8M Consent 2008 0902 - Laserfiche WebLink

Home

federal, state or other statute or law, or the seeking or consenting to or acquiescing in the appointment of any trustee, receiver, liquidator of Borrower or any substantial part of or all of the property of Borrower, and if any such proceeding is not dismissed within sixty (60) days; the Borrower is named in any such proceeding and the same is not dismissed within one hundred twenty (120) days. (f) Borrower uses the Loan proceeds for purposes other than those set forth in the Loan Agreement without the prior written consent of Agency. (g) The occurrence of a Transfer in violation of Section 3.2 of the Loan Agreement (h) If an event of default has been declared under a Loan Document, subject to the expiration of any applicable cure period set forth in such documents. 5. No Waiver or Consent. The failure by Holder to assert its rights upon the occurrence of an Event of Default, or the waiver by Holder of its rights upon any Event of Default, shall not constitute a consent to or waiver of Holder's rights with respect to any other Event of Default. 6. Default Interest. Upon the occurrence of any Event of Default, all principal and accrued interest thereon owing under this Note will become immediately due and, payable, and interest will accrue at the rate of twelve percent (12%) per annum, compounded annually on each anniversary of the Date of Default, as defined in the Loan Agreement. 7. Remedies. Upon the occurrence of any Event of Default, in addition to its other rights in this Note and the Loan Agreement, at law, or in equity, Holder may exercise any one or more of the following rights and remedies without prior demand: (a) accelerate and declare the entire unpaid principal balance of the Note together with ali accrued interest thereon, and all other sums owing to the Agency immediately due and payable; and (b) foreclose pursuant to the Deed of Trust; and (c) proceed at law, or in equity, to require Borrower to perform its obligations and covenants under the Loan Documents; and (d) proceed as authorized at law or in equity with respect to the Event of Default, and in connection with that, pursue any and all other remedies available under law to enforce the terms of this Agreement and any other Loan Document. Maker's Waivers. (a) Additional Security. Maker expressly agrees that Holder may accept further security for this Note, all without in any way affecting the obligations of Maker under this Note. (b) Original Liability. No extension of time for payment of this Note or any installment hereof made by agreement by Holder with any person now or hereafter liable for the payment of this Note 1113396.3 B-3 E -