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2013003
<br />Personal Property, free from any adverse lien, security interest, encumbrance or adverse
<br />claims thereon of any kind whatsoever, except for Permitted Encumbrances. Trustor will
<br />notify Beneficiary of, and will defend the Personal Property against, all prohibited claims
<br />and demands of all persons at any time claiming the same or any interest therein;
<br />(b) Except for the "Leases ", as defined in the Loan Agreement, Trustor will
<br />not lease, sell, convey or in any manner transfer the Personal Property (except Personal
<br />Property transferred in the ordinary course of business and replaced by Personal Property
<br />of a similar nature and having at least the same value as the Personal Property replaced)
<br />without the prior written consent of Beneficiary;
<br />(c) the Personal Property is not used or bought for personal, family or
<br />household purposes;
<br />(d) deleted;
<br />(e) all covenants and obligations of Trustor contained herein relating to the
<br />Mortgaged Property shall be deemed to apply to the Personal Property, whether or not
<br />expressly referred to herein.
<br />ARTICLE V
<br />EVENTS OF DEFAULT AND REMEDIES UPON DEFAULT
<br />Section 5.01. Events of Default. The occurrence of any one or more of the following
<br />shall constitute an Event of Default hereunder:
<br />(a) failure by Trustor to pay within ten (10) days of the date such payment is
<br />due and payable, except with respect to the final payment, for which there is no grace
<br />period, (i) any payment of principal of or interest on the Promissory Note or (ii) any other
<br />sum due thereunder or under any other Loan Document, together with interest thereon;
<br />(b) failure by Trustor to punctually perform or observe any covenant or
<br />agreement contained in this Deed of Trust (other than the monetary obligations described
<br />in subparagraph (a) above) and such failure shall not have been cured within thirty (30)
<br />days after written notice from Beneficiary of such failure;
<br />(c) the occurrence of a default, or an Event of Default, under any Loan
<br />Document (other than this Deed of Trust) or under any other obligation of Trustor to
<br />Beneficiary, whether or not existing on the date hereof or hereafter created or arising, and
<br />such default is not cured within the applicable cure period, if any;
<br />(d) Trustor shall file a voluntary petition in bankruptcy or shall be adjudicated
<br />a bankrupt or insolvent, or shall file any petition or answer seeking or acquiescing in any
<br />reorganization, arrangement, composition, readjustment, liquidation, dissolution or
<br />similar relief for itself under any present or future federal, state or other statute, law or
<br />regulation relating to bankruptcy, insolvency or other relief for debtors; or Trustor shall
<br />seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of
<br />Trustor or of all or any part of the Mortgaged Property, or of any or all of the royalties,
<br />revenues, rents, issues or profits thereof; or Trustor shall make any general assignment
<br />for the benefit of creditors, or shall admit in writing Trustor's inability to pay its debts
<br />generally as they become due;
<br />(e) a court of competent jurisdiction shall enter an order, judgment or decree
<br />approving a petition filed against Trustor seeking any reorganization, dissolution or
<br />similar relief under any present or future federal, state or other statute, law or regulation
<br />relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment or
<br />decree shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether
<br />or not consecutive) from the first date of entry thereof; or any trustee, receiver or
<br />liquidator of Trustor or of all or any part of the Mortgaged Property, or of any or all of
<br />the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
<br />consent or acquiescence of Trustor and such appointment shall remain unvacated and
<br />unstayed for an aggregate of sixty (60) days (whether or not consecutive);
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