Common use of Effects of Default Clause in Contracts

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. Upon occurrence of default, SHFC may: a) a. Declare the outstanding loan, together, with the accrued interest and penalties, immediately due and demandable; b) b. Foreclose the mortgage securing the loan; c) c. Institute collection case against the HOA; d) d. Declare the HOA in default and substitute delinquent MBs mentioned in Section 7 (d); e) e. Terminate the loan agreement; andor f) f. Avail of any other remedies provided for by law and this agreement.;

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 8 (d); e) Terminate the loan agreement; and f) Avail of any other remedies provided for by law and this agreement.