Common use of Special Louisiana Provisions Clause in Contracts

Special Louisiana Provisions. (i) Without limiting the generality of the foregoing, should one or more Events of Default occur or exist and be continuing under this Mortgage, as provided above, the Mortgagee, at its option, may exercise any one or more of this following rights and remedies, in addition to any other rights and remedies provided by law and under this Mortgage to the greatest extent permitted by applicable Louisiana law. Nothing contained herein shall be construed as constituting the Mortgagee as mortgagee in possession in absence of the actual taking of possession of the Premises by the Mortgagee. (ii) The Mortgagee shall have the right, at its sole option, to accelerate the maturity and demand immediate payment in full of any and all of the Secured Obligations. The Mortgagee shall then have the right to commence appropriate foreclosure proceedings against the Mortgaged Property and against the Mortgagor's rights as provided in this Mortgage. (iii) In the event that the Mortgagee elects to commence appropriate Louisiana foreclosure proceedings under this Mortgage, the Mortgagee may cause the Mortgaged Property, or any part or parts thereof, to be immediately seized and sold, whether in term of court or in vacation, under ordinary or executory process, in accordance with applicable Louisiana law, to the highest bidder for cash, with or without appraisement, and without the necessity of making additional demand upon or notifying the Mortgagor or placing the Mortgagor in default, all of which are expressly waived. (iv) For purposes of foreclosure under Louisiana executory process procedures, the Mortgagor confesses judgment and acknowledges to be indebted to the Mortgagee, up to the full amount of the indebtedness in principal, interest, costs, expenses, reasonable attorney's fees and other fees and charges and amounts contemplated hereunder. The Mortgagor further confesses judgment and acknowledges to be indebted unto and in favor of the Mortgagee in the amount of all future advances that the Mortgagee may make on the Mortgagor's behalf pursuant to this Mortgage, together with interest thereon. To the extent permitted under applicable Louisiana law, the Mortgagor additionally waives: (1) the benefit of appraisal as provided in Articles 2332, 2336, 2723, and 2724 of the Louisiana Code of Civil Procedure, and all other laws with regard to appraisal upon judicial sale; (2) the demand and three (3) days' delay provided under Articles 22639 and 2721 of the Louisiana Code of Civil Procedure;

Special Louisiana Provisions. (i) Without limiting the generality of the foregoing, should one or more Events of Default occur or exist and be continuing under this Mortgage, as provided above, the Mortgagee, at its option, may exercise any one or more of this the following rights and remedies, in addition to any other rights and remedies provided by law and under this Mortgage to the greatest extent permitted by applicable Louisiana law. Nothing contained herein shall be construed as constituting the Mortgagee as mortgagee in possession in absence of the actual taking of possession of the Premises by the Mortgagee. (ii) The Mortgagee shall have the right, at its sole option, to accelerate the maturity and demand immediate payment in full of any and all of the Secured Obligations. The Mortgagee shall then have the right to commence appropriate foreclosure proceedings against the Mortgaged Property and against the Mortgagor's ’s rights as provided in this Mortgage. (iii) In the event that the Mortgagee elects to commence appropriate Louisiana foreclosure proceedings under this Mortgage, the Mortgagee may cause the Mortgaged Property, or any part or parts thereof, to be immediately seized and sold, whether in term of court or in vacation, under ordinary or executory process, in accordance with applicable Louisiana law, to the highest bidder for cash, with or without appraisement, and without the necessity of making additional demand upon or notifying the Mortgagor or placing the Mortgagor in default, all of which are expressly waived. (iv) For purposes of foreclosure under Louisiana executory process procedures, the Mortgagor confesses judgment and acknowledges to be indebted to the Mortgagee, up to the full amount of the indebtedness in principal, interest, costs, expenses, reasonable attorney's ’s fees and other fees and charges and amounts contemplated hereunder. The Mortgagor further confesses judgment and acknowledges to be indebted unto and in favor of the Mortgagee in the amount of all future advances that the Mortgagee may make on the Mortgagor's ’s behalf pursuant to this Mortgage, together with interest thereon. To the extent permitted under applicable Louisiana law, the Mortgagor additionally waives: (1) the benefit of appraisal as provided in Articles 2332, 2336, 2723, and 2724 of the Louisiana Code of Civil Procedure, and all other laws with regard to appraisal upon judicial sale; (2) the demand and three (3) days' ’ delay provided under Articles 22639 and 2721 of the Louisiana Code of Civil Procedure;; (3) the notice of seizure as provided under Articles 2293 and 2721 of the Louisiana Code of Civil Procedure; (4) the three (3) days’ delay provided under Articles 2331, 2722 and 2723 of the Louisiana Code of Civil Procedure and all other Articles not specifically mentioned above. The Mortgagor further agrees that any declaration of fact made by authentic act before a Notary Public and two witnesses, by a Person declaring that such facts are within his or her knowledge, shall constitute authentic evidence of such facts for purposes of foreclosure under applicable Louisiana law and for purposes of La. R.S. 9:3504(D)(6) and La. R.S. 10:9-508, to the extent applicable. (v) Should any or all of the Mortgaged Property be seized as an incident to an action for the recognition or enforcement of this Mortgage, by executory process, sequestration, attachment, writ of fieri facias or otherwise, the Mortgagor hereby agrees that the court issuing any such order shall, if requested by the Mortgagee, appoint the Mortgagee, or any agent designated by the Mortgagee or any Person named by the Mortgagee at the time such seizure is requested, or any time thereafter, as Keeper of the Mortgaged Property as provided under La. R.S. 9:5136, et seq. Such a Keeper shall be entitled to reasonable compensation. The Mortgagor agrees to pay the reasonable fees of such Keeper which compensation to the Keeper shall also be secured by this Mortgage in the form of any future advances as provided in this Mortgage. (vi) Should it become necessary for the Mortgagee to foreclose under this Mortgage, all declarations of fact, which are made under an authentic act before a Notary Public in the presence of two witnesses, by a person declaring such facts to lie within his or her knowledge, shall constitute authentic evidence for purposes of executory process and also for purposes of La. R.S. 9:3509.1, La. R.S. 9:3504(D)(6) and La. R.S. 10:9-508, where applicable. (vii) Should one or more Events of Default occur or exist under this Mortgage, the Mortgagee shall have the additional right, at its sole option, to separately sell the aforesaid rights, or any part of parts thereof, at private or public compensation, or on credit, or for future delivery, without the assumption of any credit risk. The sale of the aforesaid rights may be without appraisement, the benefit of which is also expressly waived by the Mortgagor. The Mortgagee may exercise any other remedies with regard to the Mortgagor’s rights as may be authorized under the Louisiana Commercial Laws (La. R.S. 10:9-101, et seq.). (viii) To the extent provided by law, and in the event of foreclosure under this Mortgage, or other transfer of title or assignment of the Mortgaged Property, or any part or parts thereof, in lieu of payment of the Secured Obligations, whether in whole or in part, all policies of insurance and other rights applicable to the foreclosed Mortgaged Property upon transfer of the Mortgaged Property shall automatically inure to the benefit of and shall pass to the purchaser(s) or transferee(s) thereof, subject to the rights of the purchaser(s) or transferee(s) to reject such insurance coverage and/or rights at its or their sole option and election. (ix) The Mortgagee may, in addition to or in lieu of the foregoing remedies, in the Mortgagee’s sole discretion, commence an appropriate action against the Mortgagor seeking specific performance of any covenant contained in this Mortgage or in aid of the execution or enforcement of any power in this Mortgage granted. (x) Except as may be prohibited by applicable law, all of the Mortgagee’s rights and remedies, whether evidenced by this Mortgage or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by the Mortgagee to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of the Mortgagor under this Mortgage, after the Mortgagor’s failure to perform shall not affect the Mortgagee’s right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights and remedies available to the Mortgagee following an Event of Default, or in any way to limit or restrict the rights and abilities of the Mortgagee to proceed directly against Mortgagor and/or against any other co-maker, guarantor, surety or endorser of the Secured Obligations, and/or to proceed against any other collateral directly or indirectly securing the Secured Obligations.

Special Louisiana Provisions. (i) Without limiting the generality of the foregoing, should one or more Events of Default occur or exist and be continuing under this Mortgage, as provided above, the Mortgagee, at its option, may exercise any one or more of this following rights and remedies, in addition to any other rights and remedies provided by law and under this Mortgage to the greatest extent permitted by applicable Louisiana law. Nothing contained herein shall be construed as constituting the Mortgagee as mortgagee in possession in absence of the actual taking of possession of the Leasehold Premises by the Mortgagee. (ii) The Mortgagee shall have the right, at its sole option, to accelerate the maturity and demand immediate payment in full of any and all of the Secured Obligations. The Mortgagee shall then have the right to commence appropriate foreclosure proceedings against the Mortgaged Property and against the Mortgagor's ’s rights as provided in this Mortgage. (iii) In the event that the Mortgagee elects to commence appropriate Louisiana foreclosure proceedings under this Mortgage, the Mortgagee may cause the Mortgaged Property, or any part or parts thereof, to be immediately seized and sold, whether in term of court or in vacation, under ordinary or executory process, in accordance with applicable Louisiana law, to the highest bidder for cash, with or without appraisement, and without the necessity of making additional demand upon or notifying the Mortgagor or placing the Mortgagor in default, all of which are expressly waived. (iv) For purposes of foreclosure under Louisiana executory process procedures, the Mortgagor confesses judgment and acknowledges to be indebted to the Mortgagee, up to the full amount of the indebtedness in principal, interest, costs, expenses, reasonable attorney's ’s fees and other fees and charges and amounts contemplated hereunder. The Mortgagor further confesses judgment and acknowledges to be indebted unto and in favor of the Mortgagee in the amount of all future advances that the Mortgagee may make on the Mortgagor's ’s behalf pursuant to this Mortgage, together with interest thereon. To the extent permitted under applicable Louisiana law, the Mortgagor additionally waives: (1) the benefit of appraisal as provided in Articles 2332, 2336, 2723, and 2724 of the Louisiana Code of Civil Procedure, and all other laws with regard to appraisal upon judicial sale; (2) the demand and three (3) days' ’ delay provided under Articles 22639 and 2721 of the Louisiana Code of Civil Procedure;; (3) the notice of seizure as provided under Articles 2293 and 2721 of the Louisiana Code of Civil Procedure; (4) the three (3) days’ delay provided under Articles 2331, 2722 and 2723 of the Louisiana Code of Civil Procedure and all other Articles not specifically mentioned above. The Mortgagor further agrees that any declaration of fact made by authentic act before a Notary Public and two witnesses, by a Person declaring that such facts are within his or her knowledge, shall constitute authentic evidence of such facts for purposes of foreclosure under applicable Louisiana law and for purposes of La. R.S. 9:3504(D)(6) and La. R.S. 10:9-508, to the extent applicable. (v) Should any or all of the Mortgaged Property be seized as an incident to an action for the recognition or enforcement of this Mortgage, by executory process, sequestration, attachment, writ of fieri facias or otherwise, the Mortgagor hereby agrees that the court issuing any such order shall, if requested by the Mortgagee, appoint the Mortgagee, or any agent designated by the Mortgagee or any Person named by the Mortgagee at the time such seizure is requested, or any time thereafter, as Keeper of the Mortgaged Property as provided under La. R.S. 9:5136, et seq. Such a Keeper shall be entitled to reasonable compensation. The Mortgagor agrees to pay the reasonable fees of such Keeper which compensation to the Keeper shall also be secured by this Mortgage in the form of any future advances as provided in this Mortgage. (vi) Should it become necessary for the Mortgagee to foreclose under this Mortgage, all declarations of fact, which are made under an authentic act before a Notary Public in the presence of two witnesses, by a person declaring such facts to lie within his or her knowledge, shall constitute authentic evidence for purposes of executory process and also for purposes of La. R.S. 9:3509.1, La. R.S. 9:3504(D)(6) and La. R.S. 10:9-508, where applicable. (vii) Should one or more Events of Default occur or exist under this Mortgage, the Mortgagee shall have the additional right, at its sole option, to separately sell the aforesaid rights, or any part of parts thereof, at private or public compensation, or on credit, or for future delivery, without the assumption of any credit risk. The sale of the aforesaid rights may be without appraisement, the benefit of which is also expressly waived by the Mortgagor. The Mortgagee may exercise any other remedies with regard to the Mortgagor’s rights as may be authorized under the Louisiana Commercial Laws (La. R.S. 10:9-101, et seq.). (viii) To the extent provided by law, and in the event of foreclosure under this Mortgage, or other transfer of title or assignment of the Mortgaged Property, or any part or parts thereof, in lieu of payment of the Secured Obligations, whether in whole or in part, all policies of insurance and other rights applicable to the foreclosed Mortgaged Property upon transfer of the Mortgaged Property shall automatically inure to the benefit of and shall pass to the purchaser(s) or transferee(s) thereof, subject to the rights of the purchaser(s) or transferee(s) to reject such insurance coverage and/or rights at its or their sole option and election. (ix) The Mortgagee may, in addition to or in lieu of the foregoing remedies, in the Mortgagee’s sole discretion, commence an appropriate action against the Mortgagor seeking specific performance of any covenant contained in this Mortgage or in aid of the execution or enforcement of any power in this Mortgage granted. (x) Except as may be prohibited by applicable law, all of the Mortgagee’s rights and remedies, whether evidenced by this Mortgage or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by the Mortgagee to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of the Mortgagor under this Mortgage, after the Mortgagor’s failure to perform shall not affect the Mortgagee’s right to declare a default and exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or restrict the rights and remedies available to the Mortgagee following an Event of Default, or in any way to limit or restrict the rights and abilities of the Mortgagee to proceed directly against Mortgagor and/or against any other co-maker, guarantor, surety or endorser of the Secured Obligations, and/or to proceed against any other collateral directly or indirectly securing the Secured Obligations.