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<br />88- 104344 <br /> <br />reports submitted to Mortgagee by or on behalf of Mortgagor or <br />guarantor shall prove materially false or misleading in any <br />respect and have a material adverse effect upon Mortgagee or its <br />security for payment of the Indebtedness; <br /> <br />(c) Any breach, default or event of default shall occur <br />under the Note, Hazardous Materials Indemnity Agreement or any <br />other Loan Document referred to in paragraph 1.1, or under any of <br />the items set forth as Permitted Encumbrances upon Exhibit -B-, <br />or any other encumbrance to which this Mortgage shall at any time <br />be subordinate, and such breach, default, or Event of Default is <br />not cured within any period of grace permitted therein; <br /> <br />(d) Mortgagor or any guarantor shall become' insolvent, <br />shall commit an act of bankruptcy, or shall make an assignment <br />for the benefit of creditors; <br /> <br />(e) A plan of arrangement or other plan for composition of <br />the debts of Mortgagor or any guarantor be filed, or a receiver <br />under any bankruptcy or insolvency laws shall be appointed for <br />any property of Mortgagor or any guarantor; <br /> <br />(f) If Mortgagor fails to comply with any applicable <br />federal, state, or local law, ordinance, rule or regulation in <br />connection with the commencement, construction, completion, use, <br />or operation of the Mortgaged Property; <br /> <br />(g) If Mortgagor directly or indirectly sells, conveys, <br />transfers or otherwise disposes of all or any part of the <br />Mortgaged Property or any interest therein, whether voluntarily <br />or involuntarily or by operation of law, without the prior <br />written consent of Mortgagee, which consent may be arbitrarily <br />withheld by Mortgagee at its sole option and discretion and which <br />may be conditioned upon an adjustment in the interest rate or <br />term as provided in the Note; or <br /> <br />(h) If Mortgagor further encumbers the Mortgaged Property <br />without the prior written consent of Mortgagee. <br /> <br />2.2 Remedies. <br /> <br />Upon the occurrence of an Event of Default and unless the <br />same is cured within the time permitted herein, Mortgagee may, at <br />its option, exercise any and all of the following rights and <br />remedies (and any other rights and remedies available to it, <br />under this Mortgage): <br /> <br />(a) Mortgagee may, without further notice to Mortgagor, <br />declare immediately due and payable all indebtedness secured by <br />this Mortgage, including any and all sums advanced hereunder with <br />interest due and payable thereon of the then outstanding <br />princi~al balance, and the same shall thereupon be immediately <br />due and payable; <br /> <br />-13- <br /> <br />J <br />