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(e) All information, financial or other, which has been submitted by <br /> Borrower and Guarantors in connection with the Loan is true, accurate and <br /> complete in all material respects. <br /> 14. Indemnification. Borrower agrees to indemnify Lender and save it <br /> harmless against all loss, liability, expense, or damages including but not limited to <br /> attorneys fees, which may arise by reason of the assertion of any lien against the Loan <br /> Property. <br /> 15. Defaults. Each of the following shall constitute an Event of Default: <br /> Borrower abandons the Loan Property, work on construction of the <br /> (a) <br /> Improvements is halted or the Improvements are not constructed in accordance <br /> with this Agreement. <br /> (b) Bankruptcy, reorganization, assignment, insolvency or liquidation <br /> proceedings, or other proceedings for relief under any applicable bankruptcy law <br /> or other law for relief of debtors are instituted by or against Borrower or <br /> Guarantors and, if such proceedings are instituted against Borrower or <br /> Guarantors, an order, judgment or decree, without the consent of Borrower or <br /> Guarantors appointing a trustee or receiver for Borrower or any part of its or their <br /> �p g Y p <br /> property or approving a petition under the bankruptcy laws of the United States or <br /> any similar laws of any state or other competent jurisdiction, shall have remained <br /> in force undischarged or unstayed for a period of 30 days. <br /> (c) Any judgment, attachment, garnishment or other similar process is <br /> entered against Borrower or against any property or assets of Borrower and is not <br /> released, satisfied or discharged or bonded to Lender's satisfaction within 30 days <br /> of entry. <br /> Borrower fails to commence or com lete construction of the(d) p { <br /> Improvements within the time designated in this Agreement or Borrower fails to <br /> submit the items required by Section 5 prior to December 31,2012. <br /> (e) Any of the terms, covenants or conditions of any permit or other <br /> agreement issued or made by the City or other governmental body having <br /> jurisdiction over the Loan Property, including, but not limited to,those relating to <br /> the cost of or time for installation of the Improvements, are not complied with <br /> within the time required thereby or are terminated or modified by the City or such <br /> other governmental body and Borrower has not taken the necessary steps to <br /> correct or cure the same within 30 days after written notice is given by Lender. <br /> (f) Any mechanic's or material supplier's lien is filed, against the <br /> Loan Property and is not released, satisfied or discharged or bonded to Lender's <br /> 385593v4 JSB EL185-12 <br /> -9- <br />