Events of Default Certain Remedies. In case of the happening of any of the following events (each, an “Event of Default”):
Events of Default Certain Remedies. 39 Section 0.0.Xxxxxx of Default.................................39 Section 7.2.Acceleration of Obligations.......................41 Section 7.3.Termination of Commitments; Exercise of Other Remedies.............................................41 Section 0.0.Xx Implied Waivers; Rights Cumulative.............42 Section 7.5.Set-Off...........................................42
Events of Default Certain Remedies. If Mortgagor shall (a) fail to pay any sum required to be paid by Mortgagor (i) under the Notex xxxx xxe or under this Mortgage within ten (10) Business Days after the same becomes due and payable as herein provided, (b) be in default (subject to any applicable notice and grace periods) under any Financing Agreement, (c) fail to perform any other provision hereof on the part of Mortgagor to be performed and such failure continues for thirty (30) days following written notice from Mortgagee, or (d) be declared bankrupt or insolvent and the same is not discharged within sixty (60) days, or if proceedings under the Federal Bankruptcy Code or any similar statute are instituted by Mortgagor or if such proceedings are instituted against Mortgagor and are not discharged within sixty (60) days, or if a receiver is appointed for all or any portion of the property of any Mortgagor; then in any such event (each, an "Event of Default"), at the option of Mortgagee: (a) the whole unpaid balance of the principal indebtedness, together with all interest thereon and all other sums hereby secured, shall become due and payable immediately, without notice to Mortgagor, and shall be recoverable by Mortgagee forthwith or at any time or times thereafter, without stay of execution or other process; (b) Mortgagee may take possession of all or any part of the Mortgaged Property; (c) Mortgagee may apply on account of the indebtedness hereby secured the balance of accumulated installment payments made by Mortgagor for taxes, water and sewer charges and insurance premiums under Section 4 hereof; and (d) Mortgagee may forthwith exercise all other rights and remedies provided in the Financing Agreements, or which may be available to Mortgagee by law, including the right to institute foreclosure proceedings hereunder, and all rights with respect to the Equipment permitted under the Uniform Commercial Code. All such rights and remedies shall be cumulative and concurrent and may be pursued singly, successively or together, at Mortgagee's sole discretion, and may be exercised as often as occasion therefor shall occur.
Events of Default Certain Remedies
