Laserfiche WebLink
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 tl�e Note or any <br />other amount required to be paid by Mortgagor hereunder when 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 or in the Note and the continuation of such failure for a period of thirty <br />(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 contesi in good faith <br />as set forth in Section 1.4 hereof, the breach of any warranty of title or any otlier ,%✓arranty 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 implyin4 Mortgagee's <br />consent to any mortgage or other lien). <br />2.6. Sale of Property. The sale, assignment, conveyance, mortgage, 'iencumbrance, <br />lease or transfer of: (i) Mortgagor's interest in the Mortgaged Property or any part t1hereof, 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 Mortgages, Other Agreements, etc. Any default or breach under the <br />First Lien Mortgage, any other note, mortgage or other obligation of Mortgagor or $orrower now <br />held or hereafter acquired by Mortgagee or City, or any other failure to comply With the terms <br />and conditions thereof and the continuance thereof beyond any applicable notice and/or cure <br />period contained therein. <br />10 <br />487519v3 ELI 85-45 <br />