ITS DEBTS AS THEY BECOME DUE, OR SHALL
FILE A PETITION UNDER ANY CHAPTER OF THE FEDERAL BANKRUPTCY CODE OR ANY SIMILAR
LAW, STATE OR FEDERAL, NOW OR HEREAFTER EXISTING, OR SHALL BECOME "INSOLVENT"
AS
THAT TERM IS GENERALLY DEFINED UNDER THE FEDERAL BANKRUPTCY CODE, OR SHALL
IN ANY INVOLUNTARY BANKRUPTCY CASE COMMENCED AGAINST IT FILE AN ANSWER ADMITTING
INSOLVENCY OR INABILITY TO PAY ITS DEBTS AS THEY BECOME DUE, OR SHALL FAIL TO
OBTAIN A DISMISSAL OF SUCH CASE WITHIN SIXTY (60) DAYS AFTER ITS COMMENCEMENT OR
CONVERT THE CASE FROM ONE CHAPTER OF THE FEDERAL BANKRUPTCY CODE TO ANOTHER
CHAPTER, OR BE THE SUBJECT OF AN ORDER FOR RELIEF IN SUCH BANKRUPTCY CASE, OR BE
ADJUDGED A BANKRUPT OR INSOLVENT, OR SHALL HAVE A CUSTODIAN, TRUSTEE OR RECEIVER
APPOINTED FOR, OR HAVE ANY COURT TAKE JURISDICTION OF ITS PROPERTY, OR ANY PART
THEREOF, IN ANY PROCEEDING FOR THE PURPOSE OF REORGANIZATION, ARRANGEMENT,
DISSOLUTION OR LIQUIDATION, AND SUCH CUSTODIAN, TRUSTEE OR RECEIVER SHALL NOT BE
DISCHARGED, OR SUCH JURISDICTION SHALL NOT BE RELINQUISHED, VACATED OR STAYED
WITHIN SIXTY (60) DAYS OF THE APPOINTMENT; OR
(F)
AN EVENT OF DEFAULT SHALL OCCUR UNDER ANY
OTHER INSTRUMENT ISSUED BY BORROWER IN CONNECTION WITH THE CREDIT AGREEMENT OR
NOTE AND SHALL NOT HAVE BEEN CURED WITHIN THE TIME PERMITTED THEREIN TO CURE; OR
(G)
A JUDGMENT, WRIT OR WARRANT OF ATTACHMENT OR
EXECUTION, OR SIMILAR PROCESS SHALL BE ENTERED AND BECOME A LIEN OR BE ISSUED OR
LEVIED AGAINST THE PREMISES AND SHALL NOT BE RELEASED OR FULLY BONDED WITHIN
FORTY-FIVE (45) DAYS AFTER ITS ENTRY, ISSUE OR LEVY; OR
(H)
ANY REPRESENTATION OR WARRANTY MADE BY
BORROWER HEREIN, IN THE CREDIT AGREEMENT OR IN ANY OTHER INSTRUMENT ISSUED BY
BORROWER IN CONNECTION THEREWITH SHALL BE FALSE, MATERIALLY BREACHED OR
DISHONORED; OR
19
(I)
THE BORROWER SHALL BE DISSOLVED,
LIQUIDATED OR WOUND UP OR SHALL FAIL TO MAINTAIN ITS EXISTENCE AS A GOING
CONCERN IN GOOD STANDING.
7.2
LENDER'S RIGHT TO ACCELERATE.
IF AN EVENT
OF DEFAULT SHALL OCCUR THE LENDER MAY DECLARE THE ENTIRE UNPAID PRINCIPAL
BALANCE OF THE NOTE TOGETHER WITH ALL OTHER INDEBTEDNESS SECURED HEREBY TO BE
IMMEDIATELY DUE AND PAYABLE AND THEREUPON ALL SUCH UNPAID PRINCIPAL BALANCE OF
THE NOTE TOGETHER WITH ALL SECURED INTEREST THEREON AT THE DEFAULT RATE AND ALL
OTHER INDEBTEDNESS SECURED HEREBY SHALL BE AND BECOME IMMEDIATELY DUE AND
PAYABLE.
7.3
REMEDIES OF LENDER AND RIGHT TO FORECLOSE.
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, BORROWER HEREBY AUTHORIZES AND FULLY
EMPOWERS LENDER TO INVOKE THE POWER OF SALE, FORECLOSE THIS MORTGAGE BY ACTION
OR ADVERTISEMENT BY JUDICIAL OR NON-JUDICIAL PROCEEDINGS, OR OBTAIN ANY OTHER
REMEDY PERMITTED BY APPLICABLE LAW.
LENDER SHALL BE ENTITLED TO COLLECT ALL
EXPENSES INCURRED IN PURSUING THE REMEDIES PROVIDED IN THIS PARAGRAPH 7.3,
INCLUDING BUT NOT LIMITED TO ATTORNEYS' FEES AND COSTS OF TITLE EVIDENCE.
If Lender invokes the power of sale, Lender shall give notice of the sale to
Borrower in the manner required by law.
Lender