5.1. HRSR 05-02-2005 - Laserfiche WebLink

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covenants of the lease. Any funds collected as security shall be kept separate apart from all other funds, in an escrow account, the amount of which at all times shall equal or exceed the aggregate of all outstanding obligations under this account. E. Permit the use of the dwelling accommodations of the Development for any purpose except the use that was originally approved by Lender. F. Transfer, assign, or pledge any right to or interest in or title to, any funds deposited by Borrower under this Loan Agreement. 9. RIGHTS AND REMEDIES. Upon violation of any provision of this Loan Agreement, or the Mortgage or Promissory Note, or any other agreements by Borrower (including the Development Agreement, as incorporated herein), Lender may give written notice thereof to Borrower, by registered or certified mail, addressed to the address stated in this Loan Agreement, or such other address as may subsequently, upon appropriate written notice thereof to Lender, be designated by Borrower as its legal business address. If such violation is not corrected to the satisfaction of Lender within thirty (30) days after the date such notice is mailed, or within such further time as Lender reasonably determines is necessary to correct the violation, Lender may; without further notice, declare a default under this Loan Agreement effective on the date of such declaration, and thereupon Lender may apply to any court, State or Federal, for specific performance of the covenants and agreements contained herein or for an injunction against any violation of such covenants and agreements. In addition, in the event that the violation is not corrected within the time period as set forth above, Lender may exercise its remedies under the Promissory Note or any other agreement related to this loan and foreclose on the Mortgage and seek recapture of the Loan in accordance with the terms of this Loan Agreement. Lender's election to pursue any one or more of the above remedies shall not be construed to preclude or to be a waiver of Lender's right to pursue any other remedy. 10. MUTUAL COVENANTS AND AGREEMENTS. The parties covenant and agree with each other that: A. In the event that any term, covenant, or condition of this Loan Agreement shall be finally determined by a court of competent jurisdiction to be invalid, those terms, covenants, or conditions so determined to be invalid are hereby declared severable and shall not affect the validity of the remaining portions of this Loan Agreement. B. No waiver by either party of any term, covenant, or conditions of this Loan Agreement shall be binding unless in writing and signed by both parties hereto. 11