5. HRSR 05-02-2011 - Laserfiche WebLink

Home Browse Search

the Lender's right to declare an Event of Default and exercise its rights and remedies as provided for in the Loan Agreement and the Mortgage. Each Semiannual Installment and other payments made under this note .shall be applied as follows, (i) first, to be applied against and pay interest which has accrued and remains unpaid on the date the payment is received, then (ii) to be applied against and pay unpaid late charges and any other charges, including attorneys' fees and protective advances, and then (iii) all remaining amounts, if any, shall be applied against and reduce the .then outstanding principal balance of this note. If an Event of Default shall occur hereunder or under the Loan Agreement or the Mortgage and any cure period provided for in the Loan Agreement or the Mortgage has expired, the Borrower agrees to pay a default rate of interest equal to ten percent (10.00%) per annum as the applicable interest rate of this note, and the entire principal amount outstanding, accrued interest and any other charges due hereon shall at once become due and payable at the option of the Lender or the holder hereof. Any failure of the Lender to exercise its right to increase the interest rate by the default rate of interest set forth above or its option to accelerate this note at any time shall not constitute a waiver of the right to exercise the same right to increase the interest rate or accelerate at any subsequent time. Notwithstanding anything contained herein to the contrary, the default rate of interest hereon shall never exceed the highest rate permitted by law. The Borrower may prepay the principal under this note at any time and from time to time, in whole or in part, without premium or penalty. No partial prepayment shall postpone the due date of any Semiannual Installment or reduce the amount of any such Semiannual Installment unless the Lender agrees otherwise in writing. All sums payable to the Lender under this note shall be paid in immediately available funds. The Borrower promises to pay all costs in connection with the enforcement of this note, including but not limited to, those costs, expenses and attorneys' fees of Lender whether or not suit is filed with respect thereto and whether or not such cost or expense is paid or incurred or to be paid or incurred prior to or after the entry of judgment or for the pursuance of, or defense of, any litigation, appellate, bankruptcy or insolvency proceeding. Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, guarantors and endorsers hereof. This note shall be binding upon Borrower, its successors and assigns. The remedies of Lender, as provided herein and in the Loan Agreement and the Mortgage, shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. 385594v3 JSB EL185-12 -2-