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Agenda Package - 10-1-12 Reg. Meeting
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Agenda Package - 10-1-12 Reg. Meeting
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0 )6 <br />any time; provided, however, that the Purchaser may contest any such lien, <br />charge, encumbrance or claim if it desires to do so and if it provides the <br />Seller with full security against any loss or forfeiture which might arise <br />from the nonpayment of any such item in form satisfactory to the Seller. 14 <br />ARTICLE VIII 15 <br />ASSIGNMENT, LEASING AND AMENDMENT ............................................. .............................15 <br />SECTION 8.1. Assignment by the Seller The Seller may, at any time and from time to time, <br />assign to any other person or entity all or any part of its interest in the <br />Mortgaged Property or this Agreement, including, without limitation, the <br />Seller's rights to receive the Installment Payments and any additional <br />payments due and to become due hereunder. Notwithstanding the <br />foregoing, no assignment or reassignment of the Seller's interest in the <br />Mortgaged Property or this Agreement shall be effective unless and until <br />the Purchaser shall receive notice from the Seller of such assignment <br />disclosing the name and address of each assignee. The Purchaser agrees <br />to execute any document reasonably required by the Seller in connection <br />with any such assignment ............................................. .............................15 <br />SECTION 8.2. Assignment by the Purchaser (a) This Agreement may not be assigned by the <br />Purchaser....................................................................... .............................15 <br />ARTICLE IX 16 <br />EVENTS OF DEFAULT AND REMEDIES ....................................................... .............................16 <br />SECTION 9.1. Events of Dcfault Defined The following shall be "events of default" under this <br />Agreement and the terms "events of default" and "default" shall mean, <br />whenever they are used in this Agreement, any one or more of the <br />following events: .................................................. ..................................... 16 <br />SECTION 9.2. Remedies on Default Upon the occurrence of any event of default under <br />Section 9. 1. the Seller may, without any further demand or notice, exercise <br />any one or more of the following remedies: .............................................. 16 <br />SECTION 9.3. No Remedy Exclusive No remedy conferred herein upon or reserved to the <br />Seller is intended to be exclusive, and every such remedy shall be <br />cumulative and shall be in addition to every other remedy given hereunder <br />or now or hereafter existing at law or in equity. To the extent permitted by <br />laNv, any delay or omission to exercise any right or power accruing upon <br />any default shall not impair any such right or power nor shall be construed <br />to be a waiver thereof, but any such right and power may be exercised <br />from time to time and as often as may be deemed expedient. In order to <br />entitle the Seller to exercise any remedy reserved to it in this Article, it <br />shall not be necessary to give any notice other than such notice as may be <br />required in this Article or by law .................................. .............................17 <br />SECTION 9.4. Agreement to Pav Attorneys' Fees and Expenses In the event the Purchaser <br />should default under any of the provisions hereof and the Seller should <br />employ attorneys or incur other expenses for the collection of moneys or <br />the enforcement of performance or observance of any obligation or <br />agreement on the part of the Purchaser contained herein, the Purchaser <br />
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