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200106192 Authority on Trustee or Beneficiary by reason of their interests in this Deed of Trust. 1.10 Release of Liability or Performance. Without affecting the liability of Trustor or of any other person who is or shall become bound by the terms of this Deed of Trust or who is or shall become liable for the performance of any obligation secured hereby, Beneficiary may, in such manner, upon such terms and at such times as it deems best and without notice or demand, release any party now or hereafter liable for the performance of any such obligation, extend the time for such performance, accept additional security therefor, and alter, substitute or release any property securing such performance. No exercise or nonexercise by Beneficiary of any of its rights under this Deed of Trust, no dealing by Beneficiary with any person, firm or corporation and no change, impairment, loss or suspension of any right or remedy of Beneficiary shall in any way affect any of the obligations of Trustor hereunder or any security furnished by Trustor, or give Trustor any recourse against Beneficiary, except with respect to Beneficiary's gross negligence or willful misconduct. 1.11 Payment Obligation of Dreisbach's. Dreisbach's shall promptly pay all amounts now or hereafter owing to Beneficiary according to the terms of the open account of Dreisbach's with Beneficiary and before the same shall become delinquent. ARTICLE II EVENTS OF DEFAULT The following shall constitute events of default ( "Event of Default ") hereunder: 2.01 Observance and Performance of Agreements. The failure by Trustor in the due, prompt and complete observance and performance (after any applicable cure periods) of any payment, obligation, covenant or agreement contained in this Deed of Trust, or any other instruments or documents executed in connection with any Future Advances, or in the payment of any other obligation owing by Trustor to Beneficiary. Trustor shall be entitled to written notice and a thirty (30) day curative period with respect to any non - monetary default. 2.02 Payment of Obligations Owing_ by Dreisbach's. The failure by Dreisbach's to pay all amounts now or hereafter owing by Dreisbach's to Beneficiary before the amounts so owing become delinquent pursuant to the terms of the account agreement then in effect between Dreisbach's and Beneficiary. 2.03 Appointments. The appointment pursuant to an order of a court of competent jurisdiction of a trustee, receiver or liquidator of any Trustor or of the Property or any part thereof. 2.04 Bankruptcy y Any Trustor. The filing by or against any Trustor of a petition in bankruptcy or a petition for an arrangement or a reorganization pursuant to the United States Bankruptcy Code or any similar law, federal or state, or the adjudication of any Trustor as a bankrupt or as insolvent by a decree of a court of competent jurisdiction, or the making of an assignment for the benefit of creditors, or the admission by any Trustor in writing of his, her, or its inability to pay its debts generally as they become due, or the giving of consent by any Trustor to the appointment of a receiver or receivers of all or any part of his, her, or its property. 2.05 Transfer or Sale of Property. The sale, conveyance, transfer, disposition or further encumbering of the Property, or any part thereof, or any 383934.1 -5-