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' ARTICL~ II .
' EVENT6 OF DEfAULT AND I~E111LDIE8 •
~SECrxox 2.01. If ouo or more of tho followino Lvcnta of Defanlt
BF1Al~ IIA~I)CII~ tllIIt 1S t0 SAy: _
_ (a) if (i) dcf:~ult sh~ll be n~nde in tbe payment of nny in-
teres; on thc \'otc, or in thc ~r.i~~meut of any instalment of prin-
cipal, iu eiiher such c,?se, when znd as tLe s:~me sLnll Lecome due
and payaLle, uncl sucL clefault sl~all ha~•e continuecl for .i pcriod
of ten (10) d:iys ~or (ii) default sli:ill be madc in any otLcr Pay-
ment of tLe principal of tLc Note, ~vhcn 1ud as the same shall
. become due and pasaUtc, ~vhetLcr ut matnrit.s or bv accelcration'
or as part of any t~repa}~ment or otLcr~vise, in each case, as in t~e
Note nnd tliis ~Iortnane provided and sucii ciefault shall have
continucd for a Pcriod of icn (10} da~s or (iii) default sh.zll be
made in thc plpment of anp ta~ required b}- Section 1.U7 to be
puid uud'said dciz~ilt shall ba~ e contiuued for a period of tn cnty
; ~ (20) dttSs; or (iv) default shall be made in the de2ivery
~ to Mortgagee of the financial statements of
i GOREDCO pursuant co Section 1.11(c) and said de- `
~ . fault shall have continued for a per~od of twenty
i (20) days; or
F (b) if default ~Lali be m~de in tbe due observance or per-
~ fornia~iee of any co~•enant or a,recruent oii tsc j:art of tiic :.Iort-
~ ga~or co*~tlined iu Section 1.Q1, 1.03, 1.OS, 1. 09 , Z.14
~ 1.17, gnd such default shall have continued for a
4 period of twenty (20) days after written notice
~ thereof shall have been given to Mortgagor by
~ Mortgagee. For the purposes of this clause if any
~ representation made in Section 1.01 shall be incor-
~ rect, it shall be deemed to be a default; or
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~ ~ (c) if default slir,ll be made in tbe due observance or per-
~ formance of an~ otl?er co~enant or conc~ition on the part of ~
the Dfort~aeor in tlie 1`ote, the Euildin~ Lo~r~ Jgreemei~t or in ~
, this 11lortg~~e contaiucd, and such clefault shatf Lace continucd '
~ for a Pcriod of thirt^ (301 da~s ~ftc~r ~ritt~n ~~ntir~ cnnnifvino ~
- sueh default anc~ demandinr ti~at the ~ane be rervrciied shall lia~•e
_ }~°CL' o=`:C:: ~.'J 41,n '1f.J~-4J.^.o~: .1'.j :;:c ;.TOI'ic~~ca};f-t?; OT ?
°3 ~'(d) if b3T tlie order of a court of comUetent jurisdiction, a {
~Y~ . trnstee, recei~ei• or liquidator of tlie :lfurt~a,ed Propert• or
anp part thereof, or of tl~e ~forfnzeor shall bc apPointed and
%a , snch ordcr sh~ll ~iot bc dischlr^ed or dismissed within sists (60)
days ufter sach appointment; or
• (e) if the ?~fortg~nor sh111 filc a Petition in banL-runtc~ or
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for an arr~n~ement or for reortznization Piu•~iza~it to the I~'ed-
' eral Bun::ruptcy ~ct or anp similar iaw, fedcrul or sfate, or if,
by decree of u court of competent jurisdiction, the lfortba~or ~
-r t 224 PAGE 551
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