Acceleration Upon Default, Additional Remedies Sample Clauses
The 'Acceleration Upon Default, Additional Remedies' clause allows a lender or non-defaulting party to demand immediate repayment of all outstanding obligations if the other party defaults on the agreement. In practice, this means that if a borrower misses a payment or breaches a key term, the lender can require the full loan balance to be paid at once and may also pursue other legal remedies, such as seizing collateral or seeking damages. This clause serves to protect the lender by providing swift recourse in the event of default, thereby minimizing potential losses and incentivizing the borrower to comply with the contract terms.
Acceleration Upon Default, Additional Remedies. In the event an Event of Default shall have occurred and is continuing, the Beneficiary may declare all Indebtedness to be due and payable and the same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind. Thereafter, the Beneficiary may:
(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Mortgaged Property, or any part thereof, in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Mortgaged Property, or part thereof or interest therein, increase the income therefrom or protect the security hereof, and, with or without taking possession of the Mortgaged Property, ▇▇▇ for or otherwise collect the rents and issues thereof, including those rents and issues past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney’s fees, upon any Indebtedness, all in such order as the Beneficiary may determine. The entering upon and taking possession of the Mortgaged Property, the collection of such rents and issues and the application thereof as aforesaid, shall not cure or waive any Event of Default or notice of Event of Default hereunder or invalidate any act done in response to such Default or pursuant to such notice of Default and notwithstanding the continuance in possession of the Mortgaged Property or the collection, receipt and application of rents and issues, the Trustee or the Beneficiary shall be entitled to exercise every right provided for in any instrument securing or relating to the Indebtedness or by law upon occurrence of any Event of Default, including the right to exercise the power of sale;
(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, specially enforce any of the covenants hereof, or cause the Trustee to foreclose this Deed of Trust by power of sale; and
(c) Exercise any or all of the remedies available to a secured party under the Uniform Commercial Code of North Carolina or under any other applicable laws.
(d) Notwithstanding any provision to the contrary in this Deed of Trust, no deficiency judgment may be rendered against the Grantor in any action to collect any of the Indebtedness secured by this Deed of Trust and the taxing power of the Gran...
Acceleration Upon Default, Additional Remedies. Upon the occurrence of any Event of Default hereunder, Lender may, at its option and without notice to or demand upon Borrower, take any one or more of the following actions:
Acceleration Upon Default, Additional Remedies. Upon the occurrence of a Default, Beneficiary may, at its option, declare all indebtedness secured hereby to be immediately due and payable without any presentment, demand, protest or notice of any kind. Thereafter Beneficiary may:
(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property or the improvements upon the Property (the “Improvements”), or any part thereof, in its own name or in the name of Trustee, and do any reasonable acts which it deems necessary or desirable to preserve the value, marketability or rentability of any portion of the Trust Estate;
(b) Enforce all of the rights and remedies of an assignee for turnover of rents, issues and profits under Section 2938 of the California Civil Code, as such Section may be amended from time to time;
(c) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the covenants hereof;
(d) Deliver to Trustee a written declaration of default and demand for sale and a written notice of default and election to cause Trustor’s interest in the Trust Estate to be sold, which notice Trustee or Beneficiary shall cause to be duly filed of record in the Official Records of the County in which the Property is located; or
(e) Exercise all other rights and remedies provided herein, in any loan document or other document or agreement now or hereafter securing all or any portion of the obligations secured hereby, or by law.
Acceleration Upon Default, Additional Remedies. Upon the occurrence and during the continuation of an Event of Default, whether or not the Secured Obligations are accelerated in accordance with the terms of the Secured Credit Documents, Mortgagee may:
Acceleration Upon Default, Additional Remedies. Upon any Event of Default, Lender may, at its option and without notice to or demand upon Grantor, exercise any one or more of the following actions:
(a) Declare all the Secured Obligations immediately due and payable.
(b) Bring a court action to enforce the provisions of this Deed of Trust or any of the other Loan Documents.
(c) Foreclose this Deed of Trust as a mortgage.
(d) Cause any or all of the Property to be sold under the power of sale granted by this Deed of Trust in any manner permitted by applicable law.
(e) Elect to exercise its rights with respect to the Leases and the Rents.
(f) Exercise any or all of the other rights and remedies under this Deed of Trust and the other Loan Documents.
(g) Exercise any other right or remedy available under law or in equity.
Acceleration Upon Default, Additional Remedies. Upon the ------------------------- occurrence and continuance of an event of default hereunder, Mortgagee may, at its option and without notice to or demand upon Mortgagor, take any one or more of the following actions:
(a) Declare any or all indebtedness secured by this Mortgage to be due and payable immediately.
(b) Bring a court action to enforce the provisions of this Mortgage or any of the indebtedness or obligations secured by this Mortgage.
(c) Bring a court action to foreclose this Mortgage.
(d) Foreclose this Mortgage under the power of sale granted by this Mortgage in any manner permitted by applicable law.
(e) Exercise any or all of the rights and remedies provided for herein in the event of default hereunder.
(f) Exercise any other right or remedy available under law or in equity.
Acceleration Upon Default, Additional Remedies. At any time during the existence of an Event of Default, American Family, at American Family’s option, may declare the Indebtedness to be immediately due and payable without further demand, and may invoke the power of sale and any other remedies permitted by Georgia law or provided in this Security Deed or in any other Loan Document. Borrower acknowledges that the power of sale granted in this Security Deed may be exercised by American Family without prior judicial hearing. American Family shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including attorneys’ fees, and the costs of documentary evidence, abstracts and title reports. Upon the happening of an Event of Default, then and in addition to (and not to the exclusion of) the rights set forth immediately above:
(a) American Family shall be entitled as a matter of right in any judicial proceedings which are commenced or as may otherwise be permitted by applicable law to have a receiver appointed for American Family’s benefit to take possession, management and control of all of the Premises and of the earnings, income, rents, issues, and profits thereof, during such proceedings, with such other powers as the court making such appointment shall confer. Borrower hereby irrevocably consents and agrees to such appointment.
(b) American Family further may (i) use, operate, manage, and control the Premises or any part thereof, and conduct the business thereof (either itself or by its attorneys and agents) including letting the same, (ii) collect any and all rents, issues, and profits due or to become due, without prejudice of its rights to foreclosure, to appointment of a receiver, and other rights, and (iii) from time to time, either by purchase, repair, or construction, maintain, restore, and insure and keep insured, the buildings, structures, improvements, fixtures, machinery, equipment, and other property constituting a part of or used in connection with the Premises. After paying all of the expenses of operating the Premises, American Family shall apply the moneys arising therefrom to the payment of the amount then due on the Note for interest and principal, with interest on overdue interest and principal at the default rate specified in the Note from the date the same became payable, whether by lapse of time, acceleration, or otherwise.
(c) American Family, at its option, may perform any covenant or agreement of Borrower in this Security Deed or the Note. The cost t...
Acceleration Upon Default, Additional Remedies. Upon the occurrence of an Event of Default, Lender may, at its option, declare all indebtedness and obligations secured hereby, to be immediately due and payable with notice and whether or not Lender exercises said option, Lender may: (a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Trust Estate, or any part thereof, in its own name or in the name of Trustee, and do any act which it deems necessary or desirable to preserve the value, marketability or rentability of the Trust Estate, or part 18
Acceleration Upon Default, Additional Remedies. Upon the occurrence of an Event of Default, Beneficiary may, at its option, declare all indebtedness secured hereby to be immediately due and payable upon notice and demand. Thereafter Beneficiary may:
(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Property and the Improvements, or any part thereof, in its own name or in the name of Trustee, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of any portion of the Trust Estate, including, without limitation (i) taking possession of Trustor' s books and records with respect to the Property and Improvements, (ii) completing the construction of the Improvements,