Effects of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note is paid in full.
Effects of Default. Notwithstanding any contrary provision or inference in this Agreement or in any Related Writing:
Effects of Default. (a) If an Event of Default under Section 8.1(a), (b) or (c) occurs and is continuing, then and in every such case the Holder may declare this Series 2 Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding Principal Amount of this Series 2 Note plus all accrued and unpaid interest in cash through the date the Series 2 Note is paid in full; provided, however, that in the event the aggregate original principal amount of this Series 2 Note and the other Series 2 Notes (if any) owned by the Holder and its Affiliates is less than $1,000,000, such declaration shall be without effect unless and until similar declarations have been made by the Required Holders in respect of such Event of Default. Any declaration made by the Holder pursuant to this Section 8.2(b) in connection with any Event of Default under Section 8.1(a), (b) or (c) may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Series 2 Note until such time, if any, as the Holder receives full payment pursuant to this Section 8.2; provided, however, that in the event the aggregate original principal amount of this Series 2 Note and the other Series 2 Notes (if any) owned by the Holder and its Affiliates is less than $1,000,000, such declaration shall automatically be rescinded and annulled if the Required Holders have rescinded and annulled the corresponding declaration made by them in respect of the applicable Event of Default. No rescission or annulment pursuant to the immediately preceding sentence shall affect any subsequent Event of Default.
(b) Notwithstanding the foregoing, in the event that an Event of Default under Section 8.1(d), (e) or (f) occurs, the outstanding Principal Amount of this Series 2 Note plus accrued and unpaid interest, and other amounts owing in respect thereof through the date of acceleration, shall become immediately due and payable in cash. In connection with the automatic acceleration described in the immediately preceding sentence, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law.
Effects of Default. Upon the occurrence of an event of default, the ORIGINATING INSTITUTION, NHMFC, or its assignee/transferee may: Declare the outstanding Loan together with accrued interest and other herein obligations immediately due and payable; Foreclose the mortgage in accordance with Section 2.01; Apply any of BORROWER’s funds in the possession of ORIGINATING INSTITUTION or its assignee/transferee and/or NHMFC in full or partial payment of BORROWER’s herein obligations and in the Promissory Note(s) and/or; Avail of any other remedies provided for by law, this Agreement, and the HLRPP Guidelines and any amendment thereto, including but not limited to recourse to the insurance policies. For purposes of Section 4.02 (c) above, the BORROWER further authorizes the ORIGINATING INSTITUTION or NHMFC or its assignee/transferee to secure and apply without prior notice to the BORROWER any fund belonging to him in the possession or control of the ORIGINATING INSTITUTION, NHMFC or its assignee/transferee. It is understood that the above remedies are cumulative and in the event that ORIGINATING INSTITUTION or its assignee/transferee has to initiate any action or proceeding, the latter shall be entitled to collect the costs and expenses of such action or proceeding, including but not limited to Attorney’s fees equivalent to at least 25% of the total amount due.
Effects of Default. If borrower(s) is in default, the Credit Union may declare the entire balance of the Revolving Credit to be due and payable at once, and may suspend or terminate the Revolving Credit without notice to borrower(s). After declaring the entire balance due, said creditor may enforce any or all of its rights under this Agreement and the Mortgage given to said creditor. These rights include the right to initiate foreclosure proceedings on the Mortgage. If borrower(s) is in default, the Credit Union also has the right to apply any amount the borrower(s) may have on deposit now or in the future with the Credit Union against any amounts due and payable under this Agreement. The Credit Union may exercise this right without notice to borrower(s) any time borrower(s) is in default.
Effects of Default. Upon occurrence of default, SHFC may:
a) Declare the outstanding loan, together, with the accrued interest and penalties, immediately due and demandable;
b) Foreclose the mortgage securing the loan;
c) Institute collection case against the HOA;
d) Declare the HOA in default and substitute delinquent MBs mentioned in Section 7 (d);
e) Terminate the loan agreement; and
f) Avail of any other remedies provided for by law and this agreement.
Effects of Default. If any default (other than the commencement of any Proceeding with respect to Borrower) shall occur, then, and in each such case, notwithstanding any provision or inference to the contrary, Bank shall have the right in its discretion, by giving written notice to Borrower, to declare this Note to be due, whereupon the entire unpaid principal balance of this Note (if not already due) shall immediately become due and payable in full. If any Proceeding shall be commenced with respect to Borrower, then, notwithstanding any provision or inference to the contrary, automatically, without presentment, protest, or notice of dishonor, all of which are waived by all makers and all indorsers of this Note, now or hereafter existing, the entire unpaid principal balance of this Note (if not already due) shall immediately become due and payable in full.
Effects of Default. If Buyer fails to perform any of the covenants of this Agreement, as Seller’s sole remedy, the Deposit shall be retained by and for the account of Seller, as consideration for the execution of this Agreement, as agreed and liquidated damages, and in full settlement of any claims for damages; and Seller and Buyer shall be relieved of all further obligations and liability under the terms of this Agreement. Seller and Buyer agree that the Deposit is a fair and reasonable amount to be retained by Seller as agreed and liquidated damages in light of Seller’s removal of the Property from the market and the costs incurred by Seller and shall not constitute a penalty or forfeiture. If Seller fails to perform any of the material covenants of this Agreement or any material representation or warranty set forth in Section 12 is determined to be untrue as of the date of this Agreement, and the breach is not cured to Buyer’s satisfaction, as Buyer’s sole remedy, Buyer may elect to either have the Deposit returned promptly to Buyer on demand or Buyer may elect to exercise its right to specific performance.
Effects of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note is paid in full. Holder shall further have the right to exercise any and all rights and remedies provided for herein, under the Uniform Commercial Code and at law or equity generally, including the right to foreclose the security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and sell any or all of the Collateral with or without judicial process. Holder may enter the Company’s premises without legal process and without incurring liability to the Company therefor, and Holder may thereupon, or at any time thereafter, in its discretion without notice or demand, take the Collateral and remove the same to such place as Holder may deem advisable and Holder may require the Company to make the Collateral available to Holder at a convenient place.
Effects of Default. If any Event of Default occurs, Bank may, at its option, accelerate the maturity of this note. If Bank chooses to accelerate, the entire unpaid principal amount, together with interest at the default rate set forth above, shall be immediately due and payable, without demand or notice, both of which are expressly waived by Borrower.
