Common use of Remedies in Event of Default Clause in Contracts

Remedies in Event of Default. Notwithstanding the due date of this Note specified above, the entire unpaid principal balance of this Note and interest accrued with respect thereto shall be immediately due and payable upon the occurrence of any of the following events of default (individually, “an Event of Default” and collectively, “Events of Default”): (i) the Borrower fails to pay any of the principal, interest or any other amounts payable under this Note within five (5) business days when due and payable; (ii) the Borrower files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or seeks the appointment of a custodian, receiver, trustee (or other similar official) of the Borrower or all or any substantial portion of the Borrower’s assets, or makes any assignment for the benefit of creditors or takes any action in furtherance of any of the foregoing, or fails to generally pay its debts as they become due; (iii) an involuntary petition is filed, or any proceeding or case is commenced, against the Borrower (unless such proceeding or case is dismissed or discharged within ninety (90) days of the filing or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, liquidation or moratorium statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is applied or appointed for the B457890orrower or to take possession, custody or control of any property of the Borrower, or an order for relief is entered against the Borrower by any court having jurisdiction in any of the foregoing; (iv) the occurrence of a breach or default under any agreement, instrument or document to which the Borrower is a party or by which it is bound involving any obligation for borrowed money of more than $100,000 in the aggregate that remains uncured for at least thirty (60) business days. Upon and after an Event of Default, the outstanding principal balance hereunder shall continue to bear interest at a per annum interest rate equal to prime plus ten percent (10%) until the Event of Default is cured or repayment in full has been made to the Lender. Upon the existence of an Event of Default that remains uncured, the Lender shall have the right to declare the outstanding principal balance of this Note, together with all accrued interest, immediately due and payable and the Lender shall thereafter have all of the rights and remedies afforded creditors generally by the applicable federal laws or the laws of the state of California. The Borrower waives demand, presentment, protest and notice of any kind.

Remedies in Event of Default. Notwithstanding Landlord or its servants and agents may, in addition to and not in derogation of any remedies for any preceding breach of any covenant, immediately or at any time thereafter while such default continues and without further notice, at Landlord's election, do any one or more of the due following: (1) give Tenant written notice stating that the Lease is terminated effective upon the giving of such notice or upon a date stated in such notice, as Landlord may elect, in which event the Lease shall be irrevocably extinguished and terminated as stated in such notice without any further action or (2) with or without process of law, in a lawful manner, enter and repossess the Premises, and expel Tenant and those claiming through or under Tenant, and remove its and their effects, without being guilty of trespass, in which event this Lease shall be irrevocably extinguished and terminated at the time of such entry, or (3) pursue any other rights or remedies permitted by law. Any such termination of this Note specified above, the entire unpaid principal balance of this Note and interest accrued with respect thereto Lease shall be immediately due and payable upon the occurrence without prejudice to any remedies which might otherwise be used for arrears of rent or prior breach of any covenant and in the event of the following events of default (individuallysuch termination, “an Event of Default” and collectively, “Events of Default”): (i) the Borrower fails to pay any of the principal, interest or any other amounts payable Tenant shall remain liable under this Note within five Lease as hereinafter provided. Tenant hereby waives all statutory rights (5including, without limitation, rights of redemption, if any) business days when due to the extent such rights may be lawfully waived, and payable; (ii) the Borrower files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or seeks the appointment of a custodian, receiver, trustee (or other similar official) of the Borrower or all or any substantial portion of the Borrower’s assets, or makes any assignment for the benefit of creditors or takes any action in furtherance Landlord without notice to Tenant may store Tenant's effects and those of any person claiming through or under Tenant at the expense and risk of Tenant and, if Landlord so elects, may sell such effects at public auction or private sale and apply the foregoing, or fails to generally pay its debts as they become due; (iii) an involuntary petition is filed, or any proceeding or case is commenced, against the Borrower (unless such proceeding or case is dismissed or discharged within ninety (90) days of the filing or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, liquidation or moratorium statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is applied or appointed for the B457890orrower or to take possession, custody or control of any property of the Borrower, or an order for relief is entered against the Borrower by any court having jurisdiction in any of the foregoing; (iv) the occurrence of a breach or default under any agreement, instrument or document to which the Borrower is a party or by which it is bound involving any obligation for borrowed money of more than $100,000 in the aggregate that remains uncured for at least thirty (60) business days. Upon and after an Event of Default, the outstanding principal balance hereunder shall continue to bear interest at a per annum interest rate equal to prime plus ten percent (10%) until the Event of Default is cured or repayment in full has been made net proceeds to the Lender. Upon payment of all sums due to Landlord from Tenant, if any, and pay over the existence of an Event of Default that remains uncuredbalance if any, the Lender shall have the right to declare the outstanding principal balance of this Note, together with all accrued interest, immediately due and payable and the Lender shall thereafter have all of the rights and remedies afforded creditors generally by the applicable federal laws or the laws of the state of California. The Borrower waives demand, presentment, protest and notice of any kindTenant.

Remedies in Event of Default. Notwithstanding 5.1 The terms "Default" and "Event of Default" as used in this instrument shall each mean the failure of Borrower to make any payment under the Note when due date or the failure of this Note specified aboveGrantor to timely and properly observe, keep or perform any covenant, agreement or condition required to be observed, kept or performed under any Loan Document. 5.2 It is intended that the entire unpaid Loan Documents be cross-defaulted and cross-collateralized such that a Default under one Loan Document shall constitute a Default under every other Loan Document entitling Leader to avail itself of all remedies, legal or equitable, arising under any of the Loan Documents or under applicable law. 5.3 Upon the occurrence and during the continuance of any Event of Default, Lender may, at its sole option and sole remedy, without notice to Grantor, or either of them, declare the principal balance of this Note and interest accrued with respect thereto on the Note to be forthwith due and payable, whereupon the same shall be immediately become due and payable upon without any presentment, demand, protest, notice of protest, notice of intent to accelerate, notice of acceleration or notice of any kind, all of which are all hereby waived. 5.4 Upon the occurrence of any of the following events of default (individually, “an Event of Default” and collectively, “Events of Default”): (i) the Borrower fails to pay any of the principal, interest or any other amounts payable under this Note within five (5) business days when due and payable; (ii) the Borrower files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or seeks the appointment of a custodian, receiver, trustee (or other similar official) of the Borrower or all or any substantial portion of the Borrower’s assets, or makes any assignment for the benefit of creditors or takes any action in furtherance of any of the foregoing, or fails to generally pay its debts as they become due; (iii) an involuntary petition is filed, or any proceeding or case is commenced, against the Borrower (unless such proceeding or case is dismissed or discharged within ninety (90) days of the filing or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, liquidation or moratorium statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is applied or appointed for the B457890orrower or to take possession, custody or control of any property of the Borrower, or an order for relief is entered against the Borrower by any court having jurisdiction in any of the foregoing; (iv) the occurrence of a breach or default under any agreement, instrument or document to which the Borrower is a party or by which it is bound involving any obligation for borrowed money of more than $100,000 in the aggregate that remains uncured for at least thirty (60) business days. Upon and after an Event of Default, Grantor, and each of them, hereby authorize(s) and empower(s) the outstanding principal balance Trustee, and each and all of his or its successors in this trust, at the request of the Lender, at any time when Grantor, or either of them, shall be in Default in the performance of any covenant or agreement in the Note or hereunder shall continue to bear interest sell the Covered Properties at a per annum interest rate equal to prime plus ten percent (10%) until the Event of Default is cured or repayment in full has been made public venue to the Lenderhighest bidder, for cash. Except as may be required by the laws of the jurisdiction in which any of the Covered Properties are located, this power of sale may be exercised by Lender or Trustee without judicial action or authority. The sale shall be made at the location, time and in accordance with the requirements of the laws of the jurisdiction where the Covered Properties are located. If the Covered Properties are located in a state where non-judicial foreclosure is allowed by power of sale granted in the mortgage document, the sale shall occur between the hours of 8:00 a.m. and 5:00 p.m. on the date specified in the written notice required by the laws of the jurisdiction where the said Covered Properties are located in the county in which the Covered Properties, or any part thereof are situated; provided, however, that if the Covered Properties are situated in more than one county such sale of the Covered Properties, or any part thereof, may be made in the county in the state of Utah wherein any part of the Covered Properties are situated. The sale shall be made at the area of the County Courthouse designated for such sales by either the Commissioner's Court, County Recorder’s Office or such other authorized government agency charged with such matters, of such county, in an instrument heretofore recorded in the real property records of that county; provided that, if the said Commissioner's Court, County Recorder's Office and/or governmental agencies has not hereto for recorded a written instrument designating the area in which such sales shall occur in the real property records of such county, then the sale shall take place at the area of the County Courthouse designated in the notice of sale. Upon the existence occurrence of an Event of Default that remains uncuredDefault, Grantor, and each of them, hereby authorize(s) and empower(s) the Lender shall have the right to declare the outstanding principal balance of this NoteTrustee, together with all accrued interest, immediately due and payable each and the Lender shall thereafter have all of Trustee’s successors in this trust, to sell the rights Covered Properties, or any interest or estate in the Covered Properties together or in lots or parcels, as such Trustee shall deem expedient, and remedies afforded creditors generally to execute and deliver to the purchaser or purchasers of the Covered Properties good and sufficient deed or deeds of conveyance thereof and bills of sale with covenants of general warranty binding on Grantor and its successors and assigns, to the extent allowed by the applicable federal laws or the laws of the state of Californiajurisdiction where such Covered Properties are located. The Borrower waives demand, presentment, protest and notice proceeds of any kind.said sale or sales received by the Trustee shall be applied as follows:

Remedies in Event of Default. Notwithstanding 4.1. In case any one or more of the due date following events shall occur and be continuing, it shall constitute an Event of this Note specified aboveDefault: (a) Failure by the Borrower to pay any interest upon or principal of the Note, or failure of Borrower or the entire unpaid principal balance of this Note and interest accrued with respect thereto obligor under any other indebtedness (including any future advances made under the Loan Documents) secured hereby, to pay the same when the same shall be immediately become due and payable (whether by acceleration or otherwise); or (b) Default by the Borrower in the due performance or observance of any covenant, warranty, or condition herein contained, or the occurrence of an Event of Default as described in the Loan Documents, subject to any applicable notice and curative periods provided therein; or (c) The failure of the Borrower to pay over to the Beneficiary, upon the occurrence of any of the following events of default (individually, “an Event of Default” and collectively, “Events of Default”): (i) the Default hereunder which Borrower fails to pay cure under the applicable notice and curative periods provided in the Loan Documents and herein, any proceeds from the sale of the principaloil, gas, casinghead gas or other hydrocarbons produced, saved and sold from or allocated to the Mortgaged Properties which are paid to Borrower rather than to Beneficiary; or (d) The failure of the lien and priority of this instrument to be fully maintained at all times, or of any right, title, interest or estate herein covenanted or warranted to be held or owned by the Borrower, or Borrower is found not to have good right and lawful authority to encumber and otherwise involve the Property or any other amounts payable under this part thereof, as herein provided. 4.2. In the event the Borrower shall cure or cause to be cured the foregoing Events of Default to the reasonable satisfaction of the Bank within thirty (30) days (except for failure to pay principal or interest on the Note within in which the time to cure shall be five (5) business days when due and payable; (iidays) after mailing notice to the Borrower files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or seeks the appointment of a custodian, receiver, trustee (or other similar official) of the Borrower or all or any substantial portion of the Borrower’s assets, or makes any assignment for the benefit of creditors or takes any action in furtherance of any of the foregoing, or fails to generally pay its debts as they become due; (iii) an involuntary petition is filed, or any proceeding or case is commenced, against the Borrower (unless such proceeding or case is dismissed or discharged within ninety (90) days of the filing or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, liquidation or moratorium statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is applied or appointed for the B457890orrower or to take possession, custody or control of any property of the Borrower, or an order for relief is entered against the Borrower by any court having jurisdiction in any of the foregoing; (iv) the occurrence of a breach or default under any agreement, instrument or document to which the Borrower is a party or by which it is bound involving any obligation for borrowed money of more than $100,000 in the aggregate that remains uncured for at least thirty (60) business days. Upon and after an Event of Defaultdefaulting party, the outstanding principal balance hereunder parties shall continue be restored to bear interest at a per annum interest rate equal to prime plus ten percent (10%) until the their respective rights and obligations under this Mortgage as if no such Event or Events of Default is cured or repayment in full has been made to the Lenderhad occurred. 4.3. Upon the existence occurrence of an Event of Default that remains uncuredwhich Borrower fails to cure under the applicable notice and curative periods provided in the Loan Documents and herein, the Lender Beneficiary may declare the entire unpaid indebtedness secured hereby, including interest then accrued thereon, to be forthwith due and payable, whereupon the same shall become and be forthwith due and payable, without other notice or demand of any kind, and the Beneficiary shall have all and any of the following remedies: (a) The Beneficiary may institute suit to foreclose the lien of this Mortgage in any court having jurisdiction. Borrower further agrees that, in the event of any foreclosure sale, the Mortgaged Properties or any part thereof, may be sold with or without appraisement as the Beneficiary may elect. Such election may be exercised at any time prior to the entry of the decree of foreclosure. Should the Beneficiary elect to have the Mortgage Properties sold without appraisement, the Borrower hereby expressly waives appraisement. Beneficiary may elect to have such Property sold together or in separate parcels, and at any such sale, if the Beneficiary is the highest bidder, may become the purchaser thereof. The proceeds from any such sale, after paying therefrom the cost advanced or incurred by the Beneficiary in the foreclosure suit, including the cost of the sale and all costs and expenses incurred in the operation of the Mortgaged Properties by Beneficiary or a receiver appointed upon the application of the Beneficiary, shall be applied first to the payment of all costs and expenses incurred by the Beneficiary in the operation of the Mortgaged Properties, if the same be so operated, and any and all sums advanced by the Beneficiary for the purpose of protecting the security, with interest at a rate equal to the default rate of interest described in the Loan Documents, and second to the payment of all indebtedness secured hereby, including interest and attorneys’ fees, in such order of application as the Beneficiary may elect. (b) The Beneficiary may take possession of the Property or any part thereof (the Borrower agreeing to give immediate peaceful possession) and collect and maintain, operate or control the same, and may apply all or any part of the income and proceeds to the payment of any development, operation or maintenance expenses incident in any order or application as the Beneficiary may elect; provided, that in the event of any dispute or question whatsoever concerning such income and proceeds or the application thereof, the Beneficiary may hold the same in a special account until such dispute or question is finally settled to the Beneficiary's satisfaction. Should the Beneficiary elect to collect such income and proceeds, this indenture shall constitute full and complete authority to any purchaser of oil, gas, casinghead gas, condensate or other hydrocarbons from the Mortgaged Properties or allocated thereto, or any part thereof, to deliver directly to the Beneficiary all proceeds from the sale of such products, and notice hereof without the requirement of anything more shall constitute an unqualified order on such purchaser to make such delivery. Every such purchaser is hereby authorized and directed to accept as sufficient the Beneficiary's written statement to the effect that a default has occurred hereunder and that the Beneficiary, subject to any applicable notice and curative opportunities required by the Loan Documents or provided herein, is entitled to such proceeds; and every such purchaser is hereby relieved from all responsibility with respect to the delivery of said proceeds for the Beneficiary’s application thereof; (c) In addition to the rights afforded the Beneficiary in this Mortgage with respect to foreclosures by judicial process, it shall be the duty of the Trustee and of his successors and substitutes in the Trust, on Beneficiary’s request (which request is hereby presumed) to enforce the Trust by selling the Mortgaged Properties as hereafter provided. The Beneficiary shall have the right to declare a violation of any of the outstanding principal balance covenants herein contained and elect to advertise the Mortgaged Properties for sale and demand such sale, then, upon filing notice of this Notesuch election and demand for sale with the Trustee, together with who shall upon receipt of such notice of election and demand for sale cause a copy of the same to be recorded in the office of the Clerk and Recorder of the county in which the Mortgaged Properties are situated, it shall and may be lawful for the Trustee to sell and dispose of the same (en masse or in separate parcels, as Beneficiary may designate), and all accrued the right, title and interest of said Borrower, their successors or assigns therein, at public auction at the main front door of the Courthouse in the county in which the Mortgaged Properties are located or on the Mortgaged Properties or any part thereof, or such other place as may be authorized or permitted by law, as may be specified in the notice of said sale, for the highest and best price the same will bring in cash, four weeks’ public notice having been previously given of the time and place of such sale, by advertisement weekly, in some newspaper of general circulation at that time published in said county, a copy of which notice shall be mailed within ten (10) days from the date of the first publication thereof to the Borrower at the address herein given and to such person or persons appearing to have acquired a subsequent record interest in the Mortgaged Properties at the address given in the recorded instrument evidencing such interest, immediately due and payable where only the county and state are given as the address, then such notice shall be mailed to the county seat, and to make and give to the purchaser or purchasers of the Mortgaged Properties at such sale, a certificate or certificates in writing describing such Mortgaged Properties purchased, and the Lender sum or sums paid therefor, and the time when the purchaser or purchasers (or other person entitled thereto) shall thereafter have be entitled to a deed or deeds therefor, unless the same shall be redeemed as is provided by law; and the Trustee shall, upon demand by the person or persons holding the said certificate or certificates of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the Mortgaged Properties purchased, at the time such demand is made the time for redemption having expired, make and execute to such person or persons a deed or deeds to the Mortgaged Properties purchased, which said deed or deeds shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the Trustee, as Borrower, and shall convey and quit claim to such person or persons entitled to such deed, as grantee, the Mortgaged Properties purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the rights Borrower its heirs, successors and remedies afforded creditors generally assigns therein, and shall recite the sum or sums for which the Mortgaged Properties were sold and shall refer to the power of sale herein contained, and to the sale or sales made by virtue hereof; and in case of an assignment of such certificate or certificates of purchase, or in the applicable federal laws or the laws case of the state redemption of Californiathe Mortgaged Properties by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed or deeds; but the notice of sale need not be set out in such deed or deeds and the Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to Beneficiary the principal and interest due on the Notes according to the tenor and effect thereof, and all monies advanced by Noteholders as applicable with interest thereon at the default rate set forth in the Notes, rendering the overplus, if any, unto Borrower, its legal representatives or assigns; which sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against Borrower, its heirs, successors and assigns, and all other persons claiming the Mortgaged Properties, or any part thereof, by, from, through or under the Borrower. The Borrower waives demand, presentment, protest holder or holders of the Notes may purchase the Mortgaged Properties or any part thereof; and notice it shall not be obligatory upon the purchaser or purchasers at any such sale to see to the application of any kind.the purchase