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85-001170 suant to the Agreement and is occupied and operated by cond r Party pursuant to a certain Management Agreement dated (_, it is understood and agreed that, in the event t of any the Management bAgreement cshall agovern. AgNoeactionntaken by Second Party shall be imputed to First Party and nothin g shall be deemed a breach by Fi;-st Party cf t1:ia ;fort a e or an sentation or warranty made by it herein, �if event covenant constitute a breach arises from any action or failure to act by Second Party as required by the Management Agreement, any breach by it of the Management Acreement, or its occupation or operation Of the Mortgaged Property thereunder. It is expressly provided and agreed by First Party that in the event any one or more of the following events, each of which shall be and is hereby defined as an occur, to wit: "Event of Default," shall (a) If default shall be made in a payment required by the Agreement secured 'hereby, as and when the same shall become due and payable; or If default performance (b) shall or observance of anybcovenant, First Party in the due tion herein contained or required to be Agreement, or condi- First Party, or in any Lease; Per_ormed or observed by shall provecto be warranty Of First respect Party contained herein incorrect or if there shall be any other breach of any such warranty; or First Party dtherei the isortgdged Property, or any interest of manner conveyed without the writtenfconsentaof1SecondrParty; in any THEN, AND IN EACH AND EVERY SUCH EVENT; (1) All amounts due under the Agreement and the accrued in- terest thereon, shall, at the option of Second Party become and be due and payable immediately by First Party, anything in said Agreement or in this Mortgage and Security Agreement to the con- trary notwithstanding. In the event any such amounts are not then due under the Agreement, any payments by First Party here- collection or proceeds from collection on collateral shall be held by Second Party as in the case of insurance proceeds under (7)(b) above. (2) Second Party may invoke any remedies permitted by applicable law, including foreclosure of this 6iort, and Security Agreement. Second Party shall be entitled to collect all reasonably costs and expenses incurred in pursuing the reme- dies provided herein including, but not limited to, reasonable attorney's fees. -8- J L L J