BORROWER COMMENCES SUCH
CURE PROCESS WITHIN THE INITIAL 30-DAY PERIOD AND DILIGENTLY PURSUES SAME TO
COMPLETION WITH NINETY (90) DAYS OF THE INITIAL FAILURE BY BORROWER TO SATISFY
THE SUBJECT OBLIGATION, THEN SUCH FAILURE SHALL NOT CONSTITUTE AN "EVENT OF
DEFAULT".
32
(C)
IF ANY REPRESENTATION, WARRANTY, OR STATEMENT MADE BY BORROWER,
GUARANTOR, OR ANY AFFILIATE OF BORROWER OR GUARANTOR, UNDER, OR PURSUANT TO THE
LOAN DOCUMENTS OR ANY AFFIDAVIT OR OTHER INSTRUMENT EXECUTED OR DELIVERED WITH
RESPECT TO THE LOAN DOCUMENTS OR THE INDEBTEDNESS IS DETERMINED BY LENDER TO BE
FALSE OR MISLEADING IN ANY MATERIAL RESPECT AS OF THE DATE HEREOF OR THEREOF,
AND SUCH REPRESENTATION, WARRANTY, OR STATEMENT IS NOT CORRECTED BY BORROWER,
GUARANTOR OR OTHERS WITHIN TEN (10) DAYS OF RECEIPT OF NOTICE FROM LENDER OF THE
DISCOVERY OF SUCH MATERIALLY MISLEADING REPRESENTATION, WARRANTY OR STATEMENT.
(D)
IF BORROWER SHALL DEFAULT OR COMMIT AN EVENT OF DEFAULT UNDER AND
PURSUANT TO ANY OTHER MORTGAGE OR SECURITY AGREEMENT (WHICH IS NOT A LOAN
DOCUMENT) WHICH COVERS OR AFFECTS ANY PART OF THE MORTGAGED PROPERTY THAT IS
CONTINUING BEYOND ANY APPLICABLE NOTICE AND GRACE PERIOD;
(E)
IF BORROWER (I) SHALL EXECUTE AN ASSIGNMENT FOR THE BENEFIT OF
CREDITORS OR AN ADMISSION IN WRITING BY BORROWER OF BORROWER'S INABILITY TO PAY,
OR BORROWER'S FAILURE TO PAY, DEBTS GENERALLY AS THE DEBTS BECOME DUE; OR
(II) SHALL ALLOW THE LEVY AGAINST THE MORTGAGED PROPERTY OR ANY PART THEREOF, OF
ANY EXECUTION, ATTACHMENT, SEQUESTRATION OR OTHER WRIT WHICH IS NOT VACATED
WITHIN SIXTY (60) DAYS AFTER THE LEVY; OR (III) SHALL ALLOW THE APPOINTMENT OF A
RECEIVER, TRUSTEE OR CUSTODIAN OF BORROWER OR OF THE MORTGAGED PROPERTY OR ANY
PART THEREOF, WHICH RECEIVER, TRUSTEE OR CUSTODIAN IS NOT DISCHARGED WITHIN
SIXTY (60) DAYS AFTER THE APPOINTMENT; OR (IV) FILES AS A DEBTOR A PETITION,
CASE, PROCEEDING OR OTHER ACTION PURSUANT TO, OR VOLUNTARILY SEEKS OF THE
BENEFIT OR BENEFITS OF ANY DEBTOR RELIEF LAW, OR TAKES ANY ACTION IN FURTHERANCE
THEREOF; OR (V) FILES EITHER A PETITION, COMPLAINT, ANSWER OR OTHER INSTRUMENT
WHICH SEEKS TO EFFECT A SUSPENSION OF, OR WHICH HAS THE EFFECT OF SUSPENDING ANY
OF THE RIGHTS OR POWERS OF LENDER OR THE TRUSTEE UNDER THE LIEN INSTRUMENT
GRANTED IN THE NOTE, HEREIN OR IN ANY LOAN DOCUMENT; OR (VI) ALLOWS THE FILING
OF A PETITION, CASE, PROCEEDING OR OTHER ACTION AGAINST BORROWER AS A DEBTOR
UNDER ANY DEBTOR RELIEF LAW OR SEEKS APPOINTMENT OF A RECEIVER, TRUSTEE,
CUSTODIAN OR LIQUIDATOR OF BORROWER OR OF THE MORTGAGED PROPERTY, OR ANY PART
THEREOF, OR OF ANY SIGNIFICANT PORTION OF BORROWER'S OTHER PROPERTY AND
(A) BORROWER ADMITS, ACQUIESCES IN OR FAILS TO CONTEST DILIGENTLY THE MATERIAL
ALLEGATIONS THEREOF, OR (B) THE PETITION, CASE, PROCEEDING OR OTHER ACTION
RESULTS IN THE ENTRY OF AN ORDER FOR RELIEF OR ORDER GRANTING THE RELIEF SOUGHT
AGAINST BORROWER, OR (C) THE PETITION, CASE, PROCEEDING OR OTHER ACTION IS NOT
PERMANENTLY DISMISSED OR DISCHARGED ON OR BEFORE THE EARLIER OF TRIAL THEREON OR
SIXTY