Common use of Procedure on Default Clause in Contracts

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Lender may elect to declare the entire Obligation hereby secured immediately due and payable: (a) In the event of default in the payment of said Obligation when due or declared due, Lender, shall have all the rights and remedies of a secured party and shall be entitled to avail itself of all such other rights and remedies that may now or hereafter exist at law or in equity for the collection of the Obligation and the enforcement of the covenants herein and the foreclosure of the security interest created hereby and resort to any remedy provided hereunder or provided by the Utah Uniform Commercial Code, or by any other law of the state of Utah, shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies; and (b) In the event of default, and after notice of default has expired, at any time thereafter, without further notice, Lender may elect to take possession of the Collateral, and to avail itself to all such other rights and remedies that may now or hereafter exist at law or in equity for the repossession of the Collateral, the collection of any amounts due for the sale thereof, or any other amounts due or arising from and out of the terms of this Agreement. In the event that Lender elects to take possession of the Collateral or exercise any other self-help remedies available to it, Borrower shall allow Lender to enter the premises at which the Collateral is located and shall give Lender its full and complete cooperation in immediately identifying the Collateral provided by Lender and assist in returning the same so as to protects Lender's interest in the Collateral. Furthermore, Borrower shall hold Lender harmless with respect to any and all claims, legal or monetary, which may arise as a result of the exercise of the self-help or repossession remedies which Lender may utilize. (c) The requirement of reasonable notice to Borrower of the time and place of any public sale of the Collateral or of the time after which any private sale, or any other intended disposition thereof is to be made, shall be met if such notice is mailed, postage prepaid, to Borrower at the address of such party designated below, at least 30 days before the date of any public or private sale or other disposition is to be made.

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Lender may elect to declare the entire Obligation hereby secured Promissory Note immediately due and payable: (a) In the event of default in the payment of said Obligation the Promissory Note when due or declared due, Lender, shall have all the rights and remedies of a secured party and shall be entitled to avail itself of all such other rights and remedies that may now or hereafter exist at law or in equity for the collection of the Obligation Promissory Note and the enforcement of the covenants herein and the foreclosure of the security interest created hereby in connection with the issuance of the Promissory Note and resort to any remedy provided hereunder or provided by the Utah Uniform Commercial Code, or by any other law of the state of Utah, shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies; and (b) In the event of default, and after notice of default has expired, at any time thereafter, without further notice, Lender may elect to take possession of the Collateral, and to avail itself to all such other rights and remedies that may now or hereafter exist at law or in equity for the repossession of the Collateral, the collection of any amounts due for the sale thereof, or any other amounts due or arising from and out of the terms of this the Credit Agreement and Security Agreement. In the event that Lender elects to take possession of the Collateral or exercise any other self-help remedies available to it, Borrower shall allow Lender to enter the premises at which the Collateral is located and shall give Lender its full and complete cooperation in immediately identifying the Collateral provided by Lender and assist in returning the same so as to protects Lender's interest in the Collateral. Furthermore, Borrower shall hold Lender harmless with respect to any and all claims, legal or monetary, which may arise as a result of the exercise of the self-help or repossession remedies which Lender may utilize. (c) The requirement of reasonable notice to Borrower of the time and place of any public sale of the Collateral or of the time after which any private sale, or any other intended disposition thereof is to be made, shall be met if such notice is mailed, postage prepaid, to Borrower at the address of such party designated below, at least 30 days before the date of any public or private sale or other disposition is to be made.