Events of Default Enforcement. Application of Proceeds. -------------------------------------------------------
Events of Default Enforcement. In the event of a default in the performance or observance of any covenant, agreement or obligation as set forth in this Declaration and, if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Successor Agency, or such longer period as may be approved by the Successor Agency in writing in its sole discretion, then the Successor Agency may declare that an event of default has occurred hereunder and may take any one or more of the following steps, at its option:
Events of Default Enforcement. The occurrence of any of the following shall be an “Event of Default”: (a) non-payment of (i) any principal of or interest or fee hereon within 5 business days after such amount is due, or (ii) any other indebtedness or liabilities of the Borrower owing to the Bank within 5 business days after such amount is due; (b) breach of any term or condition of the Guaranty; (c) any representation made by the Borrower or any guarantor hereof in this Agreement is untrue in any material respect; (d) dissolution, termination or insolvency of the Borrower or any material guarantor of the Loans; (e) the institution by or against the Borrower or any material guarantor of the Loans of any involuntary bankruptcy or similar proceeding for the relief of debtors or the appointment of any receiver for any such party or any of its property (and such proceeding or petition shall continue undismissed or unstayed for sixty (60) days); and (f) the making of an assignment for the benefit of creditors by the Borrower or any guarantor of the Loans. During the existence of any Event of Default, the Bank may, by notice to the Borrower, take either or both of the following actions: (i) terminate the Loan Account and any other obligation of the Bank to extend any further credit hereunder on the date (which may be the date thereof) stated in such notice; and (ii) declare the principal of and accrued interest on the Loans and all other amounts owing under this Agreement to be immediately due and payable, without further demand, presentment, protest, or notice of any kind. When any Event of Default described in clause (e) or (f) above regarding the Borrower has occurred and is continuing, then both principal and interest, and all other amounts payable under this Agreement shall immediately become due and payable without presentment, demand, protest or notice of any kind, and the obligation of the Bank to extend further credit pursuant to any of the terms hereof shall immediately terminate. No delay by the Bank in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Bank of any right or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. The Borrower agrees to pay to the Bank all reasonable out-of-pocket costs and expenses incurred or paid by the Bank in connection with the collection of the Loans and any other amounts due under this Agreement or any guarantee, including, without li...
Events of Default Enforcement
