Filing by Borrower Sample Clauses
Filing by Borrower of a voluntary petition in bankruptcy or filing by Borrower of any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, or similar relief for itself under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, or the seeking, consenting to, or acquiescing by Borrower in the appointment of any trustee, receiver, custodian, conservator or liquidator for Borrower, any part of the Property, or any of the income or rents of the Property, or the making by Borrower of any general assignment for the benefit of creditors, or the inability of or failure by Borrower to pay its debts generally as they become due, or the insolvency on a balance sheet basis or business failure of Borrower, or the making or suffering of a preference within the meaning of federal bankruptcy law or the making of a fraudulent transfer under applicable federal or state law, or concealment by Borrower of any of its property in fraud of creditors, or the imposition of a lien upon any of the property of Borrower which is not discharged in the manner permitted by Section 4 of this Instrument, or the giving of notice by Borrower to any governmental body of insolvency or suspension of operations; or
Filing by Borrower or Surety of a -------------------- voluntary petition in bankruptcy or a voluntary petition or any answer seeking reorganization, arrangement, readjustment of its or their debts or for any other relief under the Bankruptcy Code, or under any other existing or future federal or state insolvency act or law, or any formal written consent to, approval of, or acquiescence in, any such petition or proceeding by Borrower or the Surety, the application by Borrower or the Surety for, or the appointment by consent or acquiescence of, a receiver or trustee of, Borrower or the Surety or for all or a substantial part of its or their property, or the making by Borrower or the Surety of an assignment for the benefit of creditors.
Filing by Borrower or Guarantor of a voluntary petition in bankruptcy; (i) Breach of any of the covenants, agreements or obligations contained in the Loan Authorization and Guaranty Agreement; or (j) The dissolution or other business failure of Borrower or Guarantor. Any sums expended by ▇▇▇▇▇▇ pursuant to the exercise of any remedy provided in this Paragraph 4 shall be part of the indebtedness owing by Borrower to Lender. Should a default occur and be continuing, Lender may, at its election, do any one or more of the following:
(a) Without notice or grace (except as expressly provided for above), notice of intent to accelerate, notice of acceleration, demand, notice of intent to demand, notice of demand or presentment, which are all hereby expressly waived, declare the unpaid principal balance and accrued interest of the indebtedness immediately due and payable.
(b) So far as Borrower and Guarantor are concerned, and without notice to Borrower or Guarantors, which is hereby expressly waived, take possession of the Property, and at ▇▇▇▇▇▇'s option, in the name and on behalf of Borrower and Guarantor, do any one or more of the following: (i) assume the rights, powers and duties of Borrower and Guarantor under any contract entered into by them and (ii) pay all bills of, and settle or compromise any claims against ▇▇▇▇▇▇▇▇ and Guarantor.
(c) Pursue any remedy available to Lender at law or in equity, including without limitation foreclosure of the Vendor's and Deed of Trust liens against the Property, institute collection of the Loan against Guarantor or exercise any and all other rights and remedies afforded Lender under the terms of the collateral documents executed in connection with the Loan.