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as of the date hereof (~vhether such purported transfer shall be by direct
transfer by such stockholder, the result of encumbrance of such stock by
such stocl:holder or the result of action by any party against such stock-
holder), nor (ii) the issuance of additional stock of h~Iortgagor after the -
~ date hereof;
(b) If Diortgagor is a partnership, (i ) the transfer of any paztnership ~
interest of any paztner ( general or limited )~vhose interest, direcdy or
indirectly, in the purtnership is five percent (S% ) or greater, nor (ii) any
new partners ( limited or general ) to be ad "tted to A•fortgagor.
5. i REIIOVAI. ox DEAiOLISI ~~`T. After completion of the Im-
provements, Morigagor ti~~ill not, tirith t the prior ~tizitten consent of l~iort-
gagee, remove, demolish or snbstantially alter the Improvements or any
part thereof.
ARTICLE 6
EYENTS OF DEFAULT
6. EVENTS oF DEFALTLT. The term Event of Default, as used in the
. Security Documents and in the Note, shaIl mean the occurrence or hap-
pening, from time to time, of any one or more of the following:
6.1 NON-PAYbtENT oF INDEBTEDNESS. If Mortgagor shall default
in the due and punctual payment of all of the Indebtedness or any portion
of any installment or part of the Indebtedness as and when the same shall
become due and payable and such default shall continue for a period of
fifteen (15) days after writien notice ihereof by Mortgagee to Mortgagor.
s.`Z PERFORbiANCE OF OBLicnTiozvs. If Mortgagor shall default in
the due observance or performance of any of the Obligacions and such
default is not curable, or is curable within thirry ( 30) days and continues
for a period of thirty ( 30 ) days af ter ~vritten noUce thereof from the Mort-
gagee to I~4ortgagor, or is not curable ~vithin thirty ( 30 ) days and Mort-
gagor fails to diligently and continuously process the same to completion
after notice of such default by iliortgagee to 141ortgagor.
6.3 FALSE REPRESEti'IATI0~1. If Sfly representation or wananty
made by Alortgagor or others in, under or pursuant to the I~'ote or the
Security Documents shall be false or misleading in any material respect as
of the date on «~hich such representadon or warranty ~ras made, and the
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