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13 <br />(j) If the Borrower violates any law, rule, ordinance, or regulation and fails to <br />cure or take action to cure such default within five (5) calendar days. <br />(k) If any representation or warranty contained in the Loan Documents or any <br />certificate furnished in connection with the foregoing or in connection with any request for disbursement of Loan Proceeds proves to have been false or misleading in any material adverse <br />respect when made. <br />If the Borrower defaults in the performance of any term, provision, covenant or agreement (other <br />than an obligation enumerated in this Section 6), and unless such document specifies a shorter <br />cure period for such default, the default continues for five (5) days in the event of a monetary default or thirty (30) days in the event of a nonmonetary default after the date upon which Lender shall have given written notice of the default to Borrower (or such longer time as Lender <br />may agree upon in writing), provided that in each case Borrower commences to cure the default <br />within thirty (30) days and thereafter prosecutes the curing of such default with due diligence <br />and in good faith. <br />7. REMEDIES. Upon the occurrence of an Event of Default, Lender shall have all remedies <br />available to it under law or equity, including, but not limited to the following, and Lender may, <br />at its election, without notice to or demand upon Borrower, except for notices or demands <br />required by law or expressly required pursuant to the Loan Documents, exercise one or more of <br />the following remedies: <br />a) Accelerate and declare the balance of the Note and interest accrued thereon <br />immediately due and payable; <br />b) Seek specific performance to enforce the terms of the Loan Documents and this <br />Note; <br />c) Execute all documents and take all actions necessary to insure that Borrower is paid any and all assessments or payments due to Lender first to satisfy the Note; <br /> d) Pursue any and all other remedies available under law or equity to enforce the <br /> terms of the Loan Documents, the Note and Lender’s rights thereunder. <br />8. DEFAULT RATE. Upon the occurrence of an Event of Default, interest shall <br />automatically be increased without notice to the rate of ten percent (10%) per annum (the “Default Rate"); provided however, if any payment due hereunder is not paid when due, the <br />Default Rate shall apply commencing upon the due date for such payment. When Borrower is <br />no longer in default, the Default Rate shall no longer apply, and the interest rate shall once again <br />be the rate specified in Section 1 of this Note. Notwithstanding the foregoing provisions, if the <br />interest rate charged exceeds the maximum legal rate of interest, the rate shall be the maximum rate permitted by law. The imposition or acceptance of the Default Rate shall in no event <br />constitute a waiver of a default under this Note or prevent Lender from exercising any of its <br />other rights or remedies reserved. <br />9. MISCELLANEOUS