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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 the Note or any other amount required to be paid by Mortgagor hereunder when <br />due. <br />2.2. Other Performance Failure. The Mortgagor's failure to duly observe or perform <br />any of the other terms, conditions, covenants or agreements required to be observed or performed <br />by Mortgagor hereunder and the continuation of such failure for a period of 30 days after <br />Mortgagee 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 o£ (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 Prior Mortgages, Other Agreements, etc. Any default or breach under <br />the First Lien Mortgage, any other note, mortgage or other obligation of Mortgagor or Borrower <br />now held or hereafter acquired by Mortgagee or City, or any other failure to comply with the <br />terms and conditions thereof and the continuance thereof beyond any applicable notice and /or <br />cure period contained therein. <br />9 <br />498526v1 EL185 -51 <br />