Common use of Effects of Default Clause in Contracts

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. 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 and entirely due and payable; Foreclose the mortgage in accordance with Section 2.01; Apply any of BORROWER’s funds in the possession of ORIGINATING INSTITUTION INSTITUTION, NHMFC, 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 XXXXX 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 INSTITUTION, 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 INSTITUTION, NHMFC, 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.