06-20-11 Council Agenda - Laserfiche WebLink

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is secured by a Combination Mortgage, Security Agreement and Fixture Financing Statement, and an Assignment of Rents and Leases and personal Guaranties, and other security devices of even date herewith (the "Security Devices "). In the event the principal of or interest on this Note, or any other debt obligation of the undersigned, is not paid when due, at maturity or upon acceleration, and is placed in the hands of an attorney for collection, the maker hereof, its successors and assigns, will repay on demand all costs and expenses of collection so incurred, including reasonable attorneys' fees, whether or not suit or legal proceeding is actually continence(' for the collection therefor. The holder of this Note may at its option without notice declare this Note immediately due and payable for the entire unpaid principal balance plus accrued interest thereon upon or at any time after the occurrence of any of the following events: a. Any default in the payment of this Note or any other note or obligation owing from the maker hereof to the holcler hereof; b. Any default under the terms or conditions of the Loan Agreement, the Mortgage or other Security Devices, obligations, undertakings or agree- ments made concurrently herewith or heretofore or hereafter given to, or required and held by, the holder hereof to which the maker or guarantor is a party; c. The filing on behalf of or against the maker or any guarantor hereof of a petition in bankruptcy; d. If there is such change in the condition or affairs, financial or otherwise, of the maker or guarantor hereof as, in the sole opinion of the holder hereof, increases the risk that this Note will not be paid according to its terms or if the holder hereof for any other reason deems itself insecure; The death of any guarantor and maker failing to present a suitable replacement guarantor to Holder within thirty (30) days of such guarantor's death.. Each maker and guarantor hereof jointly and severally agrees to pay this Note and guarantees the payment hereof and waives demand, presentment, protest and notice of dishonor, and consents to any extensions and renewals hereof with or without consider- ation of any of them and exonerates the holder hereof from all duty and obligation to make demand on anyone for payment of any collateral now or hereafter securing this Note or to give notice to anyone of non - payment thereof or to collect or sell the same and consents to the extension, renewal, exchange, surrender or release by the holder hereof with or without consideration of any such collateral, and agrees that when or at any time after this Note becomes due the holder hereof may without notice offset or charge this Note against any hank account or other account then maintained by any of them with the 3