Acceleration; Default Rate. Upon the occurrence of an Event of Default, the City may declare, at its sole option and without any further notice, the entire indebtedness evidenced hereby immediately due and payable in full, and, from the time of exercise of such option, the entire indebtedness shall bear interest at an annual rate of 10% (the “Default Rate”). Failure to exercise this option or any other right the City may have shall not constitute a waiver of the right to exercise such option or any other right in the event of any subsequent Event of Default.
Acceleration; Default Rate. If any Event of Default shall occur and be continuing, the entire principal sum and accrued interest thereon, together with costs and (to the extent permitted under applicable law) reasonable attorneys’ fees incurred by the Bank in collecting or enforcing payment, shall, at the option of the Bank, immediately become due and payable, anything herein contained to the contrary notwithstanding, time being of the essence. In an Event of Default, the Bank shall also have any and all other rights and remedies under the Loan Documents, by applicable law or in equity. If an Event of Default shall occur and be continuing, the Bank, at its option, even if acceleration has not occurred, may increase the interest rate on the outstanding principal balance under this Note to the Default Rate. The whole of the outstanding principal sum shall bear interest at the Default Rate from and after maturity whether or not resulting from acceleration.
Acceleration; Default Rate. Upon the occurrence of an Event of Default, without any action required on the part of Holder, the entire unpaid Principal Amount, together with all accrued but unpaid interest and all other sums due from Maker hereunder, shall become immediately due and payable, and Holder may exercise any one or more remedies and rights available under this Note and/or applicable law. Upon the occurrence of an Event of Default, the interest payable on the outstanding Principal Amount shall thereafter accrue at a rate per annum equal to 16.25% until such Event of Default is cured.
