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86-- 101815 material. The Lenders acknowledge that the Premises are largely service stations used for the servicing of motor vehicles and the retail sale of gasoline, oil and related products. It will not be a Default under this Paragraph for the Mortgagor to keep, store, use or sell any Hazardous Materials which are commonly kept, stored, used, or sold by those in Mortgagor's business, provided such materials are kept, sold, stored, and used in a manner complying with applicable law. II. DEFAULT; R E M E D I ES The Mortgagor further covenants and agrees as follows: 2.1. Defaults; Acceleration. The occurrence of any of the following shall constitute a "Default" hereunder: (a) any failure of the Mortgagor timely to make any payment of any principal on, or of interest or any other amount under, the Notes, the Surco Note, the Guaranteed Obligations (Banks) or the Guaranteed Obligations (subject to applicable grace periods contained in the Notes, the Surco Notes, the Bank Guaranty, and the Surco Guaranty); (b) any other default, or failure of the Mortgagor timely and properly to perform any of its other obligations, hereunder or under the Notes, the Surco Note, the Bank Guaranty, the Surco Guaranty, the Loan Agreement or any of the Security Documents; (c) the dissolution, termination, bankruptcy, reorganization or arrangement of the Borrower or the institution of any legal proceeding in which the relief requested includes a declaration of any of the foregoing; (d) damage to, or the destruction of, all or any substantial part of the Premises; (e) the commencement of proceedings for the condemnation, or taking by eminent domain, of all or any substantial part of the Premises; or, (f) the occurrence of any Event of Default under the Surco Note, the Surco Guaranty, the Bank Guaranty or the Loan Agreement. Upon the occurrence of any Default (but subject to the provisions of the Loan Agreement, the Surco Note, the Surco Guaranty, the Notes and the Bank Guaranty), the entire indebtedness evidenced by the Notes and all other Liabilities, together with interest thereon at the rate applicable after maturity as provided in the Notes (in the case of the Guaranteed Obligations and the Guaranteed Obligations (Banks), at the "Default Rate" as set forth in the largest (in face amount) unpaid promissory note making up part of the Guaranteed Obligations or Guaranteed Obligations (Banks), as the case may be and in the case of the Surco Note, at the "Default Rate" as set forth in the Surco Note), shall, at the option of the Agent (or Surco after such time as all the -22-