APPLICATION OR PROCEEDING IS NOT DISMISSED WITHIN 60 DAYS;
(IV)
ANY REPRESENTATION OR WARRANTY MADE BY THE COMPANY UNDER THIS
NOTE, THE MORTGAGE OR ANY AMENDMENT, WAIVER OR MODIFICATION OF ANY OF THE TERMS
HEREOF OR THEREOF SHALL PROVE TO HAVE BEEN INCORRECT OR MISLEADING WHEN MADE IN
ANY MATERIAL RESPECT;
(V)
THERE SHALL OCCUR ANY "EVENT OF DEFAULT" UNDER AND AS DEFINED IN
THE MORTGAGE;
(VI)
(A)
THE COMPANY IS IN DEFAULT (AS PRINCIPAL OR AS GUARANTOR OR
OTHER SURETY) IN THE PAYMENT OF ANY PRINCIPAL OF OR PREMIUM OR INTEREST ON ANY
INDEBTEDNESS BEYOND ANY PERIOD OF GRACE PROVIDED WITH RESPECT THERETO; OR (B)
THE COMPANY IS IN DEFAULT IN THE PERFORMANCE OF OR COMPLIANCE WITH ANY TERM OF
ANY EVIDENCE OF ANY SUCH INDEBTEDNESS OR OF ANY MORTGAGE, INDENTURE OR OTHER
AGREEMENT RELATING THERETO OR ANY OTHER CONDITION EXISTS, AND AS A CONSEQUENCE
OF SUCH DEFAULT OR CONDITION SUCH INDEBTEDNESS HAS BECOME, OR HAS BEEN DECLARED
(OR ONE OR MORE PERSONS ARE ENTITLED TO
5
DECLARE SUCH INDEBTEDNESS TO BE), DUE AND PAYABLE OR (C) AS A CONSEQUENCE OF THE
OCCURRENCE OR CONTINUATION OF ANY EVENT OR CONDITION (OTHER THAN THE PASSAGE OF
TIME OR THE RIGHTS OF THE HOLDER OF SUCH INDEBTEDNESS TO CONVERT SUCH DEBT INTO
EQUITY INTERESTS) (1) THE COMPANY HAS BECOME OBLIGATED TO PURCHASE OR REPAY SUCH
INDEBTEDNESS BEFORE ITS REGULAR MATURITY OR BEFORE ITS REGULARLY SCHEDULED DATES
OF PAYMENT, OR (2) ONE OR MORE PERSONS HAVE THE RIGHT TO REQUIRE THE COMPANY SO
TO PURCHASE OR REPAY SUCH INDEBTEDNESS;
(VII)
A FINAL JUDGMENT OR JUDGMENTS FOR THE PAYMENT OF MONEY AGGREGATING
IN EXCESS OF $50,000 ARE RENDERED AGAINST THE COMPANY AND WHICH JUDGMENTS ARE
NOT WITHIN 60 DAYS AFTER ENTRY THEREOF, BONDED, DISCHARGED OR STAYED PENDING
APPEAL, OR ARE NOT DISCHARGED WITHIN 60 DAYS AFTER THE EXPIRATION OF SUCH STAY;
OR
(VIII)
(A) THE COMPANY SHALL REPUDIATE ITS OBLIGATIONS UNDER THIS NOTE OR
THE MORTGAGE, OR THIS NOTE OR THE MORTGAGE SHALL BECOME UNENFORCEABLE FOR ANY
REASON, OR (B) THIS NOTE OR THE MORTGAGE SHALL CEASE TO BE IN FULL FORCE AND
EFFECT IN ACCORDANCE WITH THE TERMS HEREOF OR SHALL CEASE TO GIVE THE PAYEE ALL
RIGHTS, POWERS AND PRIVILEGES PURPORTED TO BE CREATED HEREBY.
The foregoing shall constitute Events of Default whatever the reason or cause
for any such Event of Default and whether it is voluntary or involuntary or is
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body.
(B)
ACCELERATION.
(I)
IF AN EVENT OF DEFAULT OF THE TYPE DESCRIBED IN SECTION 8(A)(III)
HAS OCCURRED, THE PRINCIPAL AMOUNT OF THIS NOTE (TOGETHER WITH ALL ACCRUED
INTEREST HEREON AND ALL OTHER AMOUNTS DUE AND PAYABLE WITH RESPECT HERETO) SHALL
BECOME IMMEDIATELY DUE AND PAYABLE WITHOUT ANY ACTION ON THE PART OF THE PAYEE,
AND THE COMPANY SHALL IMMEDIATELY PAY TO THE PAYEE ALL AMOUNTS DUE AND PAYABLE
WITH RESPECT