THE LOANS ON THE DATE EACH SUCH AMOUNT BECOMES DUE AND
PAYABLE OR IF BORROWER SHALL FAIL TO PAY ANY OTHER MONETARY OBLIGATION HEREUNDER
OR UNDER ANY OF THE OTHER LOAN DOCUMENTS ON THE DATE EACH SUCH AMOUNT BECOMES
DUE AND PAYABLE, AND SUCH FAILURE CONTINUES FOR A PERIOD OF FIVE (5) BUSINESS
DAYS AFTER SAID AMOUNT WAS DUE.
(B)
IF BORROWER BREACHES OR FAILS TO COMPLY WITH
ANY COVENANT MADE BY IT IN THIS AGREEMENT OR IN ANY OF THE OTHER LOAN DOCUMENTS,
INCLUDING, WITHOUT LIMITATION, ANY OF THE FINANCIAL COVENANTS IN SECTION 7.33 OF
THIS AGREEMENT (OTHER THAN A FAILURE WHICH WOULD BE AN EVENT OF DEFAULT UNDER
ANOTHER SUBSECTION OF THIS SECTION 8.1), WHICH BREACH OR FAILURE TO COMPLY IS
NOT CURED TO LENDER'S SATISFACTION WITHIN THIRTY (30) DAYS FOLLOWING WRITTEN
NOTICE FROM LENDER OF SUCH BREACH OR FAILURE TO COMPLY WITH SUCH COVENANT
(BUT
DURING SUCH CURE PERIOD, LENDER MAY SUSPEND MAKING ANY FURTHER ADVANCES TO THE
BORROWER); PROVIDED FURTHER, THAT IF SUCH BREACH OR FAILURE TO COMPLY (I) IS
INCURABLE, (II) RESULTS IN A LIEN THAT HAS PRIORITY OVER LENDER'S LIEN IN THE
COLLATERAL AND THE PRIORITY OF LENDER'S LIEN IS NOT FULLY INSURED OVER SUCH
PRIOR LIEN BY LENDER'S TITLE POLICY, OR (III) IF THE BORROWER HAS COMMITTED ANY
FRAUD OR CONVERSION AS TO SUCH COLLATERAL OR MISREPRESENTATION AS TO THE VALUE
OR CONDITION OF SUCH COLLATERAL, LENDER NEED NOT PROVIDE THE BORROWER WITH ANY
NOTICE OF OR RIGHT TO CURE SUCH BREACH OR FAILURE TO COMPLY.
(C)
IF AT ANY TIME ANY REPRESENTATION OR
WARRANTY MADE BY BORROWER HEREIN OR IN ANY OF THE LOAN DOCUMENTS, INCLUDING ANY
AFFIDAVIT SUBMITTED WITH ANY REQUEST FOR ADVANCE, SHALL BE MATERIALLY INCORRECT,
AND SUCH MATERIALLY INCORRECT REPRESENTATION OR WARRANTY COULD REASONABLY BE
EXPECTED (IN LENDER'S SOLE DISCRETION) TO HAVE A MATERIAL ADVERSE EFFECT ON
BORROWER, THE IMPROVEMENTS AND/OR THE ABILITY OF BORROWER PAY AND/OR PERFORM THE
OBLIGATIONS.
(D)
IF ANY DEFAULT OR EVENT OF DEFAULT SHALL
EXIST UNDER ANY OF THE LOAN DOCUMENTS OTHER THAN THIS AGREEMENT AND SUCH DEFAULT
OR EVENT OF DEFAULT SHALL CONTINUE BEYOND ANY APPLICABLE GRACE OR CURE PERIODS.
68
(E)
IF THE CONSTRUCTION OF THE IMPROVEMENTS BE
NOT CARRIED ON WITH REASONABLE DISPATCH, AND MATERIALLY IN ACCORDANCE WITH THE
SCHEDULE OF CONSTRUCTION, OR AT ANY TIME BE DISCONTINUED FOR A PERIOD OF TWENTY
(20) CONSECUTIVE BUSINESS DAYS PROVIDED, HOWEVER, THIS PARAGRAPH SHALL NOT APPLY
TO UNAVOIDABLE DELAYS.
(F)
IF BORROWER, OTHER THAN AS PERMITTED
UNDER THE LOAN DOCUMENTS, EXECUTES ANY SECURITY AGREEMENT, CHATTEL MORTGAGE OR
OTHER INSTRUMENT CREATING A SECURITY INTEREST IN ANY MATERIALS, FIXTURES OR
ARTICLES INTENDED TO BE INCORPORATED IN THE IMPROVEMENTS OR THE APPURTENANCES
THERETO, OR IN ANY ARTICLES OF PERSONAL PROPERTY PLACED IN THE IMPROVEMENTS, OR
FILES OR PERMITS THE FILING OF A FINANCING STATEMENT PUBLISHING NOTICE OF SUCH
SECURITY INTEREST, OR IF ANY OF SUCH MATERIALS, FIXTURES OR ARTICLES BE NOT
PURCHASED SO THAT THE OWNERSHIP THEREOF WILL VEST UNCONDITIONALLY IN BORROWER ON
DELIVERY AT