Common use of Acceleration; Foreclosure Clause in Contracts

Acceleration; Foreclosure. If any Event of Default has occurred and is continuing, Lender may, at its option, exercise one or more of the following rights and remedies (and any other rights and remedies available to it): (i) Lender may exercise all of their rights under paragraph (b) below. (ii) Lender shall have and may exercise, with respect to all Fixtures, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code as in effect in the State of Minnesota. If notice to Borrower of the intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given to Borrower (in the manner specified in Section 11.01) at least 10 calendar days prior to the date of intended disposition. Borrower shall pay on demand all costs and expenses incurred by ▇▇▇▇▇▇ in exercising such rights and remedies, including but not limited to reasonable attorneys' fees and legal expenses. (iii) Lender may (and is hereby authorized and empowered to) foreclose this Security Instrument by action or advertisement pursuant to the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all indebtedness secured hereby, with interest, and all legal costs and charges of such foreclosure and the maximum attorneys' fees permitted by law, which costs, charges and fees ▇▇▇▇▇▇▇▇ agrees to pay.