BE IN FULL FORCE
AND EFFECT OR SHALL BE DECLARED NULL AND VOID.
THE VALIDITY OF ENFORCEABILITY
THE LOAN DOCUMENTS SHALL BE CONTESTED BY DEBTOR OR ANY OTHER PERSON PARTY
THERETO OR DEBTOR SHALL DENY IT HAS ANY FURTHER LIABILITY OR OBLIGATION UNDER
THE LOAN DOCUMENTS.
Nothing contained in this Agreement shall be construed to limit the events of
default enumerated in any of the other Loan Documents and all such events of
default shall be cumulative.
12.
REMEDIES AND RELATED RIGHTS.
IF AN EVENT OF
DEFAULT SHALL HAVE OCCURRED, AND WITHOUT LIMITING ANY OTHER RIGHTS AND REMEDIES
PROVIDED HEREIN, UNDER ANY OF THE LOAN DOCUMENTS OR OTHERWISE AVAILABLE TO
LENDER, LENDER MAY EXERCISE ONE OR MORE OF THE RIGHTS AND REMEDIES PROVIDED IN
THIS SECTION.
(A)
REMEDIES.
UPON THE OCCURRENCE OF ANY ONE
OR MORE OF THE FOREGOING EVENTS OF DEFAULT, (I) THE ENTIRE UNPAID BALANCE OF
PRINCIPAL OF THE NOTE, TOGETHER WITH ALL ACCRUED BUT UNPAID INTEREST THEREON,
AND ALL OTHER INDEBTEDNESS OWING TO LENDER BY DEBTOR AT SUCH TIME SHALL, AT THE
OPTION OF LENDER, BECOME IMMEDIATELY DUE AND PAYABLE WITHOUT FURTHER NOTICE,
DEMAND, PRESENTATION, NOTICE OF DISHONOR, NOTICE OF INTENT TO ACCELERATE, NOTICE
OF ACCELERATION, PROTEST OR NOTICE OF PROTEST OF ANY KIND, ALL OF WHICH ARE
EXPRESSLY WAIVED BY DEBTOR, AND (II) LENDER MAY, AT ITS OPTION, CEASE FURTHER
ADVANCES UNDER THE NOTE AND THIS AGREEMENT; PROVIDED, HOWEVER, CONCURRENTLY AND
AUTOMATICALLY WITH THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER SUBSECTION
11(E) FURTHER ADVANCES UNDER THE LOAN DOCUMENTS SHALL AUTOMATICALLY CEASE, THE
INDEBTEDNESS AT SUCH TIME SHALL, WITHOUT ANY ACTION BY LENDER, BECOME DUE AND
PAYABLE, WITHOUT FURTHER NOTICE, DEMAND, PRESENTATION, NOTICE OF DISHONOR,
NOTICE OF ACCELERATION, NOTICE OF INTENT TO ACCELERATE, PROTEST OR NOTICE OF
PROTEST OF ANY KIND, ALL OF WHICH ARE EXPRESSLY WAIVED BY DEBTOR.
ALL RIGHTS
AND REMEDIES OF LENDER SET FORTH IN THIS AGREEMENT AND IN ANY OF THE OTHER LOAN
DOCUMENTS MAY ALSO BE EXERCISED BY LENDER, AT ITS OPTION TO BE EXERCISED IN ITS
SOLE DISCRETION, UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, AND NOT IN
SUBSTITUTION OR DIMINUTION OF ANY RIGHTS NOW OR HEREAFTER HELD BY LENDER UNDER
THE TERMS OF ANY OTHER AGREEMENT.
(B)
OTHER REMEDIES.
LENDER MAY FROM TIME TO
TIME AT ITS DISCRETION, WITHOUT LIMITATION AND WITHOUT NOTICE EXCEPT AS
EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS:
(I)
EXERCISE IN RESPECT OF THE COLLATERAL
ALL THE RIGHTS AND REMEDIES OF A SECURED PARTY UNDER THE CODE (WHETHER OR NOT
THE CODE APPLIES TO THE AFFECTED COLLATERAL);
(II)
REQUIRE DEBTOR TO, AND DEBTOR HEREBY
AGREES THAT IT WILL AT ITS EXPENSE AND UPON REQUEST OF LENDER, ASSEMBLE THE
COLLATERAL AS DIRECTED BY LENDER AND MAKE IT AVAILABLE TO LENDER AT A PLACE TO
BE DESIGNATED BY LENDER WHICH IS REASONABLY CONVENIENT TO BOTH PARTIES;
(III)
REDUCE ITS CLAIM TO JUDGMENT OR FORECLOSE OR
OTHERWISE ENFORCE, IN WHOLE OR IN PART, THE SECURITY INTEREST GRANTED HEREUNDER
BY ANY AVAILABLE JUDICIAL PROCEDURE;
13
(IV)