Common use of Lender’s Rights on Default Clause in Contracts

Lender’s Rights on Default. If a Default occurs, the Lender, where and to the extent permitted by Applicable Laws, and then in any order that the Lender chooses, may do any one or more of the following: a. demand immediate payment of all the Indebtedness, in which case the Indebtedness will become immediately due and payable; b. demand immediate performance of all Obligations, in which case the performance of the Obligations will become immediately due; c. sue the Borrower for money that is due in respect of the Indebtedness or the performance of Obligations, or both; x. xxxx proceedings and any other legal steps to compel the Borrower to satisfy the Indebtedness or perform the Obligations, or both; e. enter upon and take possession of the Property; x. xxxx the Property and any other property mortgaged by the Borrower to the Lender by public auction or private sale on terms decided by the Lender, including selling the Property for cash or credit or any combination of the two: (i) on thirty-five (35) days notice to the Borrower if the Default has continued for fifteen (15) days (or longer or other period, if required by Applicable Laws); or (ii) without notice to the Borrower if the Default has continued for sixty (60) days or more (if and to the extent permitted by Applicable Laws); g. lease the Property on terms decided by the Lender: (i) on fifteen (15) days notice to the Borrower if the Default has continued for fifteen (15) days (or longer or other period, if required by Applicable Laws); or (ii) without notice to the Borrower if the Default has continued for thirty (30) days or more (if and to the extent permitted by Applicable Laws); h. apply to a Court for an order that the Property be sold on terms approved by the Court; i. apply to a Court to foreclose the Borrower’s interest in the Property so that when the Court makes its final order of foreclosure the Borrower’s interest in the Property will be absolutely vested in and belong to the Lender; j. apply to a Court to have a receiver or receiver and manager or comparable officer of the Court appointed with respect to the Property or appoint a Receiver of the Property under this Mortgage; x. enter upon and take possession of the Property without the permission of anyone and make any arrangements the Lender considers necessary to: (i) inspect, lease, collect rents or manage the Property; (ii) complete the construction of any building on the Property; or (iii) repair any building on the Property; and l. take whatever action is necessary to take, recover and keep possession of the Property.

Lender’s Rights on Default. If a Default occurs, the Lender, where and to the extent permitted by Applicable Laws, and then in any order that the Lender chooses, may do any one or more of the following: a. demand immediate payment of all the Indebtedness, in which case the Indebtedness will become immediately due and payable; b. demand immediate performance of all Obligations, in which case the performance of the Obligations will become immediately due; c. sue the Borrower for money that is due in respect of the Indebtedness or the performance of Obligations, or both; x. xxxx proceedings and any other legal steps to compel the Borrower to satisfy the Indebtedness or perform the Obligations, or both; e. enter upon and take possession of the Property; x. xxxx the Property and any other property mortgaged by the Borrower to the Lender by public auction or private sale on terms decided by the Lender, including selling the Property for cash or credit or any combination of the two: (i) on thirty-five (35) days notice to the Borrower if the Default has continued for fifteen (15) days (or longer or other period, if required by Applicable Laws); or (ii) without notice to the Borrower if the Default has continued for sixty (60) days or more (if and to the extent permitted by Applicable Laws); g. lease the Property on terms decided by the Lender: (i) on fifteen (15) days notice to the Borrower if the Default has continued for fifteen (15) days (or longer or other period, if required by Applicable Laws); or (ii) without notice to the Borrower if the Default has continued for thirty (30) days or more (if and to the extent permitted by Applicable Laws); h. apply to a Court for an order that the Property be sold on terms approved by the Court; i. apply to a Court to foreclose the Borrower’s interest in the Property so that when the Court makes its final order of foreclosure the Borrower’s interest in the Property will be absolutely vested in and belong to the Lender; j. apply to a Court to have a receiver or receiver and manager or comparable officer of the Court appointed with respect to the Property or appoint a Receiver of the Property under this Mortgage; x. enter upon and take possession of the Property without the permission of anyone and make any arrangements the Lender considers necessary to: (i) inspect, lease, collect rents or manage the Property; (ii) complete the construction of any building on the Property; or (iii) repair any building on the Property; and l. take whatever action is necessary to necessaryto take, recover and keep possession of the Property.

Lender’s Rights on Default. If a Default occurs, the Lender, where and to the extent permitted by Applicable Laws, and then in any order that the Lender chooses, may do any one or more of the following: a. demand immediate payment of all the Indebtedness, in which case the Indebtedness will become immediately due and payable; b. demand immediate performance of all Obligations, in which case the performance of the Obligations will become immediately due; c. sue the Borrower for money that is due in respect of the Indebtedness or the performance of Obligations, or both; x. xxxx proceedings and any other legal steps to compel the Borrower to satisfy the Indebtedness or perform the Obligations, or both; e. enter upon and take possession of the Property; x. xxxx the Property and any other property mortgaged by the Borrower to the Lender by public auction or private sale on terms decided by the Lender, including selling the Property for cash or credit or any combination of the two: (i) on thirty-five (35) days notice to the Borrower if the Default has continued for fifteen (15) days (or longer or other period, if required by Applicable Laws); or (ii) without notice to the Borrower if the Default has continued for sixty (60) days or more (if and to the extent permitted by Applicable Laws); g. lease the Property on terms decided by the Lender: (i) on fifteen (15) days notice to the Borrower if the Default has continued for fifteen (15) days (or longer or other period, if required by Applicable Laws); or (ii) without notice to the Borrower if the Default has continued for thirty (30) days or more (if and to the extent permitted by Applicable Laws); h. apply to a Court for an order that the Property be sold on terms approved by the Court; i. apply to a Court to foreclose the Borrower’s 's interest in the Property so that when the Court makes its final order of foreclosure the Borrower’s 's interest in the Property will be absolutely vested in and belong to the Lender; j. apply to a Court to have a receiver or receiver and manager or comparable officer of the Court appointed with respect to the Property or appoint a Receiver of the Property under this Mortgage; x. enter upon and take possession of the Property without the permission of anyone and make any arrangements the Lender considers necessary to: (i) inspect, lease, collect rents or manage the Property; (ii) complete the construction of any building on the Property; or (iii) repair any building on the Property; and l. take whatever action is necessary to take, recover and keep possession of the Property.