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200511354 (iv) Condemnation; Attachment. The condemnation, seizure or appropriation of any material portion (as reasonably determined by Lender) of the Property; or the sequestration or attachment of, or levy or execution upon any of the Property, the Collateral or any other collateral provided by Borrower under any of the Loan Documents, or any material portion of the other assets of Borrower, which sequestration, attachment, levy or execution is not released or dismissed within 45 days after its occurrence; or the sale of any assets affected by any of the foregoing. (v) Uninsured Casualty. The occurrence of an uninsured casualty with respect to any material portion (as reasonably determined by Lender) of the Property unless: (aa) no other Default has occurred and is continuing at the time of such casualty or occurs thereafter; (bb) Borrower promptly notifies Lender of the occurrence of such casualty; and (cc) not more than 45 days after the occurrence of such casualty, Borrower delivers to Lender immediately available funds in an amount sufficient, in Lender's reasonable opinion, to pay all costs of the repair or restoration (including, without limitation, taxes, financing charges, insurance and rent during the repair period). So long as no Default has occurred and is continuing at the time of Lender's receipt of such funds and no Default occurs thereafter, Lender shall make such funds available for the repair or restoration of the Property. Notwithstanding the foregoing, Lender shall have no obligation to make any funds available for repair or restoration of the Property unless and until all the conditions set forth in clauses (bb) and (cc) of Section 6.11 (b )(iii) of this Security Instrument have been satisfied. Borrower acknowledges that the specific conditions described above are reasonable. (vi) Key Person or Entity. The retirement, death, incapacity or material reduction in current management authority or duties, of Mark H. Tanguav and Richard M. Sapkin and Brad McNealv. and Borrower's failure to provide a substitute or replacement acceptable to Lender within 30 days after the occurrence of any such event. b. Automatic Default. An "Automatic Default" shall occur automatically upon the occurrence of any of the following events: (i) Voluntary Bankruptcy, Insolvency, Dissolution. (aa) Borrower's filing a petition for relief under the Bankruptcy Reform Act of 1978, as amended or recodified ("Bankruptcy Code"), or under any other present or future state or federal law regarding bankruptcy, reorganization or other relief to debtors (collectively, "Debtor Relief Law"); or (bb) Borrower's filing any pleading in any involuntary proceeding under the Bankruptcy Code or other Debtor Relief Law which admits the jurisdiction of a court to regulate Borrower or the Property or the petition's material allegations regarding Borrower's insolvency; or (cc) Borrower's making a general assignment for the benefit of creditors; or (dd) Borrower's applying for, or the appointment of, a receiver, trustee, custodian or liquidator of Borrower or any of its property; or (ee) the filing by or against Borrower of a petition seeking the liquidation or dissolution of Borrower or the commencement of any other procedure to liquidate or dissolve Borrower. (ii) Involuntary Bankruptcy. Borrower's failure to effect a full dismissal of any involuntary petition under the Bankruptcy Code or other Debtor Relief Law that is filed against Borrower or in any way restrains or limits Borrower or Lender regarding the Loan or the Property, prior to the earlier of the entry of any order granting relief sought in the involuntary petition or 45 days after the date of filing of the petition. (iii) Partners, Guarantors. The occurrence of an event specified in Sections (i) or (ii) as to Borrower, any general partner or managing member of Borrower, or any guarantor or other person or entity in any manner obligated to Lender under the Loan Documents. 7.2 ACCELERA TION. Upon the occurrence of an Optional Default, Lender may, at its option, declare all sums owing to Lender under the Note and the other Loan Documents immediately due and payable. Upon the occurrence of an Automatic Default, all sums owing to Lender under the Note and the other Loan Documents shall automatically become immediately due and payable. Master 51 REG NE (rev. 08/2005) 1245359.6 22