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receivers of all or any part of the Mortgaged Property or
.its assets; or
(e) if any of the creditors of Developer shall
file a petition in bankruptcy against it or pursuant to the
Federal Bankruptcy Act or any similar law, federal or~
state, and if such petition shall not be discharged or
dismissed within sixty (60) days after the date on which
such petition was filed; or .
(f) if the Mortgaged Property or any portion
thereof shall be transferred or conveyed, voluntarily or by
operation of law, to any third party,-except to a Permitted
Transferee or bona fide conveyances of individual condomi-
nium units and the appurtenant interest in the common
elements to third parties for adequate consideration;
or
(g ) i f Developer shal 1 de f aul t in any obligation
imposed upon it as a declarant under any declaration of
condominium or prospectus relating to any condominium to
be filed in connection with all or •any portion of the -
Premises; or
(h) if an event of default should occur under any
Construction Mortgage to which the Mortgage may be subordi-
nate pursuant to Article V hereof and any Construction
Lender either accelerates the payment of the evidence of
indebtedness secured by such Construction Mortgage or
commences a foreclosure action or otherwise seeks to realize
upon its security; or
~I (i) if the holder of any of the Subordinate
i Mortgages shall commence a foreclosure action or otherwise
seek to realize upon its security; or
(j) if Octavio Buigas shall cease to own at least
a 508 legal and beneficial interest in the entity holding
fee title to the portion or portions of the Premises which
have not been released from the lien of the Mortgage.
PROVIDED 80WEVER, that in the case of an Event
of Default specified in subsections (g), (h) or (i) above,
if such Event of Default shall be cured by Developer-or
the holder of the Purchase Money Mortgage or any foreclosure
or other action dismissed or judicially determined in favor
of Developer prior to entry of a judgment of foreclosure
on the Mortgage, no other Event of Default shall be con-
tinning under the Mortgage and Developer or the holder of
the Purchase Money Mortgage shall pay to Mortgagee all
costs and expenses incurred by Mortgagee in enforcing its
rights under the Mortgage, including, without limitation,
~ reasonable counsel fees, search fees, advances to protect
r the Mortgaged Premises and any other sums Mortgagee is
authorized by the Mortgage or by law to expend together with
interest thereon from the date of payment by Mortgagee at
a the Overdue Interest Rate, then and in such event, Mortgagee
will reinstate the Mortgage and dismiss any proceedings
commenced under the Mortgage or the Second Replacement -
Note.
-22-
8~342 P~E1691