BUSINESS
DAYS AFTER NOTICE FROM LENDER;
87
(F)
IF BORROWER ATTEMPTS TO ASSIGN ITS RIGHTS UNDER THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT OR ANY INTEREST HEREIN OR THEREIN, OR IF ANY TRANSFER
OCCURS OTHER THAN A PERMITTED TRANSFER OR OTHER TRANSFER PERMITTED IN ACCORDANCE
WITH THE PROVISIONS HEREOF;
(G)
IF ANY REPRESENTATION OR WARRANTY OF BORROWER OR GUARANTOR MADE
HEREIN OR IN ANY OTHER LOAN DOCUMENT OR IN ANY CERTIFICATE, REPORT, FINANCIAL
STATEMENT OR OTHER INSTRUMENT OR AGREEMENT FURNISHED TO LENDER SHALL PROVE FALSE
OR MISLEADING IN ANY MATERIAL AND ADVERSE RESPECT;
(H)
IF BORROWER OR SOLE MEMBER SHALL MAKE AN ASSIGNMENT FOR THE
BENEFIT OF CREDITORS OR SHALL ADMIT IN WRITING ITS INABILITY TO PAY ITS DEBTS
GENERALLY AS THEY BECOME DUE;
(I)
IF A RECEIVER, LIQUIDATOR OR TRUSTEE OF BORROWER OR SOLE MEMBER
SHALL BE APPOINTED OR IF BORROWER OR SOLE MEMBER SHALL BE ADJUDICATED BANKRUPT
OR INSOLVENT, OR IF ANY PETITION FOR BANKRUPTCY, REORGANIZATION OR ARRANGEMENT
PURSUANT TO FEDERAL BANKRUPTCY LAW, OR ANY SIMILAR FEDERAL OR STATE LAW, SHALL
BE FILED BY OR AGAINST, CONSENTED TO, OR ACQUIESCED IN BY, BORROWER OR SOLE
MEMBER OR IF ANY PROCEEDING FOR THE DISSOLUTION OR LIQUIDATION OF BORROWER OR
SOLE MEMBER SHALL BE INSTITUTED; HOWEVER, IF SUCH APPOINTMENT, ADJUDICATION,
PETITION OR PROCEEDING WAS INVOLUNTARY AND NOT CONSENTED TO BY BORROWER OR SOLE
MEMBER, AS APPLICABLE, UPON THE SAME NOT BEING DISCHARGED, STAYED OR DISMISSED
WITHIN NINETY (90) DAYS OR IF BORROWER OR SOLE MEMBER SHALL GENERALLY NOT BE
PAYING ITS DEBTS AS THEY BECOME DUE.
(J)
IF BORROWER SHALL BE IN DEFAULT BEYOND ANY NOTICE OR GRACE
PERIOD, IF ANY, UNDER ANY MORTGAGE OR DEED OF TRUST OR SECURITY AGREEMENT
COVERING ANY PART OF THE PROJECTS OTHER THAN THE MORTGAGES (AND OTHER THAN THE
FIRST MORTGAGE ON THE LIVINGSTON PROJECT), WITHOUT REGARD TO ITS PRIORITY
RELATIVE TO THE MORTGAGES; PROVIDED, HOWEVER, THIS PROVISION SHALL NOT BE DEEMED
A WAIVER OF THE PROVISIONS OF ARTICLE IX PROHIBITING FURTHER ENCUMBRANCES
AFFECTING THE PROJECTS OR ANY OTHER PROVISION OF THIS AGREEMENT;
(K)
IF A PROJECT BECOMES SUBJECT (I) TO ANY LIEN WHICH IS SUPERIOR TO
THE LIEN OF THE APPLICABLE MORTGAGE, OTHER THAN A LIEN FOR REAL ESTATE TAXES AND
ASSESSMENTS NOT DUE AND PAYABLE, OR (II) TO ANY MECHANIC'S, MATERIALMAN'S OR
OTHER LIEN WHICH IS OR IS ASSERTED TO BE SUPERIOR TO THE LIEN OF SUCH MORTGAGE,
AND SUCH LIEN SHALL REMAIN UNDISCHARGED (BY PAYMENT, BONDING, OR OTHERWISE) FOR
THIRTY (30) DAYS UNLESS CONTESTED IN ACCORDANCE WITH THE TERMS HEREOF;
(L)
IF BORROWER ABANDONS A PROJECT;
(M)
EXCEPT AS PERMITTED IN THIS AGREEMENT, BORROWER UNDERTAKES ANY
MATERIAL ALTERATION OF ANY OF THE IMPROVEMENTS WITHOUT THE PRIOR CONSENT OF
LENDER;
(N)
IF BORROWER CONSUMMATES A TRANSACTION WHICH WOULD CAUSE THIS
AGREEMENT OR LENDER'S RIGHTS UNDER THIS AGREEMENT, THE NOTE OR ANY OTHER LOAN
DOCUMENT TO CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR RESULT
IN A VIOLATION OF A STATE STATUTE REGULATING GOVERNMENT PLANS SUBJECTING LENDER
TO LIABILITY FOR A VIOLATION