CASE MAY BE, ONLY UPON THE SAME
NOT BEING DISCHARGED, STAYED OR DISMISSED WITHIN SIXTY (60) DAYS;
(H)
BORROWER BREACHES ANY COVENANT CONTAINED IN SECTIONS 5.12.1 (A) -
(F), 5.13, 5.15, 5.25, 5.27 OR 5.28 HEREOF;
(I)
EXCEPT AS EXPRESSLY PERMITTED HEREUNDER, THE ALTERATION,
IMPROVEMENT, DEMOLITION OR REMOVAL OF ALL OR ANY PORTION OF THE IMPROVEMENTS
WITHOUT THE PRIOR WRITTEN CONSENT OF LENDER (IF SUCH CONSENT IS REQUIRED
PURSUANT TO THE TERMS OF THIS AGREEMENT);
(J)
AN EVENT OF DEFAULT AS DEFINED OR DESCRIBED ELSEWHERE IN THIS
AGREEMENT OR IN ANY OTHER LOAN DOCUMENT OCCURS;
(K)
A DEFAULT OCCURS UNDER ANY TERM, COVENANT OR PROVISION SET FORTH
HEREIN OR IN ANY OTHER LOAN DOCUMENT WHICH SPECIFICALLY CONTAINS A NOTICE
REQUIREMENT OR GRACE PERIOD AND SUCH NOTICE HAS BEEN GIVEN AND SUCH GRACE PERIOD
HAS EXPIRED;
(L)
ANY OF THE ASSUMPTIONS CONTAINED IN ANY SUBSTANTIVE
NON-CONSOLIDATION OPINION, DELIVERED TO LENDER BY BORROWER'S COUNSEL IN
CONNECTION WITH THE LOAN OR OTHERWISE HEREUNDER, WERE NOT TRUE AND CORRECT AS OF
THE DATE OF SUCH OPINION OR THEREAFTER BECAME UNTRUE OR INCORRECT;
(M)
BORROWER DIRECTLY OR INDIRECTLY CREATES, INCURS OR ASSUMES ANY
INDEBTEDNESS OTHER THAN (I) THE DEBT AND (II) UNSECURED TRADE PAYABLES INCURRED
IN THE ORDINARY COURSE OF BUSINESS RELATING TO THE OWNERSHIP AND OPERATION OF
THE PROPERTY WHICH DO NOT EXCEED, AT ANY TIME, A MAXIMUM AMOUNT OF TWO PERCENT
(2%) OF THE ORIGINAL AMOUNT OF THE PRINCIPAL; PROVIDED, HOWEVER, SUCH TWO
PERCENT (2%) LIMITATION SHALL NOT APPLY TO (I) ANY ASSET MANAGEMENT OR PROPERTY
MANAGEMENT FEE PAYABLE PURSUANT TO THE TERMS OF THE MANAGEMENT AGREEMENT OR
(II) ANY AMOUNTS THAT ARE PAYABLE OUT OF THE CAPITAL RESERVE SUBACCOUNT, THE
ROLLOVER RESERVE SUBACCOUNT OR ANY OTHER RESERVES ESTABLISHED UNDER THIS
AGREEMENT; OR
(N)
A DEFAULT SHALL BE CONTINUING UNDER ANY OF THE OTHER TERMS,
COVENANTS OR CONDITIONS OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT NOT
OTHERWISE SPECIFIED IN THIS SECTION 8.1, FOR TEN (10) DAYS AFTER NOTICE TO
BORROWER (AND GUARANTOR, IF APPLICABLE) FROM LENDER, IN THE CASE OF ANY DEFAULT
WHICH CAN BE CURED BY THE PAYMENT OF A SUM OF MONEY, OR FOR THIRTY (30) DAYS
AFTER NOTICE FROM LENDER IN THE CASE OF ANY OTHER DEFAULT; PROVIDED, HOWEVER,
THAT IF SUCH NON-MONETARY DEFAULT IS SUSCEPTIBLE OF CURE BUT CANNOT REASONABLY
BE CURED WITHIN SUCH THIRTY (30)-DAY PERIOD, AND BORROWER (OR GUARANTOR, IF
APPLICABLE) SHALL HAVE COMMENCED TO CURE SUCH DEFAULT WITHIN SUCH THIRTY
(30)-DAY PERIOD AND THEREAFTER DILIGENTLY AND EXPEDITIOUSLY PROCEEDS TO CURE THE
SAME, SUCH THIRTY (30)-DAY PERIOD SHALL BE EXTENDED FOR AN ADDITIONAL PERIOD OF
TIME AS IS REASONABLY NECESSARY FOR BORROWER (OR GUARANTOR, IF APPLICABLE) IN
THE EXERCISE OF DUE DILIGENCE TO CURE SUCH
62
DEFAULT, SUCH ADDITIONAL PERIOD NOT TO EXCEED SIXTY (60) DAYS; IT BEING FURTHER
ACKNOWLEDGED THAT: (A) A DEFAULT UNDER SECTION 6(C) OF THE GUARANTY MAY BE CURED
BY DELIVERY TO LENDER OF CASH IN AN AMOUNT EQUAL TO THE GUARANTY LIMIT AMOUNT;
(B) ANY CASH DELIVERED PURSUANT TO THE