HomeMy WebLinkAbout0928 any document of record or of which Mortgagor has actual notice,
which encumbers or applies to the Mortgaged Property.
(b) The commencement of any levy, execution or
attachment proceedings against Mortgagor or any principal thereof
or any obligor under any Guaranty Agreement given to Mortgagee in
connection with the Loan (hereinafter a"Guarantor") or any of
the Mortgaged Property or any other property covered by the Loan
Documents, or the application for or appointment of a liquidator,
receiver, custodian, sequestrator, conservator, trustee, or other
similar judicial officer (and such appointment continues for a
period of thirty [30] days).
(c) The insolvency (in the bankruptcy or equity
sense), of Mortgagor or any principal thereof, or.any Guarantor,
which condition continues for a period of thirty (30) days.
(d) The assignment for the benefit of creditors, or
the admission in writing, of an inability to pay any debts gener-
ally as they become due, or the ordering of the winding-up or
liquidation of its affairs, by Mortgagor or any Guarantor, under `
any insolvency, bankruptcy, creditor adjustinent, debtor
rehabilitation or similar state or federal law.
(e) The commencement of a case by or against
Mortgagor, or any principal thereof, or any Guarantor, under any
insolvency, bankruptcy, creditor adjustment, debtor rehabilita-
tion or similar state or federal laws, or the determination by
any of-them to request relief under any insolvency, bankruptcy,
creditor adjustment, debtor rehabilitation or similar proceeding,
state or federal, including without limitation, the consent by
any of them to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator
or similar official for it or for any of its respective property
or assets.
- (f) The rendering by any court of last resort of a
decision that an undertaking by Mortgagor, as herein provided to
pay any tax, assessment, levy, liability, obligation or encum-
brance is legally inoperative or cannot be enforced, or the ;
I'~ passage of any law changing in any way or respect the laws now in
force for the taxation of mortgages or debts secured thereby for
any purpose, or the manner of collection of any such tax, so as
~ to affect this Mortgage or the debt secured hereby, unless
~ a or a s an such tax in accordance with the provisions of ~
~ Mortg g p y y .
Paragraph 8 hereof. !
(g) If any representation or warranty of Mortgagor
hereunder shall prove to be incorrect in any material respect.
(h) Failure of' Mortgagor to pay any installment of =
interest or principal and interest, or any other sum, on the date
it is due under the Note or this Mortgage.
;
(i) If there occurs any default under any other term
of this Mortgage, the Note, the Loan Agreement, the Security
Agreement, or any of the other Loan Documents relating hereto or
thereto. ?
(j) Once construction has been initiated on any
~ building, all work in the construction of any building having
~ been discontinued for fifteen (15) consecutive working days for
~ any reason whatsoever.
~
~ (k) There shall have occurred any substantial adverse
, change in the financial condition of Mortgagor or any Guarantor.
~~~~'~~~.7 9z7 ~
- 9 - ~
~
~
. - - ~ s~.~ ; . _ _ .
~