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(a)Borrower abandons the Loan Property, work on construction of the <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 and, if such <br />proceedings are instituted against Borrower, an order, judgment or decree, <br />without the consent of Borrower appointing a trustee or receiver for Borrower or <br />any part of its property or approving a petition under the bankruptcy laws of the <br />United States or any similar laws of any state or other competent jurisdiction, <br />shall have remained in force undischarged or unstayed for a period of thirty (30) <br />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 thirty <br />(30) days of entry. <br />(d)Borrower fails to commence or complete construction of the <br />Improvements within the time designated in this Agreement. <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 thirty (30) days after written notice is given by <br />Lender. <br />(f)Any mechanic's or material supplier's lien is filed against the Loan <br />Property and is not released, satisfied or discharged or bonded to Lender's <br />satisfaction, subject, however, to Borrower's right to contest the same in <br />accordance with the provisions of the Mortgage and applicable law. <br />(g)A transfer which violates by Paragraph 11 hereof, occurs. <br />(h)Borrower: (i) fails to pay any amount due under this Agreement, <br />the Note, or the Security Agreement; or (ii) fails to perform any other obligation <br />to be performed under this Agreement, the Note, the Security Agreement, or any <br />other document executed by Borrower pursuant to this Agreement and such <br />failure continues beyond any applicable cure period. <br />533940v3 GAF EL185-57 <br />-8- <br />