LENDER'S REMEDIES UPON BORROWER'S DEFAULT Clause Samples
The "Lender's Remedies Upon Borrower's Default" clause defines the actions a lender is entitled to take if the borrower fails to meet their obligations under the loan agreement. Typically, this clause outlines specific remedies such as accelerating the loan balance, initiating foreclosure on collateral, or pursuing legal action to recover outstanding amounts. By clearly specifying the lender's rights in the event of default, this clause provides a framework for resolving breaches and protects the lender's interests, ensuring there are enforceable consequences if the borrower does not fulfill their commitments.
POPULAR SAMPLE Copied 1 times
LENDER'S REMEDIES UPON BORROWER'S DEFAULT. 8.1 Borrower agrees that all of the loans and advances made by Lender under the terms of this Agreement, together with all Obligations of Borrower as defined herein (unless otherwise provided in any instrument evidencing the same or agreement relating thereto), shall be payable by Borrower at Lender's demand at the office of Lender in New York, New York. In addition, all Obligations shall be, at Lender's option, due and payable without notice or demand upon termination of this Agreement or upon the occurrence of any one or more of the following events of default ("Default"): (a) if Borrovier shall fail to-pay to Lender when due any amounts owing to Lender under any Obligation, or shall breach any of the terms, covenants, conditions or provisions of this Agreement or any other agreement between the parties; (b) if any guarantor, endorser or other person-liable on the Obligations shall die, terminate its guaranty or shall breach any of the terms, covenants, conditions or provisions of any.guarantee, endorsement or other agreement of such person with, or in favor of, Lender; (c) if any representation, warranty, or statement of fact made to Lender at any time by or on behalf of Borrower is false or misleading in any material respect; (d) if Borrower shall become insolvent, is generally unable to pay its debts as they mature, files or has filed against it a petition in bankruptcy, liquidation or reorganization, or if a judgment against Borrower remains unpaid,_unstayed or undismissed for a period of more than five days, or if Borrower discontinues doing business for any reason, or if a custodian; receiver or trustee of any kind is appointed for it or any of its property; (e) if there is a change (by voluntary transfer, death or otherwise) in Borrower's controlling stockholders or owners; or (f) if at any time Lender shall, in its sole discretion, reasonably exercised, consider the Obligations insecure or any part of the Receivables unsafe, insecure or insufficient and Borrower shall not on demand furnish other collateral or make payment on account, satisfactory to Lender. Upon the occurrence of any Default, (i) Borrower shall pay to Lender, as liquidated damages and as part of the Obligations, a charge at the rate of two percent per month upon the unpaid balance of the Obligations from the date of Default until the date of full payment of the Obligations, which charge shall be in lieu of compensation payable under Section 3.1 from such date; provided, that in n...
LENDER'S REMEDIES UPON BORROWER'S DEFAULT. Upon an Event of Default by Borrower and thirty (30) days after written notification to Borrower as specified in Section 6(a), Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it):
(a) Declare the principal amount of the Loan and any accrued and unpaid interest thereon to be immediately due and payable;
(b) Suspend its performance under this Loan Agreement; and
(c) Take any action provided for at law or in equity deemed necessary or desirable by Lender to enforce compliance by Borrower with the terms of the Loan Documents.
LENDER'S REMEDIES UPON BORROWER'S DEFAULT. Upon an Event of Default by Borrower and after provision by Lender of written notice, Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it):
(a) declare the principal amount of the Loan and any accrued interest thereon to be immediately due and payable upon providing written notice to Borrower;
(b) suspend its performance under this Loan Agreement;
(c) take any action provided for at law to enforce compliance by Borrower with the terms of this Agreement and the Note;
(d) exercise its rights under the Guaranty; and
(e) exercise its rights under the Mortgage. In addition to any other amounts due on the Loan, and without waiving any other right of Lender under any this Agreement or any other instrument securing the Loan applicable documents, Borrower shall pay to Lender a late fee of $250 for any payment not received in full by Lender within 30 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on any amount due until the date on which it is paid to Lender, and all such interest will be due and payable at the same time as the amount on which it has accrued.
LENDER'S REMEDIES UPON BORROWER'S DEFAULT. Upon an Event of Default by Borrower and after provision by Lender of written notice, and subject to any cure or grace periods contained in the Loan Documents, Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it):
(a) declare the principal amount of the Loan and any accrued interest thereon to be immediately due and payable upon providing written notice to Borrower;
(b) suspend its performance under this Loan Agreement;
(c) take any action provided for at law to enforce compliance by Borrower with the terms of this Agreement and the Note;
(d) exercise its rights under the Mortgage. In addition to any other amounts due on the Loan, and without waiving any other right of Lender under any this Agreement or any other instrument securing the Loan applicable documents, Borrower shall pay to Lender a late fee of $250 for any payment not received in full by Lender within 30 calendar days of the date on which it is due. Furthermore, interest will continue to accrue on any amount due until the date on which it is paid to Lender, and all such interest will be due and payable at the same time as the amount on which it has accrued.
LENDER'S REMEDIES UPON BORROWER'S DEFAULT. Upon an Event of Default by Borrower beyond any applicable notice or cure period provided for herein, and to the extent no cure period is provided herein, thirty (30) days after written notification is received by Borrower, Lender shall have the right to exercise any or all of the following remedies (and any other rights and remedies available to it):
(a) Declare the principal amount of the Loan and any accrued and unpaid interest thereon to be immediately due and payable;
(b) Suspend its performance under this Agreement; and
(c) Take any action provided for at law or in equity deemed necessary or desirable by Lender to enforce compliance by Borrower with the terms of the Loan Documents.