Common use of Acceleration and Other Remedies Clause in Contracts

Acceleration and Other Remedies. Upon: (a) the occurrence of an Event of Default as defined in the Agreement, or (b) Borrower selling, contracting to sell, giving an option to purchase, conveying, leasing, further encumbering, refinancing, mortgaging, assigning or alienating the Borrower’s interest in the Site (other than (i) financing or refinancing, approved by Authority or otherwise permitted pursuant to Section 604.4 of the Agreement, (ii) leasing of individual Housing United to tenants in the ordinary course of business, or (iii) a purchase option and/or right of first refusal granted to ▇▇▇▇▇▇▇▇’s general partner(s) or affiliates thereof), whether directly or indirectly, whether voluntarily or involuntarily or by operation of law, or any interest in the Site, or suffering its title, or any interest in the Site to be divested, whether voluntarily or involuntarily, without the consent of Authority or as otherwise approved or permitted under the Agreement, Authority may, at Authority’s option, declare the outstanding principal amount of this Note, together with the then accrued and unpaid interest thereon and other charges hereunder, and all other sums secured by the Deed of Trust, to be due and payable immediately, and upon such declaration, such principal and interest and other sums shall immediately become and be due and payable without demand or notice, all as further set forth in the Deed of Trust. All costs of collection, including, but not limited to, reasonable attorneys’ fees and all expenses incurred in connection with protection of, or realization on, the security for this Note, may be added to the principal hereunder, and shall accrue interest as provided herein. Authority shall at all times have the right to proceed against any portion of the security for this Note in such order and in such manner as such Authority may consider appropriate, without waiving any rights with respect to any of the security. Any delay or omission on the part of Authority in exercising any right hereunder, under the Agreement or under the Deed of Trust shall not operate as a waiver of such right, or of any other right. No single or partial exercise of any right or remedy hereunder or under the Agreement or any other document or agreement shall preclude other or further exercises thereof, or the exercise of any other right or remedy. The acceptance of payment of any sum payable hereunder, or part thereof, after the due date of such payment shall not be a waiver of Authority’s right to either require prompt payment when due of all other sums payable hereunder or to declare an Event of Default for failure to make prompt or complete payment.

Acceleration and Other Remedies. Upon: (a) the occurrence of an Event of Default as defined in the Agreement, or (b) Borrower selling, contracting to sell, giving an option to purchase, conveying, leasing, further encumbering, refinancing, mortgaging, assigning or alienating the Borrower’s interest in the Site (other than (i) financing or refinancing, approved by Authority Agency or otherwise permitted pursuant to Section 604.4 604 of the AgreementAHA, (ii) leasing of individual Housing United Units to tenants in the ordinary course of business, or (iii) a purchase option and/or right of first refusal granted to ▇▇▇▇▇▇▇▇Borrower’s general partner(s) or affiliates thereof), whether directly or indirectly, whether voluntarily or involuntarily or by operation of law, or any interest in the Site, or suffering its title, or any interest in the Site to be divested, whether voluntarily or involuntarily, without the consent of Authority Agency or as otherwise approved or permitted under the Agreement, Authority Agency may, at AuthorityAgency’s option, declare the outstanding principal amount of this Note, together with the then accrued and unpaid interest thereon and other charges hereunder, and all other sums secured by the Agency Loan Deed of Trust, to be due and payable immediately, and upon such declaration, such principal and interest and other sums shall immediately become and be due and payable without demand or notice, all as further set forth in the Agency Loan Deed of Trust. All costs of collection, including, but not limited to, reasonable attorneys’ fees and all expenses incurred in connection with protection of, or realization on, the security for this Note, may be added to the principal hereunder, and shall accrue interest as provided herein. Authority Agency shall at all times have the right to proceed against any portion of the security for this Note in such order and in such manner as such Authority Agency may consider appropriate, without waiving any rights with respect to any of the security. Any delay or omission on the part of Authority Agency in exercising any right hereunder, under the Agreement or under the Agency Loan Deed of Trust shall not operate as a waiver of such right, or of any other right. No single or partial exercise of any right or remedy hereunder or under the Agreement or any other document or agreement shall preclude other or further exercises thereof, or the exercise of any other right or remedy. The acceptance of payment of any sum payable hereunder, or part thereof, after the due date of such payment shall not be a waiver of Authority’s right to either require prompt payment when due of all other sums payable hereunder or to declare an Event of Default for failure to make prompt or complete payment.such

Acceleration and Other Remedies. Upon: (a) the occurrence of an Event of Default as defined in the Agreement, or (b) Borrower selling, contracting to sell, giving an option to purchase, conveying, leasing, further encumbering, refinancing, mortgaging, assigning or alienating the Borrower’s interest in the Site (other than (i) financing or refinancing, approved by Authority Agency or otherwise permitted pursuant to Section 604.4 604 of the AgreementAHA, (ii) leasing of individual Housing United Units to tenants in the ordinary course of business, or (iii) a purchase option and/or right of first refusal granted to ▇▇▇▇▇▇▇▇Borrower’s general partner(s) or affiliates thereof), whether directly or indirectly, whether voluntarily or involuntarily or by operation of law, or any interest in the Site, or suffering its title, or any interest in the Site to be divested, whether voluntarily or involuntarily, without the consent of Authority Agency or as otherwise approved or permitted under the Agreement, Authority Agency may, at AuthorityAgency’s option, declare the outstanding principal amount of this Note, together with the then accrued and unpaid interest thereon and other charges hereunder, and all other sums secured by the Agency Loan Deed of Trust, to be due and payable immediately, and upon such declaration, such principal and interest and other sums shall immediately become and be due and payable without demand or notice, all as further set forth in the Agency Loan Deed of Trust. All costs of collection, including, but not limited to, reasonable attorneys’ fees and all expenses incurred in connection with protection of, or realization on, the security for this Note, may be added to the principal hereunder, and shall accrue interest as provided herein. Authority Agency shall at all times have the right to proceed against any portion of the security for this Note in such order and in such manner as such Authority Agency may consider appropriate, without waiving any rights with respect to any of the security. Any delay or omission on the part of Authority Agency in exercising any right hereunder, under the Agreement or under the Agency Loan Deed of Trust shall not operate as a waiver of such right, or of any other right. No single or partial exercise of any right or remedy hereunder or under the Agreement or any other document or agreement shall preclude other or further exercises thereof, or the exercise of any other right or remedy. The acceptance of payment of any sum payable hereunder, or part thereof, after the due date of such payment shall not be a waiver of AuthorityAgency’s right to either require prompt payment when due of all other sums payable hereunder or to declare an Event of Default for failure to make prompt or complete payment.