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as of the date hereof ( whether ~such purported transfer shall be by d'uect
transfer by such stocl:holder, the result of encumbrance of such stock by
such stockholder or the result of action by any party against such stock-
holder), nor (ii) the issuance of additional stock of Mortgagor after the
date hereof;
(b) If D4ortgagor is a partnership, (i) the transfer of any partnership
interest of any partner ( general or limited ) whose interest, directly or
indirectly, in the partnership is five percent (5% ) or greater, nor (ii) any
new paztners ( limited or general ) to be admitted to Mortgagor.
a
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; 5.7 REMOVAL oR DEDiOLISHhiENT. After compledon of the Im- ?
; provements, Mortgagor ~vill not, without the prior written consent of Mort-
~ gagee, remove, demolish or substantially alter the Improvements or any ~
` pazt thereof. 1
~ ARTICLE 6
~ EVENTS OF DEFAULT
~ 6. EVENTS oF DEFAULT. The term Event of Default, as used in the
~ Security Documents and in the Note, shall mean the occurrence or hap-
~ pening, from time to time, of any one or more of the following: t
~
~ _ .
~ 6.1 NON-PAYMENT OF INDEBTEDI~ESS. 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 written notice thereof by Mortgagee to Mortgagor.
~ ~
s.`Z PERFORMA~iCE OF ~BLIGATIONS. If Mortgagor shall default in >
s:~
ss the due observance or performance of any of the Obligations and such
~ default is not curable, or is curable within thirty (30) days and continues ;
_ ;
for a period of thirty (30) days after written notice thereof from die Mort- !
~ gagee to M~rtgagor, or is not curable within thirty (30) days and Mort-
gagor fails to diligently and continuously process the same to compledon
after nodce of such default by ~tortgagee to Mortgagor.
- 6.3 FALSE REPRESENTATIO~I. If aTly representation or wananty
- made by l~'Iortgagor or others in, under or pursuant to the Note or the
Security Documents shall be false or misleading in any material respect as
of the date on which such representation or warranty was made, and the
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QOIG ~r'~?al•;.PACE1~~ • -
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