IN EFFECT.
(H)
A PETITION IS FILED OR ANY CASE, PROCEEDING OR OTHER ACTION IS
COMMENCED AGAINST BORROWER, AGAINST ANY GENERAL PARTNER OR MANAGING MEMBER OF
BORROWER OR AGAINST ANY INDEMNITOR SEEKING TO HAVE AN ORDER FOR RELIEF ENTERED
AGAINST IT AS DEBTOR OR SEEKING
60
REORGANIZATION, ARRANGEMENT, ADJUSTMENT, LIQUIDATION, DISSOLUTION OR COMPOSITION
OF IT OR ITS DEBTS OR OTHER RELIEF UNDER ANY LAW RELATING TO BANKRUPTCY,
INSOLVENCY, ARRANGEMENT, REORGANIZATION, RECEIVERSHIP OR OTHER DEBTOR RELIEF
UNDER ANY LAW OR STATUTE OF ANY JURISDICTION, WHETHER NOW OR HEREAFTER IN
EFFECT, OR A COURT OF COMPETENT JURISDICTION ENTERS AN ORDER FOR RELIEF AGAINST
BORROWER, AGAINST ANY GENERAL PARTNER OR MANAGING MEMBER OF BORROWER OR AGAINST
ANY INDEMNITOR, AS DEBTOR, OR AN ORDER, JUDGMENT OR DECREE IS ENTERED
APPOINTING, WITH OR WITHOUT THE CONSENT OF BORROWER, OF ANY SUCH GENERAL PARTNER
OR MANAGING MEMBER OF BORROWER OR OF ANY INDEMNITOR, A RECEIVER, TRUSTEE,
CUSTODIAN OR SIMILAR OFFICER FOR BORROWER, FOR ANY SUCH GENERAL PARTNER OR
MANAGING MEMBER OF BORROWER OR FOR ANY INDEMNITOR, OR FOR ANY SUBSTANTIAL PART
OF ANY OF THE PROPERTIES OF BORROWER, OF ANY SUCH GENERAL PARTNER OR MANAGING
MEMBER OF BORROWER OR OF ANY INDEMNITOR, AND IF ANY SUCH EVENT SHALL OCCUR, SUCH
PETITION, CASE, PROCEEDING, ACTION, ORDER, JUDGMENT OR DECREE IS NOT DISMISSED
WITHIN SIXTY (60) DAYS AFTER BEING COMMENCED.
(I)
THE PROPERTY OR ANY PART THEREOF IS TAKEN ON EXECUTION OR OTHER
PROCESS OF LAW IN ANY ACTION AGAINST BORROWER.
(J)
BORROWER ABANDONS ALL OR A PORTION OF THE PROPERTY.
(K)
THE HOLDER OF ANY LIEN OR SECURITY INTEREST ON THE PROPERTY
(WITHOUT IMPLYING THE CONSENT OF LENDER TO THE EXISTENCE OR CREATION OF ANY SUCH
LIEN OR SECURITY INTEREST), WHETHER SUPERIOR OR SUBORDINATE TO THIS MORTGAGE OR
ANY OF THE OTHER LOAN DOCUMENTS, DECLARES A DEFAULT AND SUCH DEFAULT IS NOT
CURED WITHIN ANY APPLICABLE GRACE OR CURE PERIOD SET FORTH IN THE APPLICABLE
DOCUMENT OR SUCH HOLDER INSTITUTES FORECLOSURE OR OTHER PROCEEDINGS FOR THE
ENFORCEMENT OF ITS REMEDIES THEREUNDER.
(L)
THE PROPERTY, OR ANY PART THEREOF, IS SUBJECTED TO WASTE OR TO
REMOVAL, DEMOLITION OR MATERIAL ALTERATION SO THAT THE VALUE OF THE PROPERTY IS
MATERIALLY DIMINISHED THEREBY AND LENDER DETERMINES THAT IT IS NOT ADEQUATELY
PROTECTED FROM ANY LOSS, DAMAGE OR RISK ASSOCIATED THEREWITH.
(M)
ANY DISSOLUTION, TERMINATION, PARTIAL OR COMPLETE LIQUIDATION,
MERGER OR CONSOLIDATION OF BORROWER, ANY GENERAL PARTNER OR ANY MANAGING MEMBER,
OR ANY INDEMNITOR.
ARTICLE V
REMEDIES
SECTION 5.1
REMEDIES AVAILABLE. IF THERE SHALL OCCUR AN EVENT OF
DEFAULT UNDER THIS MORTGAGE, THEN THIS MORTGAGE IS SUBJECT TO FORECLOSURE AS
PROVIDED BY LAW AND LENDER MAY, AT ITS OPTION AND BY OR THROUGH A TRUSTEE,
NOMINEE, ASSIGNEE OR OTHERWISE, TO THE FULLEST EXTENT PERMITTED BY LAW, EXERCISE
ANY OR ALL OF THE FOLLOWING RIGHTS, REMEDIES AND RECOURSES, EITHER SUCCESSIVELY
OR CONCURRENTLY:
(A)
ACCELERATION. ACCELERATE THE MATURITY DATE OF THE NOTE AND DECLARE
ANY OR ALL OF THE DEBT TO BE IMMEDIATELY DUE AND PAYABLE WITHOUT ANY
PRESENTMENT, DEMAND, PROTEST, NOTICE