Common use of Acceleration Interest Clause in Contracts

Acceleration Interest. In addition to any late payment charge which may be due under the Note, Mortgagor shall pay interest on all sums due hereunder at a rate (the "Default Rate") equal to the lesser of (i) the interest rate set forth in the Note plus four percent (4%) per annum, or (ii) the maximum rate permitted by law, from and after the first to occur of the following events: (A) Mortgagee elects in writing to cause the acceleration of the Indebtedness; (B) a petition under ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code, shall be filed by Mortgagor or if Mortgagor shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Security, file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, make a general assignment for the benefit of creditors, or is generally unable to pay its debts as they become due; (C) a court shall enter an order, judgment or decree appointing, with or without the consent of Mortgagor, a receiver or trustee for it or for any of the Security or approving a petition filed against Mortgagor which seeks relief under the bankruptcy or other similar laws of the ▇▇▇▇▇▇ ▇▇▇▇▇▇, any state or any other jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, ninety (90) days after it is entered; or (D) if all sums due hereunder are not paid on the Maturity Date as set forth in the Note.

Acceleration Interest. In addition to any late payment charge which may be due under the Note, Mortgagor Mortgagors shall pay interest on all sums due hereunder at a rate (the "Default Rate") equal to the lesser of (i) the interest rate set forth in the Note plus four percent (4%) per annum, or (ii) the maximum rate permitted by law, from and after the first to occur of the following events: (A) Mortgagee elects in writing to cause the acceleration of the Indebtedness; (B) a petition under ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code, shall be filed by any Mortgagor or if any Mortgagor shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Security, file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, make a general assignment for the benefit of creditors, or is generally unable to pay its debts as they become due; (C) a court shall enter an order, judgment or decree appointing, with or without the consent of any Mortgagor, a receiver or trustee for it or for any of the Security or approving a petition filed against any Mortgagor which seeks relief under the bankruptcy or other similar laws of the ▇▇▇▇▇▇ ▇▇▇▇▇▇United States, any state or any other jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, ninety (90) days after it is entered; or (D) if all sums due hereunder are not paid on the Maturity Date as set forth in the Note.

Acceleration Interest. In addition to any late payment charge which may be due under the Note, Mortgagor shall pay interest on all sums due hereunder at a rate (the "“Default Rate"”) equal to the lesser of (i) the interest rate set forth in the Note Interest Rate plus four three percent (43%) per annum, or (ii) the maximum rate permitted by law, from and after the first to occur of the following events: (A) Mortgagee sends notice to Mortgagor that it elects in writing to cause the acceleration of the Indebtedness; (B) a petition under ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code, shall be filed by or against Mortgagor or if Mortgagor shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Security, file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, make a general assignment for the benefit of creditors, or is generally be unable to pay its debts as they become due; (C) a court shall enter an order, judgment or decree appointing, with or without the consent of Mortgagor, a receiver or trustee for it or for any of the Security or approving a petition filed against Mortgagor which seeks relief under the bankruptcy or other similar laws of the ▇▇▇▇▇▇ ▇▇▇▇▇▇United States, any state or any other jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, ninety sixty (9060) days after it is entered; or (D) if all sums due hereunder are not paid on the Maturity Date (as set forth defined in the Note).