04-25-2018 Council Packet - Laserfiche WebLink

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e. To Pledgor’s knowledge, there exists no event, condition or occurrence which constitutes, or which with notice and/or the passage of time would constitute, a breach of or default under any terms or conditions of the Collateral. Pledgor also hereby covenants and agrees not to do any act which would destroy or impair the security to the Lender of this Pledge. f. Pledgor has filed all tax returns required to be filed and either paid all taxes shown thereon to be due, including interest and penalties, which are not being contested in good faith and by appropriate proceedings, and Pledgor has no knowledge of any objections or claims for additional taxes in respect to federal tax or excise profit tax returns for prior years. g. Pledgor shall keep the Collateral free and clear of all liens, encumbrances and security interests. 5. After the occurrence and continuance of an event of default under the Note by Dignicare, Lender may exercise any one or more of the following rights or remedies: a. give notice to the Pledgor and accelerate the Note calling it immediately due and payable, without presentment or other notice or demand; b. exercise or enforce any other right or remedy available to Lender under the Note; and c. exercise or enforce any or all other rights or remedies available to Lender by law or under agreement against the Collateral, against Pledgor or against any other person or property. 6. Nothing herein contained shall be construed as constituting a waiver of suspension by Lender of its right to enforce payment of the debts under the Note. Lender is not the agent, partner or joint venturer of the Pledgor. 7. This Pledge may be enforced from time to time by Lender at its discretion, with or without order of any court, as Lender shall determine. Lender may also, at any time, cease to enforce this Pledge. Any failure on the part of the Lender promptly to exercise any option hereby given or reserved shall not prevent the exercise of any such option at any time thereafter. Lender may pursue and enforce any remedy or remedies accorded it herein independently of, in conjunction or concurrently with, or subsequent to its pursuit and enforcement of any remedy or remedies which it may have under the Note. 8. When the context so requires, the singular shall include the plural and conversely, and use of any gender shall include all genders. 9. This Pledge shall be governed by and be construed in accordance with the laws of the State of Minnesota. Whenever possible, each provision of this Pledge shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Pledge shall be prohibited by or be invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Pledge. 10. Notices required hereunder shall be by registered or certified mail or hand delivered, addressed as follows (or to such other address as the parties may agree to in writing): 80