Common use of Reinstatement of Rights Clause in Contracts

Reinstatement of Rights. If Lender shall have proceeded to enforce any right under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case (unless otherwise ordered by a court of competent jurisdiction), Lender shall be restored to its former position and rights hereunder with respect to the Property subject to the security interest created under this Agreement. If Lender at any time after it has accelerated the Loans chooses in its sole discretion to declare the acceleration void and reinstate the Loans, Borrower and Lender shall thereafter continue to be governed by the terms and conditions of the Loan Document as if such acceleration had not occurred.