Common use of Effects of Default Clause in Contracts

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.