201508663 - Laserfiche WebLink

Browse

Staenberg or Raymond J. O'Connor , (iii) any trust established by, or for the benefit of Michael H. Staenberg, Raymond J. O'Connor or a spouse or descendant of any of them, and (v) any other Person as long as, in each instance after giving effect to such transfer, (1) the combined percentage equity interest in Borrower of one or more of Michael H. Staenberg, such a trust, or an entity controlled directly or indirectly by one or more of Michael H. Staenberg and such a trust, equals at least 40% and (2) Michael H. Staenberg continues to control the Manager of the Borrower at all times. 201508663 10. Events of Default. Any one or more of the following events shall constitute an "Event of Default" under this Mortgage: 51668048.5 (a) If the Borrower shall fail (i) to make any payment of principal or interest under the Note within ten (10) days of the date when due, or (ii) to make any other payment under the Loan Documents within ten (10) days after the date when due or, if no date is stated, five (5) days after demand (or such shorter period as may be expressly provided for herein or therein); or (b) If a Prohibited Transfer shall occur; or (c) Borrower fails to perform or cause to be performed any other obligation or observe any other condition, covenant, term, agreement or provision required to be performed or observed by Borrower contained in this Mortgage and not specifically referred to elsewhere in this Section 10; provided, however, that if such failure by its nature can be cured, then so long as the continued operation and safety of the Mortgaged Property, and the priority, validity and enforceability of the liens created by this Mortgage or any of the other Loan Documents and the value of the Mortgaged Property are not impaired, threatened or jeopardized, then Borrower shall have a period ( "Cure Period ") of thirty (30) days after Borrower obtains actual knowledge of such failure or receives written notice of such failure to cure the same and an Event of Default shall not be deemed to exist during the Cure Period (provided, however, such period shall be limited to ten (10) days if such failure can be cured by the payment of money), provided further that if Borrower commences to cure such failure during the Cure Period and is diligently and in good faith attempting to effect such cure, the Cure Period shall be extended for thirty (30) additional days, but in no event shall the Cure Period be longer than sixty (60) days in the aggregate ; or (d) If any Event of Default occurs under any other Loan Document, subject to any applicable notice and cure periods. 11. Remedies. Upon the occurrence of an Event of Default (regardless of the pendency of any proceeding which has or might have the effect of preventing Borrower from complying with the terms of this instrument), and in addition to such other rights as may be available under any other Loan Document or under applicable law, but subject at all times to any mandatory legal requirements: (a) Acceleration. Lender may declare the outstanding principal balance of the Note and all unpaid indebtedness of Borrower hereby secured, including interest then 13