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7 <br />EL185\79\955722.v2 <br />12. Indemnification. Borrower agree to indemnify Lender and save it harmless <br />against all loss, liability, expense, or damages including but not limited to attorneys’ fees, which <br />may arise by reason of the assertion of any lien against the Loan Property or the Equipment. <br />13. Defaults. Each of the following shall constitute an Event of Default: <br />(a) If Borrower or Landlord abandons the Loan Property or moves its <br />operations outside the City. <br />(b) Failure of Borrower to make any payment when due on the Loan, which <br />such failure shall continue for a period of 10 days or more. <br />(c) Bankruptcy, reorganization, assignment, insolvency or liquidation <br />proceedings, or other proceedings for relief under any applicable bankruptcy law or other <br />law for relief of debtors are instituted by or against the Borrower and, if such proceedings <br />are instituted against the Borrower, an order, judgment or decree, without the consent of <br />Borrower appointing a trustee or receiver for the Borrower or any part of their property or <br />approving a petition under the bankruptcy laws of the United States or any similar laws <br />of any state or other competent jurisdiction, shall have remained in force undischarged or <br />unstayed for a period of 30 days. <br />(d) Any judgment, attachment, garnishment or other similar process is entered <br />against the Borrower or against any property or assets of the Borrower and is not <br />released, satisfied or discharged or bonded to Lender’s satisfaction within 30 days of <br />entry. <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 jurisdiction <br />over the Loan Property are not complied with within the time required thereby or are <br />terminated or modified by the City or such other governmental body and Borrower have <br />not taken or has not caused the Landlord to take the necessary steps to correct or cure the <br />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 Loan <br />Property and is not released, satisfied or discharged or bonded to Lender’s satisfaction,. <br />(g) A transfer which violates by Paragraph 9 hereof, Encumbrances and <br />Transfer, occurs. <br />(h) If Borrower: (i) fails to pay when due any amount due under this <br />Agreement, the Note, or any other documents listed in Section 3; (ii) fails to perform any <br />other obligation to be performed under this Agreement, the Note, the Security <br />Agreement, or any other document executed by Borrower pursuant to this Agreement; or <br />(iii) fails to pay any amount or perform any obligation under any other note, or other <br />agreement now or hereafter made by Borrower in favor of or with Lender or otherwise <br />Page 22 of 104