6. Remedies: If an Event of Default has occurred and is continuing (subject to any applicable cure period), the Investor shall have the option, upon written notice to PHOENIX, to declare the unpaid principal amount of the Note, together with all accrued but unpaid interest, at once due and payable to the extent permitted by law and to exercise any rights and remedies available at law or in equity. Upon the occurrence of an Event of Default, the remedies of the Investor, as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively or together, at the sole discretion of the Investor, and may be exercised as often as occasion therefor shall arise. No delay or act of omission or commission on part of the Investor, including specifically any failure to exercise any right, remedy or recourse, shall operate as a waiver or release of any such right, such waiver or release to be effected only through a written document executed by the Investor and then only to the extent specifically set forth in such written waiver. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right, remedy or recourse as to a subsequent event.
7. Cost and Attorney’s Fees: If any Event of Default under the Note shall occur, PHOENIX promises to pay all reasonable costs of collection, including but not limited to all attorneys’ fees, court costs, and expenses incurred by the Investor in connection with such collection whether or not any lawsuit is filed with respect thereto.
8. Waiver: PHOENIX waives grace, protest, demand, presentment for payment and diligence in the collection of the Note, and in the filing of suit hereon, and agrees that its liability and the liability of its successors and assigns for the payment hereof shall not be affected or impaired by any release or change in the security, if any, or by any increase, modification, renewal or extension of the indebtedness or its mode and time of payment.
9. Miscellaneous:
| | A. | All payments under the Note shall be payable in lawful money of the United States which shall be legal tender for public and private debts at the time of payment; provided that a check will be deemed sufficient payment so long as it clears when presented for payment. |
| | B. | The obligations and liabilities of PHOENIX under the Note shall be binding upon and enforceable against PHOENIX and its successors and assigns. The Note shall inure to the benefit of and may be enforced by the Investor and its successors and legal heirs and personal representatives. Notwithstanding anything to the contrary in the Note, the Investor may not assign or otherwise transfer the Note, or any of its rights in the Note, without the express prior written consent of PHOENIX, which consent may be held in the sole discretion of PHOENIX. The issuance of the Note will not be registered under any federal and state securities laws, and as a result, its subsequent transfer is restricted pursuant to the provisions of applicable federal and state securities laws. |
| | C. | If any provision of the Note or any payments pursuant to the terms hereof shall be invalid or unenforceable to any extent, the remainder of the Note and any other payments hereunder shall not be affected thereby and shall be enforceable to the extent permitted by law. |
