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132435584v2 <br /> <br /> <br /> 18 <br /> <br />(90) days after such levy or attachment; or if the Borrower shall be dissolved or liquidated or <br />shall be merged with or is acquired by another business entity in violation of Section 4.2. <br />(4) If the articles of incorporation of the Borrower shall expire or be annulled; <br />or if the Borrower shall be dissolved (other than administratively dissolved by the Minnesota <br />Secretary of State, so long as the Borrower is reinstated within one year) or liquidated (other than <br />when a new entity assumes the obligations of the Borrower under the conditions permitting such <br />action contained in Section 4.2). <br />(5) If any representation or warranty made by the Borrower herein, or by an <br />officer or representative of the Borrower in any document or certificate furnished the Lender or <br />the Issuer in connection herewith or therewith or pursuant hereto or thereto, shall prove at any <br />time to be, in any material respect, incorrect or misleading as of the date made. <br />(6) If the Borrower shall default or fail to perform any covenant, condition or <br />agreement on its part under any of the Business Assets Security Agreement, the Capital <br />Campaign Security Agreement, the Declaration, or any other security document securing the <br />Note, and such failure continues beyond the period set forth in such documents during which the <br />Borrower may cure the default. <br />(7) Any state or federal tax lien shall be filed against the Borrower and shall <br />remain undischarged for a period of sixty (60) days. <br />(8) All or any portion of the Land or the Facility, or the legal, equitable or any <br />other interest therein, shall be sold, transferred, assigned, leased, further encumbered (except as <br />permitted herein or in the Declaration) or otherwise disposed of, unless the prior written consent <br />of the Lender is first obtained; provided that nothing in this Agreement prohibits the Borrower <br />from entering into an agreement for sale of the Land where the Loan and all other amounts due <br />under this Agreement and the other documents evidencing the Loan will be paid in full at the <br />closing of the sale. <br />Section 6.2 Remedies. Whenever any Event of Default referred to in Section 6.1 <br />hereof shall have happened and be subsisting, any one or more of the following remedial steps to <br />the extent permitted by law may be taken by the Issuer with the prior written consent of the <br />Lender or by the Lender itself: <br />(1) The Lender’s obligation to advance any further amounts under the Note <br />shall terminate. Notwithstanding anything to the contrary contained herein or in any other <br />instrument evidencing or securing the Loan, the Lender may exercise the foregoing remedy upon <br />the occurrence of an event that would constitute such an Event of Default but for the requirement <br />that notice be given or that a period of grace or time elapse. <br />(2) The Issuer, upon written direction of the Lender, or the Lender may <br />declare all installments of the Loan (being an amount equal to that necessary to pay in full the <br />Principal Balance plus accrued interest thereon and any premium of the Note assuming <br />acceleration of the Note under the terms thereof and to pay all other indebtedness thereunder) to <br />be immediately due and payable, whereupon the same shall become immediately due and <br />payable by the Borrower.