5.1. HRSR 05-02-2005 - Laserfiche WebLink

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now or hereafter amended), or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall become or be adjudicated a bankrupt or insolvent, however defined, or shall file a petition seeking any reorganization, dissolution, liquidation, arrangement, composition, readjustment, or similar relief under any present or future bankruptcy or insolvency statute, law, or regulation or shall file an answer admitting to or not contesting the material allegations of a petition filed against it in such proceedings, or shall not, within thirty (30) days after the filing of such a petition against it, have the same dismissed or vacated, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of a material part of its properties, or shall not, within thirty (30) days after the appointment (without its consent or acquiescence) of a trustee, receiver, or liquidator of any material part of its properties, have such appointment vacated. (f) Mortgagor shall abandon the Mortgaged Property. (g) Mortgagor shall fail to promptly and faithfully observe and perform all of the terms and provisions under, or permit or allow any default or event of default to occur under, any document evidencing any other lien or encumbrance of the Mortgaged Property, whether junior or senior to the lien of this Mortgage, which shall include, but not be limited to, the Permitted Encumbrances. 20. ACCELERATION; FORECLOSURE. Upon the occurrence of any Event of Default, or at any time thereafter until such Event of Default is cured to the written satisfaction of Mortgagee, Mortgagee may, at its option, exercise one or more of the following rights and remedies available to it: (a) Mortgagee may declare immediately due and payable all umnatured Indebtedness secured by this Mortgage including all sums described in Section 18 hereof as if a prepayment were then made of the Note, and the same shall thereupon be immediately due and payable, without notice or demand. (b) Mortgagee shall have and may exercise with respect to all personal property and fixtures that are part of the Mortgaged Property, all the rights and remedies accorded upon default to a secured party under the Uniform Commercial Code, as in effect and as amended from time to time in the State of Minnesota. If notice to Mortgagor of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given (in the manner specified in Section 22 hereof) at least ten (10) calendar days prior to the date of intended disposition. Development Name, City LMIR-Combination Mortgage, Security Agreement and Fixture Financing Statement 12 Dev. # Date