7.2. EDSR 10-17-2022 - Laserfiche WebLink

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law for relief of debtors are instituted by or against the Borrower and, if such proceedings are instituted against either of the Borrower, an order, judgment or decree, without the consent of Borrower appointing a trustee or receiver for the Borrower or any part of its property or approving a petition under the bankruptcy laws of the United States or any similar laws of any state or other competent jurisdiction, shall have remained in force undischarged or unstayed for a period of 30 days. (c) Any judgment, attachment, garnishment or other similar process is entered against the Borrower or against any property or assets of the Borrower and is not released, satisfied or discharged or bonded to Lender's satisfaction within 30 days of entry. (d) Any of the terms, covenants or conditions of any permit or other agreement issued or made by the City or other governmental body having jurisdiction over the Loan Property are not complied with within the time required thereby or are terminated or modified by the City or such other governmental body and Borrower have not taken the necessary steps to correct or cure the same within 30 days after written notice is given by Lender. (e) Any mechanic's or material supplier's lien is filed, against the Loan Property and is not released, satisfied or discharged or bonded to Lender's satisfaction, subject, however, to the Borrower's right to contest the same in accordance with the provisions of the Security Agreement. (f) A transfer which violates by Paragraphs 7 or 9 hereof occurs. (g) If Borrower: (i) fails to pay when due any amount due under this Agreement, the Note, or any other documents listed in Section 3; (ii) fails to perform any other obligation to be performed under this Agreement, the Note, the Security Agreement, or any other document executed by Borrower pursuant to this Agreement; or (iii) fails to pay any amount or perform any obligation under any other note, or other agreement now or hereafter made by Borrower in favor of or with Lender or otherwise now or hereafter held by Lender, and such failure continues beyond any applicable cure period. (h) Any representation or warranty by Borrower contained herein or in the Note, the Security Agreement, or any other instrument required hereunder is false or untrue in any material respect when made. (i) A default under the Personal Guaranty or the Security Agreement beyond any applicable notice and cure period. Upon the occurrence of an Event of Default, Lender, at its option, shall, in addition to any other remedies which it might be entitled to by law, have the right to: (a) Take possession of the Equipment; 6 491713v1 ELI8546