1981-137 CRA - Laserfiche WebLink

Home Browse Search

. . . . . . '. remaining principal of the Note, and the interest accrued thereon, and any related fees and other charges, to be due and payable il1ll1ediately, and upon any such declaration the same shall bec.ome and shall be il1ll1ediately due and payable, anything in this Resolution or in the Note contained to the contrary notwithstanding. This provision, h.owever, is subject to the c.ondition that if, at any time after the principal .of the Note shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due and payable shall have been obtained or entered, there shall have been deposited with the Noteholder a sum sufficient to pay all principal on the Note due prior to such declaration and' all due and unpaid interest (if any) upon the Note, and any related fees and .other charges and the reasonable expenses of the Agency and Noteholder, and any and all .other defaults known t.o the Agency (other than in the payment .of principal of and interest on the Note due and payable solely by reason of such declaration) shall have been made good or cured to the satisfaction of the Noteholder or provision deemed by the Noteholder to be adequate shall have been made therefor, then, and in every such case, the Noteholder, by written ootice to the Agency, may rescind and annul such declaration and its consequences. However, no such rescission and annulment shall extend to or shall affect any subsequent default, or shall impair or exhaust any right or power consequent thereon. Notwithstanding any other provision of this Section 7.01, upon an event of default relating solely to a single Loan, the Noteholder shall be entitled to accelerate an amount of principal on the N.ote equal to the then outstanding principal balance of the Promissory Note relating to such Loan, plus related interest, fees and other charges. Section 7.02. Application of Funds Upon Acceleration. All money in the funds and accounts provlded for ln Sectlon 3.02 and 4.02 upon the date of the declaration of acceleration by the Noteh.older and all Revenues thereafter received by the Agency hereunder, shall be transmitted to the Noteholder and shall be applied by the Noteholder in a manner consistent with Sections 2.02 and 2.03. Section 7.03. Institution of Le al Proceedin s b Bank. If one or more of the events of defau t s a appen an e con lnulng, e Noteholder may proceed to protect or enforce its rights under the Act or under this Resolution by a suit in equity or action at law, either for the specific performance of any covenant or agreement contained herein, or in aid of the execution of any power herein granted, or by mandamus or other appropriate proceeding for the enforcement of any other legal or equitable remedy as the Noteholder shall deem most effectual in support of any of its rights or duties hereunder. 15