Due on Sale Provision Sample Clauses

Due on Sale Provision. Upon any sale, lease, transfer or disposition of either a controlling interest in Borrower, or a majority of its assets, whether now owned or hereafter acquired, or consolidation or merger into another entity, the Loans and the Note shall immediately become due and payable in full.
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Due on Sale Provision. The Note secured by this Deed of Trust provides for, among other provisions, the following: “Borrower acknowledges and agrees that the creditworthiness and expertise of Borrower in owning and operating the Property covered by the Deed of Trust which secures this Note is the basis upon which Lender has determined that it is protected against impairment of the security and risk of default and thereby has agreed to lend Borrower the principal sum set forth above. Except as may be expressly set forth in the Loan Agreement for a “Permitted Transfer” (as defined in the Loan Agreement), Borrower agrees that: (a) said Property shall not be sold, agreed to be sold, conveyed, transferred, assigned, disposed of, or further encumbered, whether voluntarily, involuntarily, by operation of law or otherwise, and/or (b) any change in any manager or general partner of Borrower or in any membership or partnership interest of Borrower, shall constitute a breach hereof. Any “Transfer” (as defined in the Loan Agreement) in violation of the above restrictions shall cause the then outstanding principal balance and interest thereon and other sums secured by said Deed of Trust, at the option of said holder, to immediately become due and payable.”
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Related to Due on Sale Provision

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