Laserfiche WebLink
533955v3 GAF EL185-57 <br />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 Corporate <br />Guaranty or any other amount required to be paid by Mortgagor hereunder when due. <br /> 2.2 Other Performance Failure. The Mortgagor’s failure duly to observe or perform <br />any of the other terms, conditions, covenants or agreements required to be observed or performed <br />by Mortgagor hereunder, in the Corporate Guaranty and the continuation of such failure for a <br />period of thirty (30) days after 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 foreclosure or other enforcement proceedings by the holder of <br />any other lien on the Mortgaged Property (without hereby implying Mortgagee’s consent to any <br />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 <br />any 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 /> 2.9 Breach of Other Agreements, etc. Any default or breach under any other note, <br />mortgage or other obligation of Mortgagor now held or hereafter acquired by Mortgagee, or any <br />other failure to comply with the terms and conditions thereof and the continuance thereof beyond <br />any applicable notice and/or cure period contained therein. <br />ARTICLE THREE <br />ACCELERATION AND FORECLOSURE; OTHER REMEDIES <br /> Upon any Event of Default, Mortgagee may, at its option, exercise one or more of the <br />following rights and remedies (and any other rights and remedies available to it): <br /> 3.1 Acceleration. Mortgagee may declare immediately due and payable all <br />unmatured Obligations secured by this Mortgage, and the same shall thereupon be immediately <br />due and payable, without notice or demand.