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8333729v2 <br /> <br /> <br /> 20 <br /> <br />(5) The Issuer, upon written direction of the Lender, or the Lender may <br />exercise any other remedy permitted under any other instrument evidencing or securing the Loan <br />including, without limitation, the Declaration and the Security Agreement. <br />(6) In addition to the remedies set forth in this Agreement, upon the <br />occurrence of any Event of Default and thereafter while the same be continuing, the Borrower <br />hereby irrevocably authorizes the Lender to set off all sums owing by the Borrower to the Lender <br />against all deposits and credits of the Borrower with, and any and all claims of the Borrower <br />against, the Lender. <br />Section 6.3 Disposition of Funds. Notwithstanding anything to the contrary contained <br />in this Agreement, any amounts collected pursuant to action taken under Section 6.2 hereof, <br />except for any amounts collected solely for the benefit of the Issuer under any of the provisions <br />set forth in Section 7.9, shall, after deducting (a) all reasonable expenses incurred in collecting <br />the same and (b) then accrued interest on the Note, the remainder of such amounts, if any, be <br />applied as a prepayment of the Note in accordance with Section 5.1. <br />Section 6.4 Manner of Exercise. No remedy herein conferred upon or reserved to the <br />Issuer or the Lender is intended to be exclusive of any other available remedy or remedies, but <br />each and every such remedy shall be cumulative and shall be in addition to every other remedy <br />given under this Agreement or now or hereafter existing at law or in equity by statute. No delay <br />or omission to exercise any right or power accruing upon any default shall impair any such right <br />or power or shall be construed to be a waiver thereof, but any such right and power may be <br />exercised from time to time and as often as may be deemed expedient. In order to entitle the <br />Issuer or the Lender to exercise any remedy reserved to either of them in this Article, it shall not <br />be necessary to give any notice, other than such notice as may be herein expressly required. <br />Section 6.5 Attorneys' Fees and Expenses. In the event the Borrower should default <br />under any of the provisions of this Agreement and the Issuer or the Lender should employ <br />attorneys or incur other expenses for the collection of amounts due hereunder or the enforcement <br />of performance of any obligation or agreement on the part of the Borrower, the Borrower will on <br />demand pay to the Issuer or the Lender the reasonable fees and costs of such attorneys and such <br />other expenses so incurred. <br />Section 6.6 Effect of Waiver. In the event any agreement contained in this Agreement <br />should be breached by either party and thereafter waived by the other party, such waiver shall be <br />limited to the particular breach so waived and shall not be deemed to waive any other breach <br />hereunder. The Lender shall not be deemed, by any act of omission or commission, to have <br />waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the <br />Lender and, then only to the extent specifically set forth in the writing. A waiver with reference <br />to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy <br />as to a subsequent event. <br />Section 6.7 Default Rate. Following an Event of Default hereunder, and for so long as <br />such Event of Default shall continue, the obligations of the Borrower hereunder shall bear <br />interest at an annual rate equal to 5% per annum over the interest rate on the Note that would <br />otherwise be applicable (the "Default Rate"), for so long as such Event of Default continues.