Remedies of Bank. (a) After the occurrence of an Event of Default, Bank shall have no obligation to make further loans, extensions of credit or other financial accommodations to or on behalf of the Obligor, anything in any other agreement to the contrary notwithstanding.
(b) After the occurrence of an Event of Default, other than an Event of Default referred to in clause (it) of the second sentence of Section 4, Bank may declare by notice to the Obligor, any and all Obligations to be immediately due and payable and in the case of any Event of Default referred to in clause (tt) of the second sentence of Section 4 all of the Obligations shall automatically be and become due and payable in either case without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Obligor, anything in any other agreement to the contrary notwithstanding.
(c) After the occurrence of an Event of Default, Bank may, without notice to or demand (other than any notice required by law, the giving of which is not waivable), upon the Obligor (all of which are hereby waived by the Obligor), without releasing the Obligor from any obligation under this Agreement or any other instruments or agreements with Bank and without waiving any rights Bank may have or impairing any declaration of default or election to cause the Collateral to be sold or any sale proceeding predicated on they same; (i) demand, collect or receive upon all or any part of the Collateral and assemble or require the Obligor, at the Obligor's expense, to assemble all or any part of the Collateral and, if Bank so requests, the Obligor shall assemble the Collateral and make it available to Bank at a place to be designated by Bank; (ii) without notice, demand or other process and without charge enter any of the Obligor's premises and without breach of peace until Bank completes the enforcement of its rights in the Collateral, take possession of such premises or place custodians in exclusive control thereof, remain on such premises and use the same and any of the Obligor's equipment for the purpose of completing any work-in-process, preparing any Collateral for disposition and disposing of or collecting any Collateral, and in exercise of its rights under this Agreement, without payment of compensation of any kind, use any and all trademarks, trade styles, trade names, patents, patent applications, licenses, franchises and the like to the extent of the Obligor's rights therein and the Obligor hereby grants a lic...
Remedies of Bank. Upon the occurrence of any one or more of the Events of Default the Bank may, by notice to the Borrower, declare the obligation of the Bank to make the Loan to be terminated, whereupon the same shall forthwith terminate, and the Bank may, by notice to the Borrower, declare the entire unpaid principal amount of the Note and all fees and interest accrued and unpaid thereon and/or under any of the other Financing Documents and any and all other Indebtedness hereunder to be forthwith due and payable, whereupon the Note and all such accrued fees and interest and other such Indebtedness shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however that in the event that an assignee or holder of the KSOP Note shall be a "Party in Interest" as defined in Section 3(14) of ERISA, the Bank shall have no right to accelerate the due date of unpaid principal on the KSOP Note, fees or interest accrued thereon; and provided further that upon the occurrence of an Event of Default under Paragraphs 6.1.2, 6.1.3 or 6.1.7, all of the unpaid principal amounts of the Note, all fees and interest accrued and unpaid thereon and/or under any of the other Financing Documents and any and all other such Indebtedness of the Borrower to the Bank and/or to any such holder shall thereupon be due and payable in full without any need for the Bank to make any such declaration or take any action and the Bank's obligation to make the Loan shall simultaneously terminate.
Remedies of Bank. The remedies of the Bank, as provided herein, shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Bank, and may be exercised as often as occasion therefor shall occur, and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. The Bank shall have the right to take any action it deems appropriate without the necessity of resorting to any Collateral securing this Note.
Remedies of Bank. 18. 1. Upon the occurrence of any Event of Default, Bank may at its option and without further notice do one or more of the following:
(a) Withhold making any further advances hereunder and under the Notes, it being agreed that Bank may also take such action upon the occurrence of an event which would be an Event of Default except for any notice and cure provisions set forth above;
(b) Declare the amount of the loan proceeds then advanced under the Loans and the Notes, together with all costs and expenses, immediately due and payable;
(c) Take possession of any real property encumbered by any of the Bank's deeds of trust through agents, employ security watchmen, and cause the Homes to be completed in whole or in part at the expense of Borrower using the remaining loan proceeds under the Notes for such purpose and charging any additional expense to Borrower, which sums shall be secured by the Deed of Trust;
(d) Foreclose the Deed of Trust or cause the exercise of the power of sale granted therein, and exercise any rights and remedies given to Bank in all other documents securing the Loans;
(e) Apply any remaining loan funds to the direct payment of bills, claims or liens of laborers or materialmen which Bank in its judgment believes to be valid;
(f) File suit for any sums owing or for damages; and
(g) Take such other action as is allowed by law and exercise any rights in any manner it may deem necessary to protect its interest.
Remedies of Bank. 13.1 Upon the occurrence of any Event of Default, Bank may, at its option and without notice, do one or more of the following:
a) Withhold making any further advances under the note; it being agreed that Bank may also take such action upon the occurrence of an event which would be an Event of Default except for any notice or cure periods set forth herein;
b) Declare the amount of the Loan proceeds then advanced under the Loan, together with all accrued and unpaid interest and all costs and expenses, immediately due and payable;
c) Take possession of the Property through a receiver or Bank's agents, employ security watchmen, and cause the Improvements to be completed at the expense of Borrower, using the remaining Loan proceeds under the Note for such purpose and charging any additional expense to Borrower, which sums shall be secured by the Loan Documents;
d) Foreclose its liens or exercise its power of sale on the Property and the property described in the Loan Documents, and exercise any rights and remedies given to Bank in all other Loan Documents;
e) Apply any remaining Loan funds to the direct payment of bills, claims or liens of laborers or materialmen that Bank in its judgment believes to be valid;
f) File suit for any sums owing or for damages; or
g) Take such other actions as may be allowed by law or by the Loan Documents or as Bank may deem necessary to protect its interest.
13.2 Any and all remedies conferred upon Bank in this Agreement, the Deed of Trust, the Note and other Related Documents shall be deemed cumulative with, and nonexclusive of any other remedy conferred hereby or by law, and Bank in the exercise of any one remedy shall not be precluded from the exercise of any other.
Remedies of Bank. Upon the occurrence of an Event of Default, the Bank may, without notice and without prejudice to any other right or remedy Bank may have as a matter of law:
(a) At its option, declare all sums evidenced by the Note and secured by the Security Agreement, and all sums due hereunder and under any other Loan Documents, to be immediately due and payable, and unless same are paid on demand, may resort to any and all remedies provided in any Loan Document or by law and in equity; and
(b) At its option, enter into or take possession of the Collateral and take all appropriate steps to secure, protect and operate the Collateral. Effective upon the occurrence of an Event of Default, Borrower hereby constitutes and appoints Bank and any receiver of the Collateral its true and lawful attorney-in-fact with full power of substitution in the premises, to do any and every act which Borrower could be required by Bank to do in its own behalf. Bank, as attorney-in-fact, shall also have power to prosecute and defend all actions or proceedings in connection with the security of any other respect relating to the Collateral and to take such action and require such performance as it deems necessary under bonds, guaranties or other assurances of completion. Bank may, without liability to Borrower bring suit on, compromise or release any bonds or agreements relating to the Collateral and may terminate or modify any agreements relating to the Collateral. Borrower hereby assigns and transfers to Bank all sums unadvanced under either Note or hereunder and all other sums held by Bank for application against the obligations owed to Bank. In the absence of gross negligence or willful misconduct, Bank shall not be liable for any action or failure to act with respect to the Collateral and no action or failure to act by the Bank after Default shall discharge or otherwise affect the obligations of Borrower. Bank is under no obligation to invoke any remedy provided herein, and Bank may avail itself of any one or more or all of the remedies described above and any or all other remedies available to it at law or in equity, under any Loan Document or hereunder, and all such remedies shall be cumulative and none shall be deemed exclusive of any other. In addition, Borrower hereby assigns, transfers and sets over to Bank, as further security for the Note, all of Borrower’s right, title and interest in and to any deposits, and other rights, contracts and general intangibles relating to the Collater...
Remedies of Bank a. Upon the occurrence of any Event of Default, Bank may at its option and without further notice do one or more of the following:
(1) Withhold making any further advances hereunder and under the Notes, it being agreed that Bank may also take such action upon the occurrence of an event which would be an Event of Default except for any notice and cure provisions set forth above;
(2) Declare the amount of the loan proceeds then advanced under the Loans and the Notes, together with all costs and expenses, immediately due and payable;
(3) Take possession of any real property encumbered by any of the Bank's Deeds of Trust through agents, employ security watchmen, and cause the Homes and the Permitted Model Homes to be completed in whole or in part at the expense of Borrower using
Remedies of Bank. Upon the occurrence of an Event of Default, Bank shall have all rights and remedies provided by applicable law and, without limiting the generality of the foregoing, ‘May, at its option, declare its commitments under the Loan Documents to be terminated and the Note shall thereupon be and become forthwith, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in the Note to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward the payment of any amounts due under this Agreement and the Note, any indebtedness of Bank to Borrower however, created or arising.
Remedies of Bank. (a) Upon the occurrence of any Event of Default, the entire unpaid balance of the Obligations, including interest as has accrued and as may thereafter accrue thereon, and all other sums secured by this Mortgage, shall become immediately due and payable, at the option of Bank, without notice to or demand upon Mortgagor or any other person; and thereupon, in addition to all other rights or remedies available under the Note or any of the Loan Documents, or at law or in equity, bank may:
(i) forthwith bring an action of mortgage foreclosure hereon, and may proceed to judgment and execution to recover the balance due on the Obligations and any other sums that may be due thereunder, including attorney's fees, costs of suit and costs of sale to the extent, if any, provided in the Obligations and permitted by law; and
(ii) enter into possession of the Premises, with or without legal action, lease the same, collect all rents and profits therefrom and, after deducting all costs of collection and administrative expenses, apply the net rents and profits to the payment of taxes and other necessary maintenance and operational costs (including agents' fees and attorneys' fees) or on account of the Obligations, in such order and in such amounts as Bank in its sole discretion may elect, and Bank shall be liable to account only for rents and profits actually received by Bank; and
(b) Any real estate sold hereunder or on any other judicial proceedings, may be sold in one or more parcels, in such order and manner as Bank, in its sole discretion, may elect.
Remedies of Bank. Upon the occurrence of a Default, Bank shall have all rights and remedies provided by applicable law and, without limiting the generality of the foregoing, may, at its option, declare its commitments under the Loan Documents to be terminated and the Note shall thereupon be and become forthwith, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in any of the other Loan Documents to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward the payment of any amounts due under this Agreement or the Note or any other Loan Document to which Borrower is a party any indebtedness of Bank to Borrower however created or arising, and may also, without limitation, exercise any and all rights in and to the ESOP Pledged Security, the GBC Pledged Security and any other collateral held by Bank to secure Borrower’s Liabilities. There shall be no obligation to liquidate any such collateral in any order or with any priority or to exercise any remedy available to Bank in any order. Notwithstanding anything contained herein to the contrary, pursuant to Treasury Regulation § 54.4975-7(b)(6), Bank may only execute on and otherwise assert its rights with respect to so much of the ESOP Pledged Security applicable to the Loan in default that has a value not to exceed the amount of the default.
