Treatment of Fixtures. If an Event of Default shall have occurred and be continuing, if deemed appropriate by Secured Party or if required by applicable law, Secured Party may elect to treat the fixtures included in the Collateral either as real property or as personal property, or both, and proceed to exercise such rights as apply to the type of property selected.
Appears in 6 contracts
Samples: Mortgage, Security Agreement (Lilis Energy, Inc.), And Fixture Filing (Recovery Energy, Inc.), Financing Statement and Fixture Filing (Recovery Energy, Inc.)
Treatment of Fixtures. If an Upon the occurrence of any Event of Default shall have occurred and be continuingDefault, or at any time thereafter, if deemed appropriate by Secured Party or if required by applicable law, Secured Party may elect to treat the fixtures included in the Collateral either as real property or as personal property, or both, and proceed to exercise such rights as apply to the type of property selected.
Appears in 2 contracts
Samples: Foreland Corp, Foreland Corp
Treatment of Fixtures. If an Event of Default shall have occurred and be continuing, if deemed appropriate by Secured Party or if required by applicable law, subject to applicable cure periods (including those set forth in Section 9.2 of the Loan Agreement), Secured Party may elect to treat the fixtures included in the Collateral either as real property or as personal property, or both, and proceed to exercise such rights as apply to the type of property selected.
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