Common use of Rights and Remedies Upon Event of Default Clause in Contracts

Rights and Remedies Upon Event of Default. Upon the occurrence of any such Event of Default and at all times thereafter, Bank shall have the rights and remedies of a secured party under the Ohio Uniform Commercial Code in addition to the rights and remedies of a secured party provided elsewhere within this Agreement or in any other writing executed by Borrower. Bank may require Borrower to assemble the Collateral and make it available to Bank at a reasonably convenient place to be designated by Bank. Unless the Collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale of the Collateral or of the time after which any private sale or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed (deposited for delivery, postage prepaid, by U.S. mail) to either, at Bank's option (1) Borrower's Location set forth in Subsection 12(c) of this Agreement (as modified by any change therein which Borrower has supplied in writing to Bank), or (2) Borrower's address at which Bank customarily communicates with Borrower, at least ten (10) days before the time of the public sale or the time after which any private sale or other intended disposition thereof is to be made. At any such public or private sale, Bank may purchase the Collateral. After deduction for Bank's Related Expenses, the residue of any such sale or other disposition shall be applied in satisfaction of the Obligations in such order of preference as Bank may determine. Any excess, to the extent permitted by law, shall be paid to Borrower, and Borrower shall remain liable for any deficiency. In addition, upon the occurrence of any such Event of Default and at any time thereafter, Bank shall have the right to obtain new appraisals of Borrower or the Collateral, the cost of which shall be paid by Borrower.

Rights and Remedies Upon Event of Default. (a) Upon the occurrence of any such Event of Default, the Loan shall, at the option of Bank and without any further notice or demand not expressly required herein, become immediately due and payable, and shall thereafter bear interest at the Default Rate, and at all times thereafter, thereafter Bank shall have the rights all rights, privileges, powers and remedies of a secured party under provided by law or equity and this Agreement, the Ohio Uniform Commercial Code in addition to the rights Mortgage and remedies of a secured party provided elsewhere within this Agreement or in any other writing executed Loan Document, and which it may otherwise have against the Borrower, the Collateral, or otherwise. The Bank may take possession of the Collateral, either by Borrowerlawful self-help or seizure under court authority. Borrower agrees to permit the Bank to enter any premises where the Collateral may be located for the purpose of taking possession of or removing the Collateral. Bank may require the Borrower to assemble any personal property included in the Collateral and to promptly make it available to Bank at a any reasonably convenient place to be designated by Bank, whether at the Borrower's premises or elsewhere. Unless Borrower shall make available to Bank all of its premises and facilities for the purpose of Bank's taking possession of, removing or putting any personal property included in the Collateral in saleable form. At any time or times after the Loan becomes due, Bank is perishableempowered to collect, threatens sell, assign, transfer, set over, deliver or otherwise dispose of the whole or any part of the personal property Collateral through any broker or at public or private sale, either for cash or on credit or for future delivery, whether in its then condition or after further preparation or processing, in Borrower's name, Bank's name or in the name of such party as Bank may designate, with or without warranties or representations, and upon such other terms as Bank may deem commercially reasonable, and at any such sale Bank may become the purchaser of the whole or any part of such Collateral, discharged from right of redemption. Public or private sales, for cash or credit, to decline speedily in valuea wholesaler or retailer or investor, or is user of a property of the type customarily sold on a recognized marketof the Collateral, Bank will give or public auction, are commercially reasonable since differences in the sales prices generally realized in different kinds of sales are ordinarily offset by the differences in the costs and credit risks of such sales. Borrower reasonable agrees that to the extent notice of the time and place of any public sale of the Collateral or of the time after which any private sale or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met required by law, such requirement shall be satisfied if such notice is mailed (deposited for delivery, postage prepaid, by U.S. mailMail) to either, at Bank's option (1i) Borrower's Location set forth in Subsection 12(c) of this Agreement (as modified by any change therein which Borrower has supplied in writing to Bank), or (2ii) Borrower's address at to which Bank customarily communicates with Borrower, at least ten (10) days before the time of the any public sale or the time after which any private sale or other intended disposition thereof is to be made. At Bank shall not be obligated to make any such sale regardless of notice of sale having been given. Bank may adjourn any public or private salesale from time to time by announcement at the time and place fixed therefor, Bank may purchase and such sale may, without further notice, be made at the Collateraltime and place to which it was so adjourned. After deduction for Bank's Related ExpensesUpon any such sale after deducting all costs and expenses of every kind, the residue of any such sale or other disposition shall proceeds thereof may be applied in satisfaction of the Obligations in such order of preference as Bank may determine. Any excessdetermine toward the payment of all or any part of the Loan, whether due or not due, returning the surplus, if any, to the extent permitted by law, shall be paid to Borrower, and the Borrower shall be and remain liable to Bank for any deficiencyand every deficiency after application of such proceeds. In additionBank shall not be bound to take any steps to preserve any rights in the Collateral against prior parties, upon which the occurrence of any such Event of Default Borrower hereby assumes to do, and at any time thereafter, Bank shall have exercised reasonable care in the right custody and preservation of the Collateral if it takes such action for that purpose as the Borrower shall reasonably request, but no omission to obtain new appraisals of Borrower or the Collateral, the cost of which comply with any such request shall be paid by Borrowerdeemed a failure to exercise reasonable care.

Rights and Remedies Upon Event of Default. Upon the occurrence of any such Event of Default and at all times thereafterduring the continuance of such Event of Default, Bank shall have the rights and remedies of a secured party under the Ohio Uniform Commercial Code in addition to the rights and remedies of a secured party provided elsewhere within this Agreement or in any other writing executed by BorrowerBorrowers. Bank may require Borrower Borrowers to assemble the Collateral and make it available to Bank at a reasonably convenient place to be designated by Bank. Unless the Collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market, Bank will give Borrower Borrowers reasonable notice of the time and place of any public sale of the Collateral or of the time after which any private sale or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed (deposited for delivery, postage prepaid, by U.S. mail) to either, at Bank's option (1) Borrower's Borrowers' Location set forth in Subsection 12(c) of this Agreement (as modified by any change therein which Borrower has Borrowers have supplied in writing to Bank), or (2) Borrower's address at which Bank customarily communicates with Borrower, at least ten (10) days before the time of the public sale or the time after which any private sale or other intended disposition thereof is to be made. At any such public or private sale, Bank may purchase the CollateralCollateral to the extent permitted by law. After deduction for Bank's Related Expenses, the residue of any such sale or other disposition shall be applied in satisfaction of the Obligations in such order of preference as Bank may reasonably determine. Any excess, to the extent permitted by law, shall be paid to BorrowerBorrowers, and Borrower Borrowers shall remain liable for any deficiency. In addition, upon the occurrence of any such Event of Default and at any time thereafterduring the continuance of such Event of Default, Bank shall have the right to obtain new appraisals of Borrower or the Collateral, the cost of which shall be paid by BorrowerBorrowers.

Rights and Remedies Upon Event of Default. Upon the occurrence of any such Event of Default and at all times thereafter, Bank shall have the rights and remedies of a secured party under the Ohio Uniform Commercial Code in addition to the rights and remedies of a secured party provided elsewhere within this the Security Agreement or in any other writing executed by Borrower. Bank may require Borrower to assemble the Collateral and make it available to Bank at a reasonably convenient place to be designated by Bank. Unless the Collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale of the Collateral or of the time after which any private sale or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed (deposited for delivery, postage prepaid, by U.S. mail) to either, at Bank's option option, (1) Borrower's Location set forth in Subsection 12(c3(e) of this the Security Agreement (as modified by any change therein which Borrower has supplied in writing to Bank), ) or (2) Borrower's address at which Bank customarily communicates with Borrower, at least ten (10) days before the time of the public sale or the time after which any private sale or other intended disposition thereof is to be made. At any such public or private sale, Bank may purchase the Collateral. After deduction for Bank's Related Expenses, the residue of any such sale or other disposition shall be applied in satisfaction of the Obligations obligations in such order of preference as Bank may determine. Any excess, to the extent permitted by law, shall be paid to Borrower, and Borrower shall remain liable for any deficiency. In addition, upon the occurrence of any such Event of Default and at any time thereafter, Bank shall have the right to obtain new appraisals of Borrower or the Collateral, the cost of which shall be paid by Borrower.