Common use of Lender’s Remedies Upon Default Clause in Contracts

Lender’s Remedies Upon Default. Upon the occurrence of an Event of Default, Borrower’s license to collect and retain the Rents under Section 5 above shall immediately terminate. Lender will have the right at its option to enforce and to exercise any or all of its rights under this Assignment or otherwise, but Borrower expressly agrees that Lender’s exercise of any rights hereunder or Lender’s affirmative act to collect the Rents or other income or to acquire possession of the Property shall not be a prerequisite or precondition to the full enforceability of Lender’s rights hereunder.

Lender’s Remedies Upon Default. Upon the occurrence of an Event of Default, Borrower’s license to collect and retain enjoy the Rents Premises under Section 5 above the Franchise shall immediately terminate. Lender will have the right at its option to enforce and to exercise any or all of its rights under this Assignment or otherwise, but Borrower expressly agrees that Lender’s exercise of any rights hereunder or Lender’s affirmative act to collect the Rents or other income or to acquire possession and occupancy of the Property Premises shall not be a prerequisite or precondition to the full enforceability of Lender’s rights hereunder.