Common use of Enforcement, etc Clause in Contracts

Enforcement, etc. If an Event of Default occurs and is continuing, Grantee may do any one or more of the following: a. enter upon and take possession of the Premises, with or without the appointment of a receiver or an application therefor, employ a managing agent of the Premises and let the same, either in its own name, or in the name of Grantor, and receive the rents, incomes, issues and profits of the Premises and apply the same, after payment of all necessary charges and expenses, on account of the Secured Indebtedness; and Grantor will transfer and assign to Grantee, in form satisfactory to Grantee, Grantor’s interest as lessor in any lease now or hereafter affecting the whole or any part of the Premises; b. pay any sums in any form or manner deemed expedient by Grantee to protect the security of this instrument or to cure any Event of Default other than payment of interest or principal on the Secured Indebtedness; make any payment hereby authorized to be made according to any xxxx, statement or estimate furnished or procured from the appropriate public officer or the party claiming payment without inquiry into the accuracy or validity thereof, and the receipt of any such public officer or party in the hands of Grantee shall be conclusive evidence of the validity and amount of items so paid, in which event the amounts so paid, with interest thereon from the date of such payment at the default rate of interest specified in the Note shall be added to and become a part of the Secured Indebtedness and be immediately due and payable to Grantee; and Grantee shall be subrogated to any encumbrance, lien, claim or demand, and to all the rights and securities for the payment thereof, paid or discharged with the principal sum secured hereby or by Grantee under the provisions hereof, and any such subrogation rights shall be additional and cumulative security to this instrument; c. without notice (except as provided in the Loan Agreement), demand, presentment, notice of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of acceleration, or any other notice or any other action, all of which are hereby waived by Grantor and all other parties obligated in any manner whatsoever on the Secured Indebtedness, declare the entire unpaid balance of the Secured Indebtedness immediately due and payable; and upon such declaration, the entire unpaid balance of the Secured Indebtedness shall be immediately due and payable. Notwithstanding anything to the contrary contained in or inferable from any provision hereof, upon the occurrence of an Event of Default as defined in subparagraph 2.1(l) herein, the principal balance, the unpaid accrued interest under the Note and any other accrued but unpaid portion of the Secured Indebtedness shall be automatically and immediately due and payable in full without the necessity of any action on the part of the Grantee. d. declare the entire Secured Indebtedness immediately due, payable and collectible, regardless of maturity, and, in that event, the entire Secured Indebtedness shall become immediately due, payable and collectible; and thereupon, Grantee may sell and dispose of the Premises at public auction, at the usual place for conducting sales at the courthouse in the county where the Premises or any part thereof may be located, to the highest bidder for cash, first advertising the time, terms and place of such sale by publishing a notice thereof once a week for four (4) consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in said county, all other notice being hereby waived by Grantor; and Grantee may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Premises in fee simple, which conveyance may contain recitals as to the happening of the default upon which the execution of the power of sale, herein granted, depends, and said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and deed were in all things duly complied with; and Grantee, its agents, representatives, successors or assigns, may bid and purchase at such sale and may apply such bid as a credit against the Secured Indebtedness; and Grantor hereby constitutes and appoints Grantee or its assigns as agent and attorney-in-fact to make such recitals, sale and conveyance, and all of the acts of such attorney-in-fact are hereby ratified, and Grantor agrees that such recitals shall be binding and conclusive upon Grantor and that the conveyance to be made by Grantee, or its assigns (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Grantor, or its successors in interest, in and to said Premises; and Grantee, or its assigns, shall collect the proceeds of such sale, reserving therefrom all unpaid Secured Indebtedness with interest then due thereon, and all amounts advanced by Grantee for taxes, assessments, fire insurance premiums and other charges, with interest at the rate of interest specified in the Note thereon from date of payment, together with all costs and charges for advertising, and commissions for selling the Premises, and actual attorney’s fees, and pay over any surplus to Grantor (or in the event of a deficiency Grantor shall immediately on demand from Grantee pay over to Grantee, or its nominee, an amount equal to such deficiency); and Grantor agrees that in case of a foreclosure sale, as herein provided, Grantor or any person in possession under Grantor shall then become and be tenants at sufferance, and shall forthwith deliver possession to the purchaser at such sale, or be summarily dispossessed in accordance with the provisions of law applicable to tenants at sufferance; the power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise as long as any portion of the Secured Indebtedness remains unpaid or any other indebtedness or obligation secured hereby remains unpaid or unperformed, and are in addition to any and all other remedies which Grantee may have at law or in equity; e. Exercise any and all rights accruing to a secured party under this Deed, the Code and any other applicable law.

Enforcement, etc. If an Event of Default occurs (a) Mortgagor will faithfully keep and is continuing, Grantee may do any one or more perform all of the following: a. enter upon and take possession obligations of the Premiseslessor under each of the Leases in accordance with their terms. Mortgagor will maintain the Leases in full force and effect, and except in accordance with or the terms of clauses (b) through (d) below, will not, without the appointment prior written consent of a receiver Mortgagee, (a) terminate or an application thereforcancel any Lease or consent to or accept any termination, employ a managing agent of cancellation or surrender thereof, or permit any condition or event to exist or to occur that would, or would entitle the Premises and let tenant thereunder to, terminate or cancel the same, either in its own name(b) amend, modify or in otherwise change the name terms of Grantor, and receive any Lease except to increase the rents, incomes, issues and profits of the Premises and apply the same, after payment of all necessary rent or other charges and expenses, on account of the Secured Indebtedness; and Grantor will transfer and assign to Grantee, in form satisfactory to Grantee, Grantor’s interest as lessor in or assessments payable by tenants thereunder upon any lease now renewal or hereafter affecting the whole or any part of the Premises; b. pay any sums in any form or manner deemed expedient by Grantee to protect the security of this instrument or to cure any Event of Default other than payment of interest or principal on the Secured Indebtedness; make any payment hereby authorized to be made according to any xxxx, statement or estimate furnished or procured from the appropriate public officer or the party claiming payment without inquiry into the accuracy or validity thereof, and the receipt extension of any such public officer lease, (c) waive any default under or party breach of any Lease, (d) consent to or permit any prepayment or discount of rent or payment of advance rent under any Lease (other than the usual prepayment of rent as would result from the acceptance on the first day of each month of the rent for the ensuing month and a reasonable and customary security deposit of not more than two months’ rent in accordance with the hands terms of Grantee any such lease), (e) enter into any Lease not in effect on the date hereof without the prior written consent of Mortgagee, (f) give any waiver, consent or approval under any Lease or take any other action in connection with any such Lease that would or might impair the value of Mortgagor’s interest thereunder or of the Mortgaged Property subject thereto, or impair the interest of Mortgagee therein, (g) collect any rent more than one (1) month in advance of the date due (other than security deposits in accordance with the terms of any lease), (h) collect any sums from or settle any claim with any tenant in bankruptcy or guarantor of any Lease without the prior written consent of Mortgagee; any such sums shall be conclusive evidence of the validity paid directly to Mortgagee and amount of items so paid, in which event the amounts so paid, with applied first against accrued but unpaid interest thereon from the date of such payment at the default rate of interest specified in the Note shall be added to and become a part of the Secured Indebtedness and be immediately due and payable to Grantee; and Grantee shall be subrogated to any encumbrance, lien, claim or demand, and to all the rights and securities for the payment thereof, paid or discharged with the principal sum secured hereby or by Grantee under the provisions hereof, and any such subrogation rights shall be additional and cumulative security to this instrument; c. without notice (except as provided in the Loan Agreement), demand, presentment, notice of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of acceleration, or any other notice or any other action, all of which are hereby waived by Grantor and all other parties obligated in any manner whatsoever on the Secured Indebtedness, declare the entire unpaid balance of the Secured Indebtedness immediately due and payable; and upon such declaration, the entire unpaid balance of the Secured Indebtedness shall be immediately due and payable. Notwithstanding anything to the contrary contained in or inferable from any provision hereof, upon the occurrence of an Event of Default as defined in subparagraph 2.1(l) herein, the principal balance, the unpaid accrued interest under the Note and any other accrued but unpaid portion then in reduction of the Secured Indebtedness shall be automatically and immediately principal balance due and payable in full under the Note, or (l) consent to any assignment of or subletting or other matter requiring the lessor’s consent under any Lease without the necessity prior written consent of any action on the part of the GranteeMortgagee. d. declare the entire Secured Indebtedness immediately due, payable and collectible, regardless of maturity, and, in that event, the entire Secured Indebtedness shall become immediately due, payable and collectible; and thereupon, Grantee may sell and dispose of the Premises at public auction, at the usual place for conducting sales at the courthouse in the county where the Premises or any part thereof may be located, to the highest bidder for cash, first advertising the time, terms and place of such sale by publishing a notice thereof once a week for four (4) consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in said county, all other notice being hereby waived by Grantor; and Grantee may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Premises in fee simple, which conveyance may contain recitals as to the happening of the default upon which the execution of the power of sale, herein granted, depends, and said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and deed were in all things duly complied with; and Grantee, its agents, representatives, successors or assigns, may bid and purchase at such sale and may apply such bid as a credit against the Secured Indebtedness; and Grantor hereby constitutes and appoints Grantee or its assigns as agent and attorney-in-fact to make such recitals, sale and conveyance, and all of the acts of such attorney-in-fact are hereby ratified, and Grantor agrees that such recitals shall be binding and conclusive upon Grantor and that the conveyance to be made by Grantee, or its assigns (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Grantor, or its successors in interest, in and to said Premises; and Grantee, or its assigns, shall collect the proceeds of such sale, reserving therefrom all unpaid Secured Indebtedness with interest then due thereon, and all amounts advanced by Grantee for taxes, assessments, fire insurance premiums and other charges, with interest at the rate of interest specified in the Note thereon from date of payment, together with all costs and charges for advertising, and commissions for selling the Premises, and actual attorney’s fees, and pay over any surplus to Grantor (or in the event of a deficiency Grantor shall immediately on demand from Grantee pay over to Grantee, or its nominee, an amount equal to such deficiency); and Grantor agrees that in case of a foreclosure sale, as herein provided, Grantor or any person in possession under Grantor shall then become and be tenants at sufferance, and shall forthwith deliver possession to the purchaser at such sale, or be summarily dispossessed in accordance with the provisions of law applicable to tenants at sufferance; the power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise as long as any portion of the Secured Indebtedness remains unpaid or any other indebtedness or obligation secured hereby remains unpaid or unperformed, and are in addition to any and all other remedies which Grantee may have at law or in equity; e. Exercise any and all rights accruing to a secured party under this Deed, the Code and any other applicable law.

Enforcement, etc. If an Event The Administrative Agent (with the consent of Default occurs the Requisite Banks, as and is continuingif required), Grantee in its or their sole discretion, may do proceed to exercise or enforce any right, power, privilege, remedy or interest that the Administrative Agent or any other Bank may have under this Agreement, any other Loan Instrument or Applicable Law at law, in equity, in rem or in any other forum available under Applicable Law; without notice except as otherwise expressly provided herein; without pursuing, exhausting or otherwise exercising or enforcing any other right, power, privilege, remedy or interest that the Administrative Agent or any other Bank may have against or in respect of any Borrower, the Collateral, or any other co-obligor, guarantor, sum, pledgor, collateral or other person or thing; without regard to any act or omission of the Administrative Agent, any other Bank or any other person, and without delivery to any Borrower or any other person or production in any action, suit or proceeding of any consent or approval of one or more of the following: a. enter upon and take possession of the PremisesBanks required under this Agreement or any other Loan Instrument (without, with or without the appointment of a receiver or an application therefor, employ a managing agent of the Premises and let the same, either in its own name, or in the name of Grantor, and receive the rents, incomes, issues and profits of the Premises and apply the same, after payment of all necessary charges and expenses, on account of the Secured Indebtedness; and Grantor will transfer and assign to Granteehowever, in form satisfactory to Grantee, Grantor’s interest as lessor in any lease now or hereafter affecting the whole or any part of the Premises; b. pay any sums in any form or manner deemed expedient by Grantee to protect the security of this instrument or to cure any Event of Default other than payment of interest or principal on the Secured Indebtedness; make any payment hereby authorized to be made according to any xxxx, statement or estimate furnished or procured from the appropriate public officer or the party claiming payment without inquiry into the accuracy or validity thereof, and the receipt of any such public officer or party in the hands of Grantee shall be conclusive evidence of the validity and amount of items so paid, in which event the amounts so paid, with interest thereon from the date of such payment at the default rate of interest specified in the Note shall be added to and become a part of the Secured Indebtedness and be immediately due and payable to Grantee; and Grantee shall be subrogated to any encumbrance, lien, claim or demand, and to all way limiting the rights and securities remedies of any Bank thereunder against the Administrative Agent or any other Bank), and no Borrower will raise, and each Borrower hereby waives, any objection or defense respecting the need for the payment thereof, paid any such delivery or discharged production. The Administrative Agent (with the principal sum secured hereby consent of the Requisite Banks, as and if required) may institute one or by Grantee under the provisions hereof, and any such subrogation rights shall more proceedings (which may be additional and cumulative security separate proceedings) with respect to this instrument; c. Agreement and each of the other Loan Instruments in such order and at such times as may be selected in its or their sole and absolute discretion. This Agreement and the other Loan Instruments may be enforced without notice (except as provided possession of any Note or its production in any action, suit or proceeding. This Agreement and the other Loan Agreement), demand, presentment, notice Instruments may be enforced with respect to any Borrower without the presence or participation of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of accelerationany other Borrower, or any other notice co-obligor (joint or any other actionseveral), all guarantor, pledgor or surety, whether through lack of which are hereby waived by Grantor and all other parties obligated in any manner whatsoever on the Secured Indebtednessjurisdiction, declare the entire unpaid balance of the Secured Indebtedness immediately due and payable; and upon such declaration, the entire unpaid balance of the Secured Indebtedness shall be immediately due and payable. Notwithstanding anything to the contrary contained in venue or inferable from any provision hereof, upon the occurrence of an Event of Default as defined in subparagraph 2.1(l) herein, the principal balance, the unpaid accrued interest under the Note and any other accrued but unpaid portion of the Secured Indebtedness shall be automatically and immediately due and payable in full without the necessity of any action on the part of the Grantee. d. declare the entire Secured Indebtedness immediately due, payable and collectible, regardless of maturity, and, in that event, the entire Secured Indebtedness shall become immediately due, payable and collectible; and thereupon, Grantee may sell and dispose of the Premises at public auction, at the usual place for conducting sales at the courthouse in the county where the Premises service or any part thereof may be located, to the highest bidder for cash, first advertising the time, terms and place of such sale by publishing a notice thereof once a week for four (4) consecutive weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in said county, all other notice being hereby waived by Grantor; and Grantee may thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Premises in fee simple, which conveyance may contain recitals as to the happening of the default upon which the execution of the power of sale, herein granted, dependsotherwise, and said recitals shall be presumptive evidence that all preliminary acts prerequisite to said sale and deed were in all things duly complied with; and Grantee, its agents, representatives, successors or assigns, may bid and purchase at such sale and may apply such bid as a credit against the Secured Indebtedness; and Grantor hereby constitutes and appoints Grantee or its assigns as agent and attorney-in-fact to make such recitals, sale and conveyanceno Borrower will raise, and all of the acts of such attorney-in-fact are hereby ratified, and Grantor agrees that such recitals shall be binding and conclusive upon Grantor and that the conveyance to be made by Grantee, or its assigns (and in the event of a deed in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and all other exemptions of Grantor, or its successors in interest, in and to said Premises; and Grantee, or its assigns, shall collect the proceeds of such sale, reserving therefrom all unpaid Secured Indebtedness with interest then due thereon, and all amounts advanced by Grantee for taxes, assessments, fire insurance premiums and other charges, with interest at the rate of interest specified in the Note thereon from date of payment, together with all costs and charges for advertising, and commissions for selling the Premises, and actual attorney’s fees, and pay over any surplus to Grantor (or in the event of a deficiency Grantor shall immediately on demand from Grantee pay over to Grantee, or its nominee, an amount equal to such deficiency); and Grantor agrees that in case of a foreclosure sale, as herein provided, Grantor or any person in possession under Grantor shall then become and be tenants at sufferance, and shall forthwith deliver possession to the purchaser at such sale, or be summarily dispossessed in accordance with the provisions of law applicable to tenants at sufferance; the power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise as long as any portion of the Secured Indebtedness remains unpaid or any other indebtedness or obligation secured hereby remains unpaid or unperformed, and are in addition to any and all other remedies which Grantee may have at law or in equity; e. Exercise any and all rights accruing to a secured party under this Deed, the Code and any other applicable law.each Borrower