WHICH CAN BE CURED BY THE PAYMENT OF A SUM OF MONEY, OR
FOR THIRTY (30) DAYS AFTER NOTICE FROM LENDER IN THE CASE OF ANY OTHER DEFAULT;
PROVIDED, HOWEVER, THAT IF SUCH NON-MONETARY DEFAULT IS SUSCEPTIBLE OF CURE BUT
CANNOT REASONABLY BE CURED WITHIN SUCH 30-DAY PERIOD AND PROVIDED FURTHER THAT
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 SUCH TIME AS IS REASONABLY
NECESSARY FOR BORROWER IN THE EXERCISE OF DUE DILIGENCE TO CURE SUCH DEFAULT,
SUCH ADDITIONAL PERIOD NOT TO EXCEED NINETY (90) DAYS.
(B)
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT (OTHER THAN AN EVENT OF DEFAULT DESCRIBED IN CLAUSES (VI) OR (VII)
ABOVE), 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, LENDER MAY
TAKE SUCH ACTION, WITHOUT NOTICE OR DEMAND (EXCEPT AS EXPRESSLY SET FORTH IN
THIS AGREEMENT , THAT LENDER DEEMS ADVISABLE TO PROTECT AND ENFORCE ITS RIGHTS
AGAINST BORROWER AND IN AND TO ALL OR ANY INDIVIDUAL PROPERTY OR MEZZANINE
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
75
OR REMEDIES PROVIDED IN THE LOAN DOCUMENTS AGAINST BORROWER AND ANY OR ALL OF
THE PROPERTIES, INCLUDING, WITHOUT LIMITATION, ALL RIGHTS OR REMEDIES AVAILABLE
AT LAW OR IN EQUITY; AND UPON ANY EVENT OF DEFAULT DESCRIBED IN CLAUSES (VI) OR
(VII) ABOVE, THE DEBT AND ALL OTHER OBLIGATIONS OF BORROWER HEREUNDER AND UNDER
THE OTHER LOAN DOCUMENTS SHALL IMMEDIATELY AND 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.
SECTION 8.2
REMEDIES.
(A)
IF AN EVENT OF DEFAULT SHALL OCCUR AND BE CONTINUING OR SHALL
EXIST, THE LENDER SHALL BE UNDER NO FURTHER OBLIGATION TO MAKE ADDITIONAL
ADVANCES HEREUNDER AND MAY DECLARE THE UNPAID PRINCIPAL AMOUNT OF THE NOTE,
INTEREST ACCRUED THEREON AND ALL OTHER AMOUNTS OWING BY THE BORROWER OR ANY
GUARANTOR HEREUNDER OR UNDER THE NOTE, THE GUARANTY OR THE OTHER LOAN DOCUMENTS
TO BE IMMEDIATELY DUE AND PAYABLE WITHOUT PRESENTMENT, DEMAND, PROTEST OR
FURTHER NOTICE OF ANY KIND.
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,