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202108974 2.01 Observance and Performance of Agreements. The failure by Trustor to make any payment when due under the terms of the Note, Loan Agreement of even date herewith, or this Deed of Trust, or the failure by Trustor in the due, prompt and complete observance and performance of any other obligation, covenant or agreement contained in the Note, Loan Agreement of even date herewith, or this Deed of Trust 2.02 Event of Default. The occurrence of any "Event of Default" as defined under the Note, Loan Agreement of even date herewith, or this Deed of Trust 2.03 Warranty or Representation. Any warranty or representation made under the Note, Loan Agreement of even date herewith, or this Deed of Trust, shall prove to have been false when made. 2.04 Bankruptcy. Any person, or other entity that (a) owns all or any part of the Property, (b) is liable for the payment of all or any part of the Obligations, or (c) is a guarantor (i) admits in writing its inability to pay its debts generally as they become due, (ii) files a petition or answer in bankruptcy as a debtor or seeking reorganization or an arrangement or otherwise to take advantage of any State or Federal bankruptcy or insolvency law, (iii) makes an assignment for the benefit of creditors, (iv) files a petition for or consents to the appointment of a receiver for its assets or any part thereof, or (v) without its consent has a petition filed in any bankruptcy or insolvency proceeding or an order, decree or judgment entered by a court of competent jurisdiction appointing a receiver of the Property or approving a petition filed against it seeking reorganization or an arrangement of it or its assets or debts under any bankruptcy or insolvency law and such petition, order, decree or judgment is not dismissed, vacated, set aside or stayed within sixty (60) days from the date of entry. ARTICLE III REMEDIES Upon the occurrence of any Event of Default, which is not cured within any applicable grace or curative period, Trustee and Beneficiary shall have the following rights and remedies: 3.01 Acceleration. Beneficiary may, without further notice, declare the Obligations (even if not then due and payable), and all other sums secured by this Deed of Trust, to be due and payable immediately, and said sums shall thereupon become and be immediately due and payable without presentment, demand, protest or notice of any kind. 3.02 Beneficiary Powers. Irrespective of whether Beneficiary exercises the option provided in Section 3.01 above, Beneficiary in person or by agent may, without any obligation so to do and without notice or demand upon Trustor and without releasing Trustor from any obligation hereunder: (i) make any payment or do any act which Trustor has failed to make or do; (ii) enter upon, take possession of, manage and operate the Property or any part thereof; (iii) exclude or evict Trustor from the Property; (iv) make or enforce, or, if the same be subject to modification or cancellation, modify or cancel any leases of the Property, or any part thereof, upon such terms or conditions as Beneficiary reasonably and in good faith deems proper; and (v) obtain and evict tenants, -7-