PERSONAL PROPERTY SECURING THE NOTE.
BORROWER DOES HEREBY EXPRESSLY CONSENT TO
AND AUTHORIZE THE SALE OF THE PREMISES OR ANY PART THEREOF AS A SINGLE UNIT OR
PARCEL.
BORROWER ALSO HEREBY WAIVES ANY AND ALL RIGHTS OF REINSTATEMENT AND
REDEMPTION FROM SALE UNDER ANY ORDER OR DECREE OF
FORECLOSURE PURSUANT TO
RIGHTS HEREIN GRANTED, ON BEHALF OF BORROWER, AND EACH AND EVERY PERSON
ACQUIRING ANY INTEREST IN, OR TITLE TO THE PREMISES DESCRIBED HEREIN SUBSEQUENT
TO THE DATE OF THIS MORTGAGE, AND ON BEHALF OF ALL OTHER PERSONS TO THE EXTENT
PERMITTED BY APPLICABLE LAW.
BORROWER SPECIFICALLY CONSENTS TO LENDER'S
FORECLOSURE OF THIS MORTGAGE AND OF ANY OTHER MORTGAGES, DEEDS OF TRUST, AND
INSTRUMENTS SECURING THE NOTE, WHETHER BY ADVERTISEMENT, BY JUDICIAL ACTION IN
ONE OR MORE COURTS, OR BY ANY OTHER MANNER PROVIDED BY LAW, AND SUCH
FORECLOSURES MAY OCCUR SIMULTANEOUSLY OR IN ANY ORDER THAT LENDER MAY DETERMINE
IN ITS SOLE DISCRETION.
6.6
BUSINESS LOAN REPRESENTATION.
BORROWER
REPRESENTS AND WARRANTS TO LENDER THAT THE INDEBTEDNESS EVIDENCED BY THE NOTE IS
A BUSINESS LOAN TRANSACTED SOLELY FOR THE PURPOSE OF CARRYING ON THE BUSINESS OF
BORROWER AND NOT A CONSUMER TRANSACTION AND THAT THE PREMISES DO NOT CONSTITUTE
THE HOMESTEAD OF BORROWER.
7.
EVENTS OF DEFAULT AND REMEDIES
7.1
EVENTS OF DEFAULT.
IT SHALL BE AN EVENT OF
DEFAULT ("EVENT OF DEFAULT") UNDER THIS MORTGAGE UPON THE HAPPENING OF ANY OF
THE FOLLOWING:
(A)
FAILURE TO MAKE ANY PAYMENT ON THE NOTE
WHETHER PRINCIPAL, INTEREST, PREMIUM OR LATE CHARGE, WHEN AND AS THE SAME
BECOMES DUE (WHETHER AT THE STATED MATURITY OR AT A DATE FIXED FOR ANY
INSTALLMENT PAYMENT OR ANY ACCELERATED PAYMENT DATE OR OTHERWISE) AND SUCH
FAILURE SHALL CONTINUE FOR A PERIOD OF TEN (10) DAYS; OR
18
(B)
A "DEFAULT" AS DEFINED THEREIN SHALL OCCUR
UNDER THE CREDIT AGREEMENT OR NOTE AND SHALL NOT HAVE BEEN CURED WITHIN THE TIME
PERMITTED THEREIN TO CURE; OR
(C)
FAILURE TO PAY, PERFORM OR COMPLY WITH WHEN
DUE ANY OTHER INDEBTEDNESS SECURED HEREBY AND SUCH FAILURE SHALL CONTINUE FOR A
PERIOD OF TEN (10) DAYS AFTER NOTICE THEREOF TO THE BORROWER; OR
(D)
FAILURE TO COMPLY WITH OR PERFORM ANY OF THE
OTHER TERMS, CONDITIONS OR COVENANTS OF THIS MORTGAGE AND SUCH FAILURE SHALL
CONTINUE FOR A PERIOD OF THIRTY (30) DAYS AFTER NOTICE THEREOF TO BORROWER;
PROVIDED, IF THE SAME IS NOT SUSCEPTIBLE OF CURE WITHIN SAID TIME LIMITS AND THE
SAME MAY BE CURED WITHIN A REASONABLE PERIOD OF TIME THEREAFTER THE TIME PERIOD
SHALL BE EXTENDED FOR SUCH ADDITIONAL TIME AS IS REASONABLY NECESSARY TO
EFFECTUATE SUCH CURE PROVIDED SUCH CURATIVE ACTION IS PROMPTLY TAKEN IN GOOD
FAITH AND DILIGENTLY PROSECUTED TO COMPLETION AND THE SECURITY AFFORDED HEREBY
AND THE INTEREST OF THE LENDER IS NOT IN JEOPARDY OR BE SUBJECT TO FORFEITURE;
OR
(E)
BORROWER SHALL FAIL TO PAY ITS DEBTS AS
THEY BECOME DUE, MAKE AN ASSIGNMENT FOR THE BENEFIT OF ITS CREDITORS, OR SHALL
ADMIT IN WRITING ITS INABILITY TO PAY