Laserfiche WebLink
shall have remained in force undischarged or unstayed for a period of thirty (30) <br />days. <br />(b) Any judgment, attachment, garnishment or other similar process is <br />entered against Borrower or against any property or assets of Borrower and is not <br />released, satisfied or discharged or bonded to Lender's satisfaction within thirty <br />(30) days of entry. <br />(c) A transfer which violates by Paragraph 9 hereof, Encumbrances <br />and Transfer, occurs. <br />(d) Borrower: (i) fails to pay any amount due under the Other <br />Financing, this Agreement, the Note the Security Agreement, or when due; or (ii) <br />fails to perform any other obligation to be performed under the Other Financing, <br />this Agreement, the Note, the Security Agreement or any other document <br />executed by Borrower pursuant to this Agreement and such failure continues <br />beyond any applicable cure period. <br />(e) Any representation or warranty by Borrower contained herein or in <br />the Note, the Security Agreement, the Contracts for Deed or any other instrument <br />required hereunder is false or untrue in any material respect when made. <br />(f) Borrower fails to timely: (i) purchase the Equipment; (ii) take <br />delivery of the Equipment; (iii) complete the Expansion (which will be deemed <br />timely if completed by November 1, 2013); or (iv) provide Lender any <br />information necessary for Lender to perfect its security interest. <br />Upon the occurrence of an Event of Default, Lender, at its option, shall, in addition to any <br />other remedies which it might be entitled to by law, have the right to: <br />(1) To refrain from making advances under this Agreement; <br />(2) To perform such other acts or deeds which reasonably may be necessary to <br />cure any default existing under this Agreement, and to this end, it is <br />hereby agreed as follows: <br />(i) All sums expended by Lender in effectuating its rights under <br />Subparagraph (2) of this Paragraph shall be deemed to have been <br />advanced under this Agreement and to be secured by the Security <br />Agreement and any other security document required under this <br />Agreement as security for the Loan. <br />(ii) Borrower hereby constitutes and appoints Lender its true and <br />lawful attorney-in-fact with full power of substitution either in the <br />name of Lender or in the name of Borrower or in the name of both, <br />for the following purposes: (a) to purchase the Equipment or to <br />