Common use of Acceleration Upon Default, Additional Remedies Clause in Contracts

Acceleration Upon Default, Additional Remedies. Upon Borrower's breach of any representation, covenant or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement, or any other Loan Document, including, but not limited to, the covenants to pay when due any sums secured by this Instrument, Lender, at Lender's option, may declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including, but not limited to, attorney's fees and costs of documentary evidence, abstracts and title reports. Notwithstanding the foregoing, Lender shall not invoke any remedy provided hereunder, under the Loan Documents, at law or in equity upon Borrower's breach of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(k), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Environmental Indemnity Agreement, provided Borrower shall have, on or before the date that is ten (10) days after Borrower's receipt of notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such default. In the event that one or more of the events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any one or more of the following:

Acceleration Upon Default, Additional Remedies. Upon Borrower's breach the occurrence of an Event of Default hereunder, Beneficiary may, at its option, declare the Secured Obligations to be immediately due and payable without any presentment, demand, protest or notice of any representationkind. Notice of acceleration to Trustor shall not be required. Whether or not Beneficiary exercises said option, covenant Beneficiary may, to the extent permitted by law, either in person or agreement 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 Borrower in this Instrumentits security, enter upon and take possession of the Note, the Environmental Indemnity AgreementProperty, or any other part thereof, in its own name or in the name of the Trustee, and do any act which it deems necessary or desirable to preserve the value, marketability or rentability of the Property, or part thereof or interest therein, increase the income therefrom or protect the security thereof and, with or without taking possession of the Property, sue xxx or otherwise collect the Rents including those past due and unpaid, and apply the same, less reasonable costs and expenses of operation and collection, including, but not limited to, attorneys' fees and expenses, upon the Secured Obligations all in such order as Beneficiary may determine. The entering upon and taking possession of the Property, the collection of such Rents, and the application thereof as aforesaid, shall not cure or waive any default, notice of default or Event of Default hereunder or invalidate any act done in response to such default or Event of Default, or pursuant to such notice of default and, notwithstanding the continuance in possession by Trustee, Beneficiary or a receiver of all or any portion of the Property or the collection, receipt and application of any of the Rents thereby, the Trustee or Beneficiary shall be entitled to exercise every right provided for in any of the Loan DocumentDocuments or by law upon occurrence of any Event of Default, including, but not limited to, the covenants right to pay when due any sums secured by this Instrument, Lender, at Lender's option, may declare all of the sums secured by this Instrument to be immediately due and payable without further demand, and may invoke exercise the power of sale sale. Beneficiary may also exercise all other rights and remedies provided herein, in any Loan Document or in any other remedies permitted by applicable law document or agreement now or hereafter securing all or any portion of the Secured Obligations, or provided herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including, but not limited to, attorney's fees and costs of documentary evidence, abstracts and title reports. Notwithstanding the foregoing, Lender shall not invoke any remedy provided hereunder, under the Loan Documents, at law or in equity upon Borrower's breach of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(k), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Environmental Indemnity Agreement, provided Borrower shall have, on or before the date that is ten (10) days after Borrower's receipt of notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such default. In the event that one or more of the events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any one or more of the following:law.

Acceleration Upon Default, Additional Remedies. Upon Borrower's breach In the event of any representationevent of default, covenant or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement, or any other Loan Document, including, but not limited to, the covenants to pay when due any sums secured by this Instrument, Lender, at Lender's option, Beneficiary may declare all of the sums secured by this Instrument Secured Obligations to be immediately due and payable and the same shall thereupon become due and payable without further any presentment, demand, protest or notice of any kind. Thereafter, Beneficiary may: Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court and may invoke without regard to the power adequacy of sale its security, enter upon and any other remedies permitted by applicable law or provided herein. Borrower acknowledges that take possession of the power of sale herein granted may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of a breach Trust Estate, or any other defense part thereof, in its own name or in the name of Borrower Trustee, and do any acts which it deems, in the exercise of good faith, necessary or desirable to acceleration preserve the value, marketability or rentability of the Trust Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Trust Estate, sue for or otherwise collect the Rents, issues and saleprofits thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including attorney fees, upon any indebtedness secured hereby, all in such order as Beneficiary may determine. Lender The entering upon and taking possession of the Trust Estate, the collection of such Rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default after written notice 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 Trust Estate or the collection, receipt and application of Rents, issues or profits, Trustee or Beneficiary shall be entitled to collect all costs exercise every right provided for in any of the Loan Documents or by law upon occurrence of any event of default, including the right to exercise the power of sale; Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the covenants hereof and expenses incurred in pursuing case of any judicial sale of the Trust Estate, or any part thereof, the Property may be sold in one parcel and as one entity or in such remediesparcels, includingmanner or order as the Beneficiary, but not limited toin its sole discretion, attorneymay elect; DEED OF TRUST PAGE 10 OF 17 Deliver to Trustee a written declaration of default and demand for sale, and a written notice of default and election to cause Xxxxxxxx's fees and costs interest in the Trust Estate to be sold, which notice Trustee or Beneficiary shall cause to be duly filed for record in the official records of documentary evidence, abstracts and title reportsthe county in which the Trust Estate is located. Notwithstanding the foregoing, Lender The waiver by Beneficiary of any default shall not invoke any remedy provided hereunder, under the Loan Documents, at law or in equity upon Borrower's breach constitute a waiver of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(k), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Environmental Indemnity Agreement, provided Borrower shall have, on or before the date that is ten (10) days after Borrower's receipt of notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such subsequent default. In the event that one or more of the events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any one or more of the following:.

Acceleration Upon Default, Additional Remedies. Upon Borrower's breach the occurrence of any representationan Event of Default, covenant or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement, or any other Loan Document, including, but not limited to, the covenants to pay when due any sums secured by this Instrument, LenderMortgagee may, at Lender's its option, may declare exercise all of the sums secured by this Instrument applicable rights and remedies set forth herein and in the other Loan Documents and, in addition, declare all Secured Obligations to be immediately due and payable without further any presentment, demand, protest or further notice of any kind; and may invoke whether or not Mortgagee exercises any said right or remedy. Mortgagee 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 power adequacy of sale its Collateral enter upon and take possession of all or part of the Collateral, in its own name. The entering and taking possession of the Collateral, the collection of Rents and their application to the Secured Obligations shall not cure or waive any other remedies permitted Event of Default or notice of default or invalidate any act done in response to them. Regardless of whether possession of the Collateral or the collection, receipt and application of any of the Rents is by applicable law Mortgagee or provided herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender receiver, Mortgagee shall be entitled to collect exercise every right provided for in the Loan Agreement and other Loan Documents 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 Mortgage, appoint a receiver, or specifically enforce any of the covenants contained in this Mortgage; (c) exercise all costs of the rights and remedies available to a secured party under the applicable Uniform Commercial Code in such order and in such manner as Mortgagee, in its sole discretion, may determine, including without limitation, requiring Mortgagor to assemble the Collateral and make the Collateral available to Mortgagee at a reasonably convenient location. The expenses incurred in pursuing such remediesof retaking, includingholding, but not limited to, attorney's preparing for sale or the like shall include reasonable attorneys' fees and costs other expenses of documentary evidenceMortgagee and shall be secured by this Mortgage; and/or (d) exercise all other rights and remedies provided in this Mortgage, abstracts and title reports. Notwithstanding in any other Loan Document or other document or agreement now or hereafter securing all or any portion of the foregoingSecured Obligations, Lender shall not invoke any remedy or as provided hereunder, under the Loan Documents, at by law or in equity upon Borrower's breach of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(kequity. Mortgage (ORM Timber Fund III (REIT) lnc./Note No. 6219327), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Environmental Indemnity Agreement, provided Borrower shall have, on or before the date that is ten (10) days after Borrower's receipt of notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such default. In the event that one or more of the events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any one or more of the following:

Acceleration Upon Default, Additional Remedies. Upon Borrower's breach the occurrence of any representationEvent of Default hereunder, covenant Lender may, at its option and without notice to or agreement demand upon Borrower, take any one or more of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement, following actions: (a) Declare any or any other Loan Document, including, but not limited to, the covenants to pay when due any sums all indebtedness secured by this Instrument, Lender, at Lender's option, may declare all Mortgage to be due and payable immediately. (b) Bring a court action to enforce the provisions of this Mortgage or any of the sums indebtedness or obligations secured by this Instrument Mortgage. (c) Lender shall have the right to be immediately due and payable without further demandforeclose this Mortgage in accordance with applicable law by judicial proceedings, and may invoke or to the power of sale and any other remedies full extent permitted by applicable law or provided herein. Borrower acknowledges that from time to time, to foreclose this Mortgage under the power of sale herein granted pursuant to Sections 1401 through 1461 of the New York Real Property Law (Actions & Proceedings) or such other laws as may be exercised in effect from time to time, after publishing posting, and serving notice as required by applicable law. Lender may bid and purchase at such sale. If at the time of the sale Lender shall deem it best for any reason to postpone or continue said sale for one or more days, Lender may do so, in which event notice of such postponement or continuance shall be made in such manner as the Lender may deem sufficient under applicable law. Lender’s costs and expenses of sale shall be an additional indebtedness secured hereby. (d) In the event of any foreclosure to the extent permitted by applicable law, Lender will be entitled to a judgment which will provide that if the foreclosure sale proceeds are insufficient to satisfy the judgment, execution may issue for any amount by which the unpaid balance of the obligations secured by this Mortgage exceeds the net sale proceeds payable to Lender. (e) Cause any or all of the Property to be sold under the power of sale granted by this Mortgage in any manner permitted by applicable law. (f) Exercise any or all of the rights and remedies provided for under this Mortgage and the other Loan Documents. (g) Exercise any other right or remedy available under law or in equity. 8.2 Exercise of Power of Sale. For any sale under the power of sale gra.11ted by this Mortgage, to the extent permitted by applicable law, Lender shall record and give all notices required by law and then, upon the expiration of such time as is required by law, Lender may sell the Property upon any terms and conditions specified by Lender without prior judicial hearingand permitted by applicable law. Borrower has Lender may postpone any sale by public announcement at the right to bring an action to assert time and place noticed for the non-existence of a breach or any other defense of Borrower to acceleration and sale. If the Property includes several lots or parcels, Lender in its discretion may designate their order of sale or may elect to sell all of them as an entirety. The Property, real, personal and mixed, may be sold in one parcel. To the extent any of the Property sold by Lender is personal property, Lender shall be entitled acting as the agent of Lender in selling such Property. Any person permitted by law to collect all costs do so may purchase at any sale. Upon any sale, Lender will execute and expenses incurred in pursuing such remedies, includingdeliver to the purchaser or purchasers a deed or deeds conveying the Property sold, but not limited towithout any covenant or warranty, attorney's fees express or implied, and costs the recitals in the Lender’s deed showing that the sale was conducted in compliance with all the requirements of documentary evidence, abstracts law shall be prima facie evidence of such compliance and title reportsconclusive evidence thereof in favor of bona fide purchasers and encumbrances for value. Notwithstanding the foregoing, Lender shall not invoke any remedy provided hereunder, under the Loan Documents, at law or in equity upon Borrower's breach of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(k), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Environmental Indemnity Agreement, provided Borrower shall have, on or before the date that is ten (10) days after Borrower's receipt of notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such default. In the event that one or more of the events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any one or more of the following:8.3

Acceleration Upon Default, Additional Remedies. Upon Borrower's breach the occurrence of any representationan Event of Default, covenant or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement, or any other Loan Document, including, but not limited to, the covenants to pay when due any sums secured by this Instrument, LenderMortgagee may, at Lender's its option, may declare exercise all of the sums secured by this Instrument applicable rights and remedies set forth herein and in the other Loan Documents and, in addition, declare all Secured Obligations to be immediately due and payable without further any presentment, demand, protest or further notice of any kind; and may invoke whether or not Mortgagee exercises any said right or remedy. Mortgagee 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 power adequacy of sale its Collateral enter upon and take possession of all or part of the Collateral, in its own name. The entering and taking possession of the Collateral, the collection of Rents and their application to the Secured Obligations shall not cure or waive any other remedies permitted Event of Default or notice of default or invalidate any act done in response to them. Regardless of whether possession of the Collateral or the collection, receipt and application of any of the Rents is by applicable law Mortgagee or provided herein. Borrower acknowledges that the power of sale herein granted may be exercised by Lender without prior judicial hearing. Borrower has the right to bring an action to assert the non-existence of a breach or any other defense of Borrower to acceleration and sale. Lender receiver, Mortgagee shall be entitled to collect exercise every right provided for in the Loan Agreement and other Loan Documents 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 Mortgage, appoint a receiver, or specifically enforce any of the covenants contained in this Mortgage; (c) exercise all costs of the rights and remedies available to a secured party under the applicable Uniform Commercial Code in such order and in such manner as Mortgagee, in its sole discretion, may determine, including without limitation, requiring Mortgagor to assemble the Collateral and make the Collateral available to Mortgagee Mortgage (ORM Timber Fund III (REIT) lnc./Note No. 62 I 9327) at a reasonably convenient location. The expenses incurred in pursuing such remediesof retaking, includingholding, but not limited to, attorney's preparing for sale or the like shall include reasonable attorneys' fees and costs other expenses of documentary evidenceMortgagee and shall be secured by this Mortgage; and/or (d) exercise all other rights and remedies provided in this Mortgage, abstracts and title reports. Notwithstanding in any other Loan Document or other document or agreement now or hereafter securing all or any portion of the foregoingSecured Obligations, Lender shall not invoke any remedy or as provided hereunder, under the Loan Documents, at by law or in equity upon Borrower's breach of a non-monetary representation, covenant, or agreement of Borrower in this Instrument, the Note, the Environmental Indemnity Agreement or any other Loan Document, other than a breach of paragraphs 5, 19, 32(k), 32(l) or 32(n) of this Instrument, or paragraph 2 of the Environmental Indemnity Agreement, provided Borrower shall have, on or before the date that is ten (10) days after Borrower's receipt of notice thereof, cured such default or, if such default cannot be cured within such ten (10) day period, Borrower shall have commenced to cure within such ten (10) day period and is taking all actions required to diligently cure such default and such default is cured on or before the date that is thirty (30) days after Borrower's receipt of a notice to cure such default. In the event that one or more of the events of default as above provided shall occur, the remedies available to Lender shall include, but not necessarily be limited to, any one or more of the following:equity.