AND BORROWER SHALL HAVE COMMENCED TO CURE SUCH DEFAULT WITHIN SUCH
THIRTY (30) DAY PERIOD AND THEREAFTER DILIGENTLY AND EXPEDITIOUSLY PROCEEDS TO
CURE THE SAME, SUCH THIRTY (30) DAY PERIOD SHALL BE EXTENDED FOR SO LONG AS IT
SHALL REQUIRE BORROWER IN THE EXERCISE OF DUE DILIGENCE TO CURE SUCH DEFAULT, IT
BEING AGREED THAT NO SUCH EXTENSION SHALL BE FOR A PERIOD IN EXCESS OF SIXTY
(60) DAYS; OR
(X)
IF A MORTGAGE LOAN EVENT OF DEFAULT OCCURS.
Section 11.2.
REMEDIES
(A)
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT (OTHER THAN AN EVENT OF
DEFAULT DESCRIBED IN SECTION 11.1(F) ABOVE) AND AT ANY TIME THEREAFTER DURING
THE CONTINUANCE OF SUCH EVENT OF DEFAULT LENDER MAY, IN ADDITION TO ANY OTHER
RIGHTS OR REMEDIES AVAILABLE TO IT PURSUANT TO THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS OR AT LAW OR IN EQUITY, TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND,
THAT LENDER DEEMS ADVISABLE TO PROTECT AND ENFORCE ITS RIGHTS AGAINST BORROWER
AND IN THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, DECLARING THE DEBT TO BE
IMMEDIATELY DUE AND PAYABLE, AND LENDER MAY ENFORCE OR AVAIL ITSELF OF ANY OR
ALL RIGHTS OR REMEDIES PROVIDED IN THE LOAN DOCUMENTS AND MAY EXERCISE ALL THE
RIGHTS AND REMEDIES OF A SECURED PARTY UNDER THE UCC, AS ADOPTED AND ENACTED BY
THE STATE OF NEW YORK, AGAINST BORROWER AND THE COLLATERAL (OR ANY PORTION
THEREOF), INCLUDING, WITHOUT LIMITATION, ALL RIGHTS OR REMEDIES AVAILABLE AT LAW
OR IN EQUITY; AND UPON ANY EVENT OF DEFAULT DESCRIBED IN SECTION 11.1(F) ABOVE,
THE DEBT AND ALL OTHER OBLIGATIONS OF BORROWER HEREUNDER AND UNDER THE OTHER
LOAN DOCUMENTS SHALL IMMEDIATELY AND
84
automatically become due and payable, without notice or demand, and Borrower
hereby expressly waives any such notice or demand, anything contained herein or
in any other Loan Document to the contrary notwithstanding.
(B)
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT, ALL OR ANY ONE OR MORE OF THE RIGHTS, POWERS, PRIVILEGES AND OTHER
REMEDIES AVAILABLE TO LENDER AGAINST BORROWER UNDER THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED BY, OR APPLICABLE TO, BORROWER OR AT
LAW OR IN EQUITY MAY BE EXERCISED BY LENDER AT ANY TIME AND FROM TIME TO TIME,
WHETHER OR NOT ALL OR ANY OF THE DEBT SHALL BE DECLARED DUE AND PAYABLE, AND
WHETHER OR NOT LENDER SHALL HAVE COMMENCED ANY FORECLOSURE PROCEEDING OR OTHER
ACTION FOR THE ENFORCEMENT OF ITS RIGHTS AND REMEDIES UNDER ANY OF THE LOAN
DOCUMENTS WITH RESPECT TO THE COLLATERAL.
ANY SUCH ACTIONS TAKEN BY LENDER
SHALL BE CUMULATIVE AND CONCURRENT AND MAY BE PURSUED INDEPENDENTLY, SINGULARLY,
SUCCESSIVELY, TOGETHER OR OTHERWISE, AT SUCH TIME AND IN SUCH ORDER AS LENDER
MAY DETERMINE IN ITS SOLE DISCRETION, TO THE FULLEST EXTENT PERMITTED BY LAW,
WITHOUT IMPAIRING OR OTHERWISE AFFECTING THE OTHER RIGHTS AND REMEDIES OF LENDER
PERMITTED BY LAW, EQUITY OR CONTRACT OR AS SET FORTH HEREIN OR IN THE OTHER LOAN
DOCUMENTS.
ARTICLE 12
ENVIRONMENTAL PROVISIONS