ANY OF THE TAXES OR OTHER CHARGES ARE
NOT PAID ON OR BEFORE THE DATE THAT THEY SHALL BECOME DELINQUENT, SUBJECT TO
BORROWER'S OR MORTGAGE BORROWER'S RIGHT TO CONTEST TAXES IN ACCORDANCE WITH
SECTION 5.1.2 HEREOF, EXCEPT TO THE EXTENT SUMS SUFFICIENT TO PAY SUCH TAXES AND
OTHER CHARGES HAVE BEEN DEPOSITED WITH MORTGAGE LENDER IN ACCORDANCE WITH THE
TERMS OF THE MORTGAGE LOAN DOCUMENTS OR WITH LENDER IN ACCORDANCE WITH SECTION
7.2 HEREOF;
(III)
IF (A) THE POLICIES ARE NOT KEPT IN FULL
FORCE AND EFFECT, OR (B) CERTIFIED COPIES OF THE POLICIES OR OTHER EVIDENCE OF
COVERAGE UNDER THE POLICIES IN ACCORDANCE WITH SECTION 6.1(B) HEREOF ARE NOT
DELIVERED TO LENDER WITHIN TEN (10) DAYS AFTER WRITTEN REQUEST THEREFOR FROM
LENDER;
(IV)
IF BORROWER TRANSFERS OR ENCUMBERS ANY
INDIVIDUAL PROPERTY (OR ANY PORTION THEREOF), THE COLLATERAL OR ANY MORTGAGE
PRINCIPAL'S GENERAL PARTNER INTEREST IN THE RELATED MORTGAGE BORROWER ENTITY IN
VIOLATION OF THE PROVISIONS OF SECTION 5.2.10 HEREOF OR THE PLEDGE AGREEMENT
(EXCLUDING THE REMOVAL OR RESIGNATION OF MANAGER, PROVIDED THE REPLACEMENT
MANAGER IS A QUALIFIED MANAGER AND BORROWER EMPLOYS SUCH MANAGER IN ACCORDANCE
WITH SECTION 5.1.18 HEREOF);
129
(V)
IF ANY REPRESENTATION OR WARRANTY MADE BY
BORROWER, PRINCIPAL OR GUARANTOR HEREIN OR IN ANY OTHER LOAN DOCUMENT, OR IN ANY
REPORT, CERTIFICATE, FINANCIAL STATEMENT OR OTHER INSTRUMENT, AGREEMENT OR
DOCUMENT FURNISHED TO LENDER IN CONNECTION WITH THE LOAN SHALL HAVE BEEN FALSE
OR MISLEADING IN ANY MATERIAL RESPECT AS OF THE DATE SUCH REPRESENTATION OR
WARRANTY WAS MADE; PROVIDED, HOWEVER, THAT AS TO ANY SUCH FALSE OR MISLEADING
REPRESENTATION, WARRANTY, ACKNOWLEDGEMENT OR STATEMENT WHICH WAS UNINTENTIONALLY
SUBMITTED TO LENDER AND WHICH CAN BE MADE TRUE AND CORRECT BY ACTION OF
BORROWER, BORROWER SHALL HAVE A PERIOD OF THIRTY (30) DAYS FOLLOWING WRITTEN
NOTICE THEREOF TO BORROWER TO UNDERTAKE AND COMPLETE ALL ACTION NECESSARY TO
MAKE SUCH REPRESENTATION, WARRANTY, ACKNOWLEDGEMENT OR STATEMENT TRUE AND
CORRECT IN ALL MATERIAL RESPECTS;
(VI)
IF ANY LOAN PARTY OR GUARANTOR SHALL MAKE AN
ASSIGNMENT FOR THE BENEFIT OF CREDITORS GENERALLY;
(VII)
IF A RECEIVER, LIQUIDATOR OR TRUSTEE SHALL BE
APPOINTED FOR ANY LOAN PARTY OR GUARANTOR, OR IF ANY LOAN PARTY OR GUARANTOR
SHALL BE ADJUDICATED A BANKRUPT OR INSOLVENT, OR IF ANY PETITION FOR BANKRUPTCY,
REORGANIZATION OR ARRANGEMENT PURSUANT TO THE BANKRUPTCY CODE, OR ANY SIMILAR
FEDERAL OR STATE LAW, SHALL BE FILED BY OR AGAINST, CONSENTED TO, OR ACQUIESCED
IN BY, A LOAN PARTY OR GUARANTOR, OR IF ANY PROCEEDING FOR THE DISSOLUTION OR
LIQUIDATION OF A LOAN PARTY OR GUARANTOR SHALL BE INSTITUTED; PROVIDED, HOWEVER,
THAT IF SUCH APPOINTMENT, ADJUDICATION, PETITION OR PROCEEDING WAS INVOLUNTARY
AND NOT CONSENTED TO BY SUCH LOAN PARTY OR GUARANTOR, NO EVENT OF DEFAULT SHALL
EXIST UNLESS THE SAME IS NOT DISCHARGED, STAYED OR DISMISSED WITHIN SIXTY (60)
DAYS;
(VIII)
IF BORROWER ATTEMPTS TO ASSIGN ITS RIGHTS UNDER
THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY INTEREST HEREIN OR
THEREIN IN CONTRAVENTION OF THE LOAN DOCUMENTS;
(IX)
IF BORROWER BREACHES