Agenda - Council - 08/12/2008 - Laserfiche WebLink

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(v) the. filing by or against Borrower of a petition seeking the liquidation or dissolution of Borrower or the commencement of any other procedure to liquidate or dissolve Borrower and or any guarantor; InvoluntarYBankruptcy. The failure of Borrower to effect a full dismissal of any involuntary petition under the Bankruptcy Code or any other debtor relief law that is filed- against Borrower or in any way restrains or limits Borrower or Lender regarding the Loan, the Improvements or the Assets, prior to the earlier of the entry of any court order granting relief sought in such involuntary .petition, or thirty (30) days after the date of filing of such involuntary petition; or k. Remedies. Upon the occurrence or existence of any Event of Default (other than an Event of Default referred to in (i) or (j), and at any time thereafter during the continuance of such Event of Default, Lender may, by written notice to Borrower, declare all outstanding obligations payable by Borrower .hereunder, as well as all other obligations owed by Borrower to Lender under any other loan or credit agreement, to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the note to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in (i) or (j), immediately and without notice, all outstanding Obligations payable by Borrower hereunder, as well as all other obligations owed by Borrower to Lender under any other loan or credit agreement, shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Note to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, Lender may exercise any other right, power or remedy granted to it by the Loan Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. Borrower shall pay fees and expenses of Lender as provided in the Loan Agreement. This Note shall be governed by and construed in accordance with the laws of the State of Minnesota. without reference to conflicts of law rules. IN WITNESS WHEREOF, the undersigned has executed and delivered this Note as of the date and year first above written. Clear Choice Countertops, Inc., a Minnesota corporation By: Matthew F. Semler, President 4 -89-