Common use of Breach; Remedies Clause in Contracts

Breach; Remedies. Subject to the terms and conditions of the Senior Mortgage, upon Borrower's breach of the STATUTORY CONDITION or any covenant or agreement of Borrower in the Note or this Mortgage, including the covenant to pay when due any sums secured by this Mortgage, Lender, prior to acceleration shall give notice to Borrower as provided in paragraph 10 hereof specifying; (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the STATUTORY POWER OF SALE and any other remedy permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees, all of which shall be secured by this Mortgage. If Lender invokes the STATUTORY POWER OF SALE, Lender shall mail a copy of a notice of sale to Borrower, and to any other person required by applicable law, in the manner provided by applicable law. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by any mortgage with a lien which has priority over this Mortgage; (c) to all sums secured by this Mortgage; and (d) the excess, if any, to the person or persons legally entitled thereto.

Breach; Remedies. Subject to the terms and conditions of the Senior First Mortgage and the Second Mortgage, upon Borrower's ’s breach of the STATUTORY CONDITION Statutory Condition or any covenant or agreement of Borrower in the Note SoftSecond Subsidy Note, the SoftSecond Subsidy Agreement or this MortgageSoftSecond Subsidy Mortgage that is capable of being cured, including the covenant to pay when due any sums secured by this SoftSecond Subsidy Mortgage, LenderProvider, prior to acceleration shall give notice to Borrower as provided in paragraph 10 hereof specifying; (1) the breach; (2) the action required to cure such breachbreach if capable of being cured; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; , and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this SoftSecond Subsidy Mortgage and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the such breach is not cured on or before the date specified in the notice, LenderProvider, at Lender's Provider’s option, may declare all of the sums secured by this SoftSecond Subsidy Mortgage to be immediately due and payable without further demand and may invoke the STATUTORY POWER OF SALE and any other remedy remedies permitted by applicable law. Lender Provider shall be entitled entitle to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees’ fees (including the time of any in-house counsel of lender, charged at the same rate as comparable outside attorneys), all of which shall be secured by this SoftSecond Subsidy Mortgage. If Lender Provider invokes the STATUTORY POWER OF SALE, Lender Provider shall mail a copy of a notice of sale to Borrower, and to any other person required by applicable law, in the manner provided by applicable law. Lender Provider shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender Provider or Lender's Provider’s designee may purchase the property Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including reasonable attorneys' ’ fees (including the time of any in-house counsel of lender, charged at the same rate as comparable outside attorneys) and costs of title evidence; (b) to all sums secured by any mortgage with a lien which has priority over this Mortgage; (c) to all sums secured by this SoftSecond Subsidy Mortgage; and (dc) the excess, if any, to the person or persons legally entitled thereto.

Breach; Remedies. Subject to the terms and conditions of the Senior First Mortgage and the Second Mortgage, upon Borrower's Xxxxxxxx’s breach of the STATUTORY CONDITION Statutory Condition or any covenant or agreement of Borrower in the Note SoftSecond Subsidy Note, the SoftSecond Subsidy Agreement or this MortgageSoftSecond Subsidy Mortgage that is capable of being cured, including the covenant to pay when due any sums secured by this SoftSecond Subsidy Mortgage, LenderProvider, prior to acceleration shall give notice to Borrower as provided in paragraph 10 hereof specifying; (1) the breach; (2) the action required to cure such breachbreach if capable of being cured; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; , and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this SoftSecond Subsidy Mortgage and sale of the Property. The notice shall further inform Borrower Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the such breach is not cured on or before the date specified in the notice, LenderProvider, at Lender's Provider’s option, may declare all of the sums secured by this SoftSecond Subsidy Mortgage to be immediately due and payable without further demand and may invoke the STATUTORY POWER OF SALE and any other remedy remedies permitted by applicable law. Lender Provider shall be entitled entitle to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees’ fees (including the time of any in-house counsel of lender, charged at the same rate as comparable outside attorneys), all of which shall be secured by this SoftSecond Subsidy Mortgage. If Lender Provider invokes the STATUTORY POWER OF SALE, Lender Provider shall mail a copy of a notice of sale to Borrower, and to any other person required by applicable law, in the manner provided by applicable law. Lender Provider shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender Provider or Lender's Provider’s designee may purchase the property Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including reasonable attorneys' ’ fees (including the time of any in-house counsel of lender, charged at the same rate as comparable outside attorneys) and costs of title evidence; (b) to all sums secured by any mortgage with a lien which has priority over this Mortgage; (c) to all sums secured by this SoftSecond Subsidy Mortgage; and (dc) the excess, if any, to the person or persons legally entitled thereto.

Breach; Remedies. Subject If Vendor (i) refuses or fails to make deliveries of any goods and/or services that comprise the terms Work specified under this Purchase Order or in any shipping release issued to Vendor within the time frame specified therein, (ii) fails to perform any provision of this Purchase Order and conditions does not cure such failure within ten (10) days (or such shorter period of time as Company may determine, if commercially reasonable under the Senior Mortgagecircumstances) after receipt of verbal or written notice from Company specifying such failure, upon Borrower's breach of the STATUTORY CONDITION or any covenant or agreement of Borrower (iii) Vendor admits in the Note or this Mortgage, including the covenant writing to its inability to pay when due any sums secured its debts as they become due, commences a bankruptcy, insolvency, receivership, or similar proceeding, or makes a general assignment for the benefit of creditors, or (iv) Vendor becomes a debtor in a bankruptcy, insolvency, receivership, or similar proceeding commenced by this Mortgagea third party that is not dismissed within thirty (30) days after commencement, Lender, prior to acceleration then Company shall give notice to Borrower as provided in paragraph 10 hereof specifying; (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Borrower of have the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the upon written notice, Lenderwithout liability or penalty, at Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the STATUTORY POWER OF SALE and any other remedy permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees, all of which shall be secured by this Mortgage. If Lender invokes the STATUTORY POWER OF SALE, Lender shall mail a copy of a notice of sale to Borrower, and to any other person required by applicable law, in the manner provided by applicable law. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or Lender's designee may purchase the property at any sale. The proceeds of the sale shall be applied in the following order: (a) terminate this Purchase Order, in whole or in part, and Vendor shall be liable to Company for all reasonable costs damages, losses and expenses liability incurred by Company, whether directly or indirectly, and including any consequential damages, resulting from Vendor’s breach, including any damages or losses incurred by Company under the Prime Contract with respect to any such breach by Vendor; (b) obtain the Work ordered herein from another source, with any excess cost resulting therefrom chargeable to, and payable by, Vendor; and/or (c) setoff or reduce all claims for money due or to become due from Company to Vendor to the extent Company is damaged by Vendor’s failure to perform. The remedies of Company herein provided are cumulative and in addition to any other remedies available to Company at law or in equity. Additionally, in the event of (i) any bankruptcy, insolvency, receivership or similar proceeding is initiated by Vendor, (ii) any bankruptcy, insolvency, receivership or similar proceeding is initiated against Vendor by a third party that is not dismissed within thirty (30) days of commencement, or (iii) any claims are filed against Company or its surety or any notices or levies involving tax delinquencies being served upon Company by reason of Vendor’s non-payment of any such items, then Company shall have the right to withhold any unpaid balances due to Vendor under this Purchase Order and to apply such sums to any such items to insure complete delivery of the saleWork and shall be further entitled to reimbursement from Vendor for any and all damages, losses and expenses, including reasonable attorneys' ’ fees and costs incurred by Company as a result of title evidence; (b) to all sums secured by any mortgage with a lien which has priority over this Mortgage; (c) to all sums secured by this Mortgage; and (d) the excess, if any, to the person or persons legally entitled theretosuch event.

Breach; Remedies. Subject to the terms and conditions of the Senior Mortgage, upon BorrowerXxxxxxxx's breach of the STATUTORY CONDITION or any covenant or agreement of Borrower in the Note or this Mortgage, including the covenant to pay when due any sums secured by this Mortgage, Lender, prior to acceleration shall give notice to Borrower as provided in paragraph 10 hereof specifying; (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 10 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further inform Borrower Xxxxxxxx of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at LenderXxxxxx's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the STATUTORY POWER OF SALE and any other remedy permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees, all of which shall be secured by this Mortgage. If Lender invokes the STATUTORY POWER OF SALE, Lender shall mail a copy of a notice of sale to Borrower, and to any other person required by applicable law, in the manner provided by applicable law. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by applicable law. Lender or LenderXxxxxx's designee may purchase the property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by any mortgage with a lien which has priority over this Mortgage; (c) to all sums secured by this Mortgage; and (d) the excess, if any, to the person or persons legally entitled thereto.