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<br />(e) Bankruptcy or Insolvency. The owner of the Property or any person liable, directly or
<br />indirectly, for any of the Secured Indebtedness (or any general partner or joint venturer of such owner or other
<br />person):
<br />W (A) Executes an assignment for the benefit of creditors, or takes any action in
<br />furtherance thereof; or (B) admits in writing its inability to pay, or fails to pay, its debts generally as they become due;
<br />or (C) as a debtor, files a petition, case, proceeding or other action pursuant to, or voluntarily seeks the benefit or
<br />benefits of, Title 11 of the United States Code as now or hereafter in effect or any other federal, state or local law,
<br />domestic or foreign, as now or hereafter in effect relating to bankruptcy, insolvency, liquidation, receivership,
<br />reorganization, arrangement, composition, extension or adjustment of debts, or similar laws affecting the rights of
<br />creditors (Title 11 of the United States Code and such other laws being herein called "Debtor Relief Laws "), or takes
<br />any action in furtherance thereof, or (D) seeks the appointment of a receiver, trustee, custodian or liquidator of the
<br />Property or any part thereof or of any significant portion of its other property; or
<br />(ii) Suffers the filing of a petition, case, proceeding or other action against it as a
<br />debtor under any Debtor Relief Law or seeking appointment of a receiver, trustee, custodian or liquidator of the
<br />Property or any part thereof or of any significant portion of its other property, and (A) admits, acquiesces in or fails to
<br />contest diligently the material allegations thereof, or (B) the petition, case, proceeding or other action results in entry
<br />of any order for relief or order granting relief sought against it, or (C) in a proceeding under Debtor Relief Laws, the
<br />case is converted from one chapter to another, or (D) fails to have the petition, case, proceeding or other action
<br />permanently dismissed or discharged on or before the earlier of trial thereon or sixty (60) days next following the date
<br />of its filing; or
<br />(iii) Conceals, removes, or permits to be concealed or removed, any part of its
<br />property, with intent to hinder, delay or defraud its creditors or any of them, or makes or suffers a transfer of any of
<br />its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or makes any
<br />transfer of its property to or for the benefit of a creditor at a time when other creditors similarly;situated have not been
<br />paid; or suffers or permits, while insolvent, any creditor to obtain a lien (other than as described in subparagraph (iv)
<br />below) upon any of its property through legal proceedings which are not vacated and such lien discharged prior to
<br />enforcement thereof and in any event within sixty (60) days from the date thereof.
<br />ARTICLE 5
<br />Remedies
<br />Section 5.1. Certain Remedies. If a Default shall occur, Beneficiary may (but shall have no obligation
<br />to) exercise any one or more of the following remedies, without notice (unless notice is required by applicable
<br />statute):
<br />(a) Acceleration. Beneficiary may at any time and from time to time declare any or all ofthe
<br />Secured Indebtedness immediately due and payable and such Secured Indebtedness shall thereupon be immediately
<br />due and payable, without presentment, demand, protest, notice of protest, notice of acceleration or of intention to
<br />accelerate or any other notice or declaration of any kind, all of which are hereby expressly waived by Trustor.
<br />(b) Enforcement of Assignment of Rents. In addition to the rights of Beneficiary under
<br />Article 3 hereof, prior or subsequent to taking possession of any portion of the Property or taking any action with
<br />respect to such possession, Beneficiary may: (1) collect and/or sue for the Rents in Beneficiary's own name, give
<br />receipts and releases therefor, and after deducting all expenses of collection, including attorneys' fees and expenses,
<br />apply the net proceeds thereofto the Secured Indebtedness in such manner and order as Beneficiary may elect and/or
<br />to the operation and management of the Property, including the payment of management, brokerage and attorney's
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