale, including, but not limited to, fees for any foreclosure services, attorney's fees and costs of title evidence; (b) to all sums secured by this Instrument in such order as Lender, in Lender's sole discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto.

DEFAULTS; ACCELERATION; REMEDIES. Each of the following shall constitute an "EVENT OF DEFAULTEvent of Default" under this Instrument: (a) Any failure of Borrower to pay any money as and when due under the Note or under any of the other Loan Documents; PROVIDED, HOWEVER, that Lender agrees to give to Borrower seven (7) calendar days, after written from Lender, to cure any defaults caused by Borrower's failure to pay any money as and when due, other than a regularly scheduled monthly payment of principal, interest revenues, escrows or other amounts, required under the Note, this Instrument, or any other Loan Document; (b) Any breach of (i) Section 5 of this Instrument (except that Borrower shall be entitled to seven (7) calendar daysSections 5, after written notice from Lender, in which to cure any delinquencies in the delivery of insurance certificates or insurance policies required to be delivered to Lender pursuant to Section 5 of this Instrument), (b) Sections 15, 16, or 29 of this Instrument, or (iii) the Environmental Indemnity Agreement; (c) Other than as specified in items (a) or (b) above, any breach of any covenant, representation, warranty, or other obligation of Borrower or any guarantor or indemnitor under the Note, this Instrument, or any of the other Loan Documents, which breach is not completely cured on or before the 30th day after notice of the same from Lender to Borrower; provided however that if the default is capable of cure but with diligence cannot be cured within such period of 30 days, and if Borrower shall have given Lender evidence satisfactory to Lender that Borrower has commenced the cure within ten (10) days after the first notice of default such 30-day period and at all times after such commencement has pursued such cure diligently, then such period shall be extended for so long as is reasonably necessary, but in no event beyond the sixtieth (60th) 90th day after the original notice of default. If Lender shall have the right to exercise any of its remedies by reason of any default as to which there is no grace period or by reason of expiration of any grace period without cure of any applicable default, then there shall be no requirement of notice and time to cure for any other or subsequent default. Upon the occurrence and during the continuance of any Event of Default, Lender may, at Lender's option, declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may exercise any and all remedies permitted hereunder, under any of the Loan Documents, or pursuant to applicable law. Without limitation of the foregoing, Lender is hereby granted a power of sale and may invoke the power of sale granted herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing, in accordance with applicable law. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect from Borrower all actual costs and expenses incurred in pursuing such remedies, including, but not limited to, reasonable attorney's fees and costs of environmental reports, appraisals, documentary evidence, abstracts, and title reports. Without limiting the generality of the foregoing, Lender may, upon compliance by Lender of any requirements of applicable law: (i) enter and take possession of the Property or any part thereof, exclude Borrower and all persons claiming under Borrower wholly or partly therefrom, and operate, use, manage and control the same, or cause the same to be operated by a person selected by Lender, and upon such entry, from time to time, at the expense of Borrower and of the Property, make all such repairs, replacements, alterations, additions or improvements thereto as Lender may deem proper, and collect and receive the rents, revenues, issues, profits, royalties, income and be authorized to incur under the provisions of this Instrument and applicable law, the remainder to be applied to the payment, performance and discharge of the obligations secured by this Instrument in such order as Lender may determine until the same have been paid in full; (ii) institute an action for the foreclosure of this Instrument and the sale of the Property pursuant to the judgment or decree of a court of competent jurisdiction; (iii) foreclose this Instrument by action or advertisement, pursuant to the statutes of the State of Minnesota in which case made and provided, power being expressly granted to sell the 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 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 Borrower agrees to pay; (iv) take all steps to protect and enforce the rights of Lender under this Instrument by suit for specific performance of any covenant herein contained, or in aid of the execution of any power herein granted or for the enforcement of any other rights; and/or (v) exercise any or all of the rights and remedies available to a secured party under the Uniform Commercial Code, including the right to (A) enter the Property and take possession of the Collateral without demand or notice and without prior judicial hearing or legal proceedings, which Borrower hereby expressly waives, (B) require Borrower to assemble the Collateral, or any portion thereof, and make it available to Lender at a place or places designated by Lender and reasonably convenient to both parties and (C) sell all or any portion of the Collateral at public or private sale, without prior notice to Borrower except as otherwise required by law (and if notice is required by law, after ten days' prior written notice), at such place or places and at such time or times and in such manner and upon such terms, whether for cash or on credit, as Lender in its sole discretion may determine. As to any property subject to Article 9 of the Uniform Commercial Code included in the Property, Lender may proceed under the Uniform Commercial Code or proceed as to both the real property and personal property in accordance with the provisions of this Instrument and the rights and remedies that Lender may have at law or in equity, in respect of the Property, and treat both the real property and personal property included in the Property as one parcel or package of security. Borrower shall have the burden of proving that any sale pursuant to this Section or pursuant to the Uniform Commercial Code was conducted in a commercially unreasonable manner. Any deed delivered to the purchaser at any sale pursuant hereto may be without any covenant or warranty, expressed or implied. The recitals in the deed shall be prima facie evidence of the truth of the statements made therein. The proceeds of any sale made either under the power of sale hereby given or under a judgment, order or decree made in any action to foreclose or to enforce this Instrument shall be applied in the following order: (a) to all actual costs and expenses of the sale, including, but not limited to, fees for any foreclosure services, reasonable attorney's fees and costs of title evidence; (b) to all sums secured by this Instrument in such order as Lender, in Lender's sole discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto. Borrower shall not at any time (a) insist upon, plead or in any manner whatever claim or take any benefit or advantage of any applicable present or future stay, extension or moratorium law or (b) claim, take or insist upon any benefit or advantage of any present or future law providing for the valuation or appraisal of the Property prior to any sale or sales thereof which may be made under or by virtue of the provisions of this Instrument; and Borrower hereby waives all benefit or advantage of any such law or laws. Borrower hereby waives any and all rights and equities of redemption from sale under any judgment of foreclosure of this Instrument and all notice or notices of seizure, and all right to have the Property marshaled upon any foreclosure hereof. Lender shall not be obligated to pursue or exhaust its rights or remedies as against any part of the Property before proceeding against any other part thereof and Borrower hereby waives any right or claim of right to have Lender proceed in any particular order. Borrower hereby waives and releases all errors, defects and imperfections in any proceedings instituted by Lender under this Instrument. Anything to the contrary herein or elsewhere notwithstanding, Lender may cease or suspend any and all performance required of Lender under the Loan Documents upon and during the continuance of any Event of Default.