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200206622 reduced to a zero balance, the lien and security interest of this Instrument shall not be released or extinguished by operation of law or the implied intent of the parties. This Instrument shall remain in full force and effect as to any Obligations arising subsequent to such zero balance until all Obligations are paid and satisfied in full and the Credit Agreement and the Notes are cancelled in writing by Beneficiary. ARTICLE N DEFAULT AND REMEDIES 4.01 Events of Default. The terms "default," "Default," "Event of Default" or "Events of Default ", wherever used in this Instrument, shall mean any one or more of the following events: 4.01.01 Failure by Grantor to duly observe or perform any term, covenant, condition or agreement of the Credit Agreement, the Notes, this Instrument or any other Transaction Document; 4.01.02 Any warranty of Grantor contained in this Instrument or in the Credit Agreement or in any other instrument, document, transfer, conveyance or assignment given by Grantor proves to be untrue or misleading in any material respect when made or deemed made; 4.01.03 The occurrence of any other "Event of Default" (as that term is defined in the Credit Agreement); or 4.01.04 The occurrence of any default or event of default under any prior or subsequent mortgage or deed of trust encumbering the Premises (but the existence of this default is not intended to be, and shall not be construed as, a consent to any such undertaking). 4.02 Acceleration of Maturity. If an Event of Default shall have occurred and shall not have been expressly waived by Beneficiary, then the Obligations secured hereby shall, at the option of the Beneficiary, immediately become due and payable without notice or demand, time being of the essence of this Instrument; and no omission on the part of Beneficiary to exercise such option when entitled to do so shall be construed as a waiver of such right. 4.03 Beneficiary's Right to Enter and Take Possession Operate and Apply Revenues. 4.03.01. If an Event of Default shall have occurred and shall not have been expressly waived by Beneficiary, then Grantor, upon demand of Beneficiary, shall forthwith surrender to Beneficiary the actual possession of the Premises and, to the extent permitted by law, Beneficiary itself, or by such officers or agents as it may appoint, may enter and take possession of all or any portion of the Premises without the appointment of a receiver, or an application therefor, and may exclude Grantor and Grantor's agents and employees wholly therefrom, and may have joint access with Grantor to the books, papers and accounts of Grantor. Grantor waives the posting of any bond in the event Beneficiary elects to take possession. 4.03.02 If Grantor shall for any reason fail to surrender or deliver the Premises or any part thereof after such demand by Beneficiary, Beneficiary may obtain a judgment or -12-