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i 8-= " 001699 in lieu of condemnation, are assigned and shall be paid to American, but in no event in excess of the amount of the outstanding Obligation secured by this Deed of Trust and any expenses incurred by American in the collection of such proceeds. Also, all payments or proceeds received by Grantor for any other voluntary or involuntary granting of an easement, right -of -way, license, or other right to use the Property in favor of a utility or other entity or person having the power or right of condemnation, eminent domain, or similar taking are assigned and shall be paid to American. Grantor authorizes American to apply such awards, proceeds, damages, or payments, after the deduction of American's expenses incurred in the collection of such amounts, at American's sole option, to restoration or repair of the Property, or to payment of the sums secured by this Deed of Trust, whether or not then due, with the balance, if any, to be paid to Grantor. Grantor agrees to execute such further assignment of any awards, proceeds, damages, claims, or payments arising in connection with such condemnation or taking as American may require. If condem- nation proceeds are applied to the payment of the indebtedness of Grantor to American, any such application of proceeds to principal shall be in inverse order of maturity, if applicable. 10. The occurrence of any of the following events shall constitute an event of default under this Deed of Trust: (a) A default in the payment when due of any of the Obligation (or any interest on the Obligation); (b) A failure to perform or observe according to its terms any other covenant contained in this Deed of Trust, the Loan Agreement, or the Obligation; (c) The Grantor or any guarantor of all or any part of the Obligation shall file a petition in voluntary bankruptcy or under Chapter 7, Chapter 11, or Chapter 13 of the Federal Bankruptcy Act or any similar law, state or federal, whether now or hereafter existing, or any answer admitting insolvency. or inability to pay its debts, or fail to obtain a vacation or stay of involuntary proceed- ings within 30 days after commencement; or (d) The Grantor or any guarantor of all or any part of the Obligation shall be adjudicated a bankrupt, or a trustee or a receiver shall be appointed for the Grantor or any guarantor of all or any part of the Obligation, or for all of the property of the Grantor or of any guarantor of all or any part of the Obligation (or a substantial part of such property in any involuntary proceedings) , or any court shall have taken jurisdiction of the property of the Grantor or any guarantor of all or any part of the Obligation (or a substantial part of such property in any involuntary proceeding) for the reorganization, dissolution, liquidation or winding up of the Grantor or any guarantor of all or any part of the Obligation, anu -6- X �I IZE ham