HomeMy WebLinkAbout2433 11. If any one or more of the following events,
herein called "events of de~ault", shall herea~ter occur
and continue beyond the applicable grace period, if any,
then the principal of and accrued interest on any one or
more of the notes and obligations of Mortgagor to rlort-
gagee then outstanding sha11, anything herein to the con-
trary notwithstanding, become due.and payable upon Mort-
gagee's demand:
(a) If default be made in the payment of any
installment of principal and interest and such de-
.
f
i fault shall continue for fifteen (15) days, or if
i
; any default shall be permitted upon any mortgage
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~ or other instrument creating a prior lien and con-
;
~ tinue to a date not exceeding ten (10) days prior
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~ to the date when the holder thereof would be en-
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~ titled to accelerate the indebtedness thereon; or
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~ (b) If Mortgagor shall file a petition in
~ voluntary bankruptcy flr for an arrangement or for
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~ a reorganization or for other debtor's relief un- ;
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~ der any provision os the Bankruptcy Act, as amended,
or any other applicable statute, as now or hereaf~~er ~
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in effect, or shall consent to the filing of any~ i
~ bankruptcy or arrangement or reorganization petition
ri
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~ by or against the Mortgagor under any such law, or
~ if Mortgagor, or its directors or stockholders,
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