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244642198 (c) the Personal Property will be kept oars or at the Project and the Grantor will not remove the Personal Property from the Project without the prior written consent of the Beneficiary, except such portions or items of Personal Property which are consumed or worn out in ordinary usage, all of which shall be promptly replaced by the Grantor with new items of equal or greater quality; and (d) all covenants and obligations of the Grantor contained herein relating to the Mortgaged Estate shall be deemed to apply to the Personal Property whether or not expressly referred to herein. ARTICLE V EVENTS OF DEFAULT AND REMEDIES UPON DEFAULT Section 5.01. Events of Default. Any one or more of the following events shall be deemed an Event of Default hereunder: (a) Failure by the Grantor to pay the amounts required to be paid under Section 4.1 of the Loan Agreement or under the Note when due, subject to any applicable notice or cure periods provided under any Financing Document; (b) Failure by the Grantor to perform or observe any covenant, condition or agreement contained herein (other than the monetary obligations described in paragraph (a) above) and such failure shall continue for 30 days after written notice from the Beneficiary of such failure provided, with respect to any such failure covered by this subsection (b), no Event of Default shall be deemed to have occurred so long as a course of action adequate in the judgment of the Beneficiary to remedy such failure shall have been commenced within such 30 -day period and shall thereafter be diligently prosecuted to completion and the failure shall be remedied within 90 days of such notification; or (c) The occurrence of a default or an event of default by the Grantor under any Financing Document (other than this Deed of Trust) subject to any applicable notice or cure periods provided therein. Section 5.02. Acceleration Upon Default; Additional Remedies. Upon the occurrence of an Event of Default (which default is not cured within any applicable cure period) the Beneficiary may, at the Beneficiary's sole option exercised in the Beneficiary's sole discretion, pursue any one or more of the following remedies: (a) Declare all or any portion of the Secured Obligations to be due and payable, and the same shall thereupon become due and payable. (b) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court, and without regard to the adequacy of its security, enter upon and take possession of the Mortgaged Estate or any part thereof and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Mortgaged Estate, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession of the Mortgaged Estate, take any action described in Article II, III or IV hereof, sue for or otherwise collect the Rents thereof, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including reasonable attorneys' fees, upon any Secured Obligations, all in such order as the Beneficiary may determine. The entering upon and taking possession of the Mortgaged Estate, the taking of any action described in Article II, III or IV hereof, the collection of such Rents and the application thereof as aforesaid, shall not cure or waive any default or notice of default or -14-