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HomeMy WebLinkAbout0237 of the income from and expenses of any one or more of the following: (a) the operation of the Premises or (b) the leasing of the Premises or any part thereof, for the last six (6) month calendar period prior _to the giving of such notice; and, on demand, Mortgagor shall furnish to Mortgagee executed counterparts of any such leases fox the audit and verification of any such statement. 9. The occurrence of any one of the following events is herein re- ferred to as an "Event of Defaul t" : (i) should Mortgagor fail to pay the Secured Indebtedness, or any part thereof, when and as the same shall become due and payble; (ii) should Mortgagor breach or fail to keep, observe, perform, carry out and execute in every particular al.l other covenants, agree- ments, obligations and conditions set out in this mortgage and secu- rity agreement and sucli breach or failure continues for a period of more than thirty (30) days after the receipt by Mortgagor of written notice of such breach or failure from Mortgagee; (iii) should any warranty of Mortgagor herein contained, or contained in any instrument, document, transfer, conveyance, assign- ment or loan agreement given with respect to the Secured Indebtedness be breached or prove untrue or misleading in any material respect; (iv) should the Premises be subject to actual or threatened waste, or any part thereof be removed, demolished or materially al- tered so that the value of the Premises be diminished except as pro- vided for in Article 3 and Article 7 herein; (v) should any tax lien or claim of lien for labor or mate- rial be filed of record against Mortgagor and the Premises and not- be removed by payment or bond within thirty (30) days from date of recording; (vi) should any claim of priority to this mortgage and secu- rity agreement by title, lien or otherwise be asserted in any lega?, administrative or equitable proceeding, and Mortgagor fails to obtain a dismissal of said suit or otherwise resolve the priority dispute within thirty (30) days after Mortgagor receives notice of said suit; (vii) should Mortgagor consent to the appointment of a recei- ver, trustee or Liquidator of all or a snbstantial part of Mortga- gor's assets, be adjudicated a bankrupt or insolvent, file a volun- tary petition in bankruptcy, admit in writing its inability ta pay its debts as they become due, make a general assignment for the benefit of creditors, file a petition or answer seeking reorganiza- tion or arrangement with creditors or taking advantage of any insol- vency law, file an answer admitting the materiaL allegations of a petition filed against Mortgagor in any bankruptcy, reorganization or insolvency proceeding, or take action for the purpose of effec- ting any of the foregoing, or should any order, judgment or decree be entered upon an application of a creditor by a court of competent jurisdiction app'roving a petition seeking appointment of a receiver or trustee of all or a substantial part of Mortgagor's assets; (viii) should any event of default occur under any other in- str~ment executed with respect to the Secured Indebtedness; (ix) should foreclosure Qroceedings (whether judicial or otherwise) be instituted on any mortgage or any junior lien of any kind secured by any portion of the Premises and not be dismissed or terminated within fifteen (15) days from institution; or -10- ~a~;K 348 PacE 2:37 : ~~_.. ~... _. .