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ARTICLE TWO <br /> EVENTS OF DEFAULT <br /> Each of the following occurrences shall constitute an Event of Default hereunder: <br /> 2.1. Failure to pay. Mortgagor's failure to pay any amount due under the Loan <br /> Agreement or any other amount required to be paid by Mortgagor hereunder when due. <br /> 2.2. Other Performance Failure. The Mortgagor's or the Entity Guarantor's failure to <br /> duly observe or perform any of the other terms, conditions, covenants or agreements required to <br /> be observed or performed by Mortgagor hereunder or by the Entity Guarantor in the Entity <br /> Guaranty and the continuation of such failure for a period of thirty (30) days after Mortgagee <br /> gives Mortgagor written notice of such failure. <br /> 2.3. Breach of Warranty of Title. Subject to Mortgagor's right to contest in good faith <br /> as set forth in Section 1.4 hereof, the breach of any warranty of title or any other warranty made <br /> by Mortgagor hereunder. <br /> 2.4. Misrepresentation. The making of any material misstatement in any financial <br /> statement or report submitted to Mortgagee by or on behalf of Mortgagor. <br /> 2.5. Foreclosure. The institution of a foreclosure or other enforcement proceedings by <br /> the holder of any other lien on the Mortgaged Property (without hereby implying Mortgagee's <br /> consent to any mortgage or other lien). <br /> 2.6. Sale of Property. The sale, assignment, conveyance, mortgage, encumbrance, <br /> lease or transfer of: (i) Mortgagor's interest in the Mortgaged Property or any part thereof, or any <br /> interest therein; or (ii) any transfer in ownership or control of Mortgagor, without the prior <br /> written consent of Mortgagee, which consent may be granted or withheld by Mortgagee at its <br /> sole discretion. <br /> 2.7. Breach of the First Lien Mortgage, Other Agreements, etc. Any default or breach <br /> under the First Lien Mortgage, any other note, mortgage or other obligation of Mortgagor or <br /> Borrower now held or hereafter acquired by Mortgagee or City, or any other failure to comply <br /> with the terms and conditions thereof and the continuance thereof beyond any applicable notice <br /> and/or cure period contained therein. <br /> 10 <br /> 464431v2 EL185-33 <br />