Remedies Under the Uniform Commercial Code Sample Clauses

Remedies Under the Uniform Commercial Code. The Seller shall have and the Purchaser hereby grants to the Seller all of the rights and remedies contained in the Uniform Commercial Code in effect in the state of Washington as of the date of the Purchaser's default and to the extent such remedies may be applicable to the type of collateral affected thereby;

Remedies Under the Uniform Commercial Code. Upon the occurrence of any Event of Default, Mortgagee may exercise any or all of the remedies available to a secured party under the Uniform Commercial Code, including, but not limited to: (a) Either personally or by means of a court appointed receiver, take possession of all or any portion of the property described in Section 1.2 of this Mortgage and exclude therefrom Mortgagor and all others claiming under Mortgagor, and thereafter hold, store, use, operate, manage, maintain and control, make repairs, replacements, alterations, additions and improvements to and exercise all rights and powers of Mortgagor in respect of such property or any part thereof. In the event Mortgagee demands or attempts to take possession of such property in the exercise of any rights under any of the Loan Documents, Mortgagor promises and agrees to promptly turn over and deliver complete possession thereof to Mortgagee; (b) Without written notice to or demand upon Mortgagor, make such payments and do such acts as Mortgagee may deem necessary to protect its security interest in such property, including, without limitation, paying, purchasing, contesting or compromising any encumbrance, charge or lien which is prior to or superior to the security interest granted hereunder and, in exercising any such powers or authority, to pay all expenses incurred in connection therewith; (c) Require Mortgagor to assemble such property or any portion thereof, at a place designated by Mortgagee and reasonably convenient to both parties, and promptly to deliver such property to Mortgagee, or an agent or representative designated by it. Mortgagee, and its agents and representatives, shall have the right to enter upon any or all of Mortgagor's premises and property to exercise Mortgagee's rights hereunder; and (d) Sell, lease or otherwise dispose of such property at public sale, with or without having the property at the place of sale, and upon such terms and in such manner as Mortgagee may determine. Mortgagee may be a purchaser at any such sale. It is expressly agreed that if, upon an Event of Default, Mortgagee should proceed to dispose of any property in accordance with the provisions of the Uniform Commercial Code, ten (10) days' notice by Mortgagee to Mortgagor shall be deemed to be reasonable notice under any provision of the Uniform Commercial Code requiring such notice; provided that, to the extent permitted by applicable law, Mortgagee may at its option dispose of such property in accorda...