FOR THE FAILURE OF LENDER TO ADVANCE AVAILABLE FUNDS FROM THE
INTEREST RESERVE LINE ITEM OF THE PROJECT BUDGET (TO THE EXTENT AVAILABLE FOR
USE BY BORROWER PURSUANT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS)), OR ANY OTHER CHARGE OR AMOUNT DUE UNDER THE NOTE, OR
(II) ANY OTHER MONETARY OBLIGATION TO LENDER UNDER THIS AGREEMENT OR THE OTHER
LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION TO CONTRIBUTE
BORROWER'S EQUITY OR THE REAL ESTATE TAX DEPOSITS AS AND WHEN REQUIRED UNDER
THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS) AND, IN THE CASE OF (I) OR (II),
SUCH FAILURE CONTINUES FOR FIFTEEN (15) DAYS AFTER BORROWER'S RECEIPT OF NOTICE
OF SUCH FAILURE;
(B)
REPRESENTATIONS.
ANY REPRESENTATION,
WARRANTY OR CERTIFICATION MADE BY BORROWER, ANY BORROWER PARTY OR GUARANTOR IN
OR PURSUANT TO ANY OF LOAN DOCUMENTS IS OR BECOMES MATERIALLY FALSE OR
MISLEADING AT ANY TIME WHEN SUCH REPRESENTATION, WARRANTY, OR CERTIFICATION IS
REQUIRED TO BE OPERATIVE;
(C)
OTHER BREACHES.
BORROWER, ANY BORROWER
PARTY OR GUARANTOR BREACHES OR DEFAULTS UNDER ANY OTHER TERM OR PROVISION IN ANY
OF THE LOAN DOCUMENTS, AND SUCH BREACH OR DEFAULT CONTINUES FOR THIRTY (30) DAYS
AFTER RECEIPT OF NOTICE THEREOF BY LENDER;
(D)
OTHER EVENTS OF DEFAULT.
THE OCCURRENCE OF
ANY OTHER MATTER DESIGNATED AS AN EVENT OF DEFAULT OR DEFAULT UNDER ANY OF THE
LOAN DOCUMENTS;
(E)
BALANCING; DEFICIENCY DEPOSITS.
BORROWER
FAILS TO CONTRIBUTE ALL OR ANY PORTION OF ANY DEFICIENCY DEPOSIT IN ACCORDANCE
WITH THE TERMS HEREOF;
(F)
BANKRUPTCY, INSOLVENCY, ETC.
ANY OF
BORROWER, ITS MEMBERS OR GUARANTOR SHALL: (I) BECOME INSOLVENT OR GENERALLY FAIL
TO PAY, OR ADMIT IN WRITING ITS INABILITY OR UNWILLINGNESS TO PAY, DEBTS AS THEY
BECOME DUE; (II) APPLY FOR, CONSENT TO, OR ACQUIESCE IN, THE APPOINTMENT OF A
TRUSTEE, RECEIVER, SEQUESTRATOR OR OTHER CUSTODIAN FOR ITSELF OR A SUBSTANTIAL
PART OF ITS PROPERTY, OR MAKE A GENERAL ASSIGNMENT FOR THE BENEFIT OF CREDITORS;
(III) IN THE ABSENCE OF SUCH APPLICATION, CONSENT OR ACQUIESCE, PERMIT OR SUFFER
TO EXIST THE APPOINTMENT OF A TRUSTEE, RECEIVER, SEQUESTRATOR OR OTHER CUSTODIAN
FOR ITSELF OR FOR A SUBSTANTIAL PART OF ITS PROPERTY, AND SUCH TRUSTEE,
RECEIVER, SEQUESTRATOR OR OTHER CUSTODIAN SHALL NOT BE DISCHARGED WITHIN 60
DAYS, PROVIDED THAT LENDER IS
38
hereby expressly authorized to appear in any court conducting any relevant
proceeding during such 60-day period to preserve, protect and defend its rights
under the Loan Documents; (iv) permit or suffer to exist the commencement of any
bankruptcy, reorganization, debt arrangement or other case or proceeding under
any bankruptcy or insolvency law, or any dissolution, winding up or liquidation
proceeding, in respect of any of Borrower or Guarantor, and, if any such case or
proceeding is not commenced by Borrower or Guarantor, such case or proceeding
shall be consented to or acquiesced in by Borrower or Guarantor, or shall result
in the entry of an order for relief or shall remain for 60 days undismissed,
provided that Lender is hereby expressly authorized to