Common use of Additional Remedy Provisions Clause in Contracts

Additional Remedy Provisions. Borrower shall be liable for all Enforcement Expenses. No remedy referred to in this Section is intended to be exclusive, but each shall be cumulative, and shall be in addition to any other remedy referred to above or otherwise available at law or in equity, and may be exercised concurrently or separately from time to time. The failure of Lender to exercise, or delay in the exercise of, the rights granted hereunder upon any Default or Event of Default shall not constitute a waiver of any such right upon the continuation or recurrence of any such Default or Event of Default. During the continuance of a Default or Event of Default, Lender may (a) take or release other security; (b) release any party primarily or secondarily liable for the Obligations; (c) grant extensions, renewals or indulgences with respect to the Obligations; and (d) apply any other security therefor held by it to the satisfaction of the Obligations without prejudice to any of its rights hereunder. With respect to any exercise by Lender of its right to recover and/or dispose of the Financed Vehicles or other Collateral, Borrower acknowledges and agrees as follows: (i) Lender shall have no obligation, subject to the requirements of commercial reasonableness, to clean-up or otherwise prepare the Financed Vehicles or any other Collateral for disposition, and (ii) Lender shall comply with any applicable state or Federal law requirements in connection with any disposition of the Financed Vehicles or other Collateral, and any actions taken in connection therewith shall not be deemed to have adversely affected the commercial reasonableness of any disposition of such Financed Vehicles and/or other Collateral. Borrower acknowledges that if and to the extent Lender conveys the Financed Vehicles or other Collateral, it will be conveyed on an “AS IS, WHERE IS” basis, and without limiting the generality of the foregoing, Lender may specifically disclaim any and all warranties, including any warranty of title or the like with respect to the disposition of the Financed Vehicles or other Collateral. Borrower acknowledges that if Lender purchases the Financed Vehicles or other Collateral conveyed at a public or private sale pursuant hereto, Lender may pay for the same by crediting some or all of the Obligations. Lender acknowledges and agrees that so long as Borrower is the Servicer under the Servicing Agreement and the Servicer Termination Date has not occurred, in exercising any of the remedies provided for in this Article 8 with respect to the Collateral, Lender will not exercise such remedies in conflict with the obligations of the Servicer under the Servicing Agreement; provided, that upon the occurrence and during the continuance of an Event of Default nothing in this Section 8.3 shall prevent the Lender from declaring a Servicer Default under the Servicing Agreement and exercising such remedies as it has under the Servicing Agreement.

Additional Remedy Provisions. (a) Lender may foreclose this Security Instrument by action or advertisement upon written notice thereof to the Borrower, and the Borrower hereby authorizes Lender to do so, power being herein expressly granted to sell the Property at public auction without any prior hearing thereof and to convey the same to the purchaser, in fee simple, pursuant to the statutes of Minnesota in such case made and provided and, out of the proceeds arising from such sale, to pay the Debt with interest, and all legal costs and charges of such foreclosure and the maximum attorney's fees permitted by law, which costs, charges and fees the Borrower herein agrees to pay, and to pay the surplus, if any, to the Borrower, its successors or assigns; and in the event of a sale under this Security Instrument, whether by virtue of judicial proceedings or otherwise, the Property may, at the option of Lender, be sold as one parcel and as an entirety or in such parcels, manner and order as Lender in its sole discretion may elect. (b) In case of any sale of the Property pursuant to any judgment or decree of any court or otherwise in connection with the enforcement of any of the terms of this Security Instrument, Lender, its successors and assigns, may become the purchaser, and for the purpose of making settlement for or payment of the purchase price, shall be entitled to turn in and use the Note and any claims for interest, late charges, prepayment premiums and other amounts matured and unpaid thereon, together with any Other Obligations secured hereby, if any, in order that such amounts may be credited as paid on the purchase price. (c) Lender may enforce Lender's interest in the Leases and Rents in accordance with the terms and provisions of this Security Instrument and in addition to all rights and remedies provided herein, apply for the appointment of a trustee, receiver, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Obligations and without regard to waste or for the solvency of the Borrower, any guarantor or of any person, firm, or other entity liable for all Enforcement Expenses. No remedy referred to the payment of the Obligations. (d) Borrower acknowledges and agrees that the assignment of leases and rents contained in this Section is intended to be exclusive, but each shall be cumulativeSecurity Instrument, and shall Lender's rights and remedies hereunder, may be in enforced by Lender throughout the entire redemption period provided by applicable law following any foreclosure sale of all or any portion of the Property. (e) In addition to any other right or remedy referred to above or otherwise available contained in this Security Instrument, at law or in equity, and may be exercised concurrently or separately from any time to time. The failure after the occurrence of Lender to exercise, or delay in the exercise of, the rights granted hereunder upon any Default or Event of Default shall not constitute a waiver of any such right upon the continuation or recurrence of any such Default or Event of Default. During the continuance of a Default or an Event of Default, Lender may Lender, without in any way waiving such default, may: (aA) take or release other security; (b) release any party primarily or secondarily liable at Lender's option without notice to the Borrower and without regard to the adequacy of the security for the Obligations; (c) grant extensions, renewals either in person or indulgences by agent, with respect or without any action or proceeding, or by a receiver appointed by a court of competent jurisdiction pursuant to the Obligations; and (d) apply any Minnesota Statutes, Section 559.17, Subd. 2, and/or other security therefor held by it to the satisfaction applicable law, peaceably take possession of the Obligations Property and have, hold, manage, lease, sublease and operate the same as a mortgagee in possession; or (B) Lender, without prejudice to any of its rights hereunder. With respect to any exercise by Lender of its right to recover and/or dispose taking possession of the Financed Vehicles or other CollateralProperty, Borrower acknowledges and agrees as follows: (i) Lender shall have no obligation, subject to the requirements of commercial reasonableness, to clean-up may ▇▇▇ for or otherwise prepare collect and receive all Rents from the Financed Vehicles or any other Collateral for disposition, and (ii) Lender shall comply with any applicable state or Federal law requirements in connection with any disposition of Property to which the Financed Vehicles or other Collateral, and any actions taken in connection therewith shall not Borrower would otherwise be deemed to have adversely affected the commercial reasonableness of any disposition of such Financed Vehicles and/or other Collateral. Borrower acknowledges that if and to the extent Lender conveys the Financed Vehicles or other Collateral, it will be conveyed on an “AS IS, WHERE IS” basis, and without limiting the generality of the foregoing, Lender may specifically disclaim any and all warrantiesentitled, including any warranty of title or the like those past due and unpaid with respect full power to the disposition of the Financed Vehicles or other Collateral. Borrower acknowledges that if Lender purchases the Financed Vehicles or other Collateral conveyed at a public or private sale pursuant heretomake from time to time all adjustments thereto, Lender as may pay for the same by crediting some or all of the Obligations. Lender acknowledges and agrees that so long as Borrower is the Servicer under the Servicing Agreement and the Servicer Termination Date has not occurred, in exercising any of the remedies provided for in this Article 8 with respect seem proper to the Collateral, Lender will not exercise such remedies in conflict with the obligations of the Servicer under the Servicing Agreement; provided, that upon the occurrence and during the continuance of an Event of Default nothing in this Section 8.3 shall prevent the Lender from declaring a Servicer Default under the Servicing Agreement and exercising such remedies as it has under the Servicing AgreementLender.