Common use of Breach of Contract and Liability Clause in Contracts

Breach of Contract and Liability. 13.1 Any of the conditions below shall be deemed as a Breach of Contract by Mortgagers: (a) Any breach of the Equity Purchase Agreement by Mortgagers; (b) Value of the Collateral decreased due to the fault of any of the Mortgagers; (c) Mortgagers’ insurance obligations under Article X were not fulfilled; or (d) Mortgagers disposed or set up mortgage on the Collateral without written consent of Mortgagee. 13.2 Upon the occurrence of any of Breach of Contract set forth in this Agreement, Mortgagee shall be entitled to (not as an obligation), one or more remedies set forth below as indemnification: (a) Requiring Mortgagers to provide guarantees equivalent to the decreased value of the Collateral; (b) Requiring Mortgagers to pay all the Secured Debt; (c) Realizing the mortgage under this Agreement; (d) Requiring Mortgagers to indemnify the damages of Mortgagee directly caused by its Breach of Contract.