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<br />200800520 <br /> <br />20~2 <br /> <br />or otherwise) of the Premises without the prior written consent of Beneficiary, Beneficiary shall <br />have the absolute right at its option, without prior demand or notice, to declare all sums secured <br />hereby immediately due and payable. Any transfer consented to by Beneficiary shall be made <br />subject to this Deed of Trust, and any such transferee shall assume the obligations of Grantor <br />hereunder, without releasing Grantor therefrom. <br /> <br />ARTICLE II <br /> <br />DEF AUL T <br /> <br />2.1 Event of Default. Grantor shall be in default upon the occurrence of anyone or <br />more of any of the following events (each, an "Event of Default") (For purposes of this Deed of <br />Trust, the term "Default" shall mean any Event of Default and any occurrence or failure that, with <br />the lapse of time or the giving of notice or both, could be an Event of Default: <br /> <br />(a) A Default or Event of Default shall have occurred under the Loan <br />Agreement or any other Loan Document; or <br /> <br />(b) Grantor shall fail to pay when due any sum owing hereunder, or Grantor <br />shall fail to pay, when due (but subject to any applicable grace period) any other <br />indebtedness of Grantor to Beneficiary or any third parties; or <br /> <br />(c) Any warranty or representation made by Grantor or any guarantor of the <br />Secured Obligations hereunder shall prove to be false or misleading in any respect at the <br />time made or deemed made; or <br /> <br />(d) Grantor shall fail to perform its obligations under any lease or other <br />material contract relating to the Premises and such failure shall continue for ten (10) days <br />after notice from Beneficiary; or <br /> <br />(e) Grantor makes or permits the occurrence of an Accelerating Transfer. <br /> <br />ARTICLE III <br /> <br />BENEFICIARY'S REMEDIES <br /> <br />Immediately upon or any time after the occurrence of any Event of Default hereunder, <br />Beneficiary may exercise any remedy available at law or in equity, including, but not limited to, <br />those listed below and those listed in the other Loan Documents, in such sequence or combination <br />as Beneficiary may determine in Beneficiary's sole and absolute discretion: <br /> <br />3.1 Acceleration. Upon the occurrence of any Event of Default, the entire <br />indebtedness evidenced by the Notes and all other Secured Obligations together with interest <br />thereon at the Default Rate shall, subject to the terms of the Loan Agreement and Notes, at the <br />option of Beneficiary, without demand or notice of any kind to Grantor or any other person, <br />become immediately due and payable. <br /> <br />16 <br /> <br />NEWYl\8176568.2 <br />