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<br />08.06.2008
<br />
<br />200807161
<br />
<br />File No. 16-471
<br />
<br />ARTICLE V
<br />EVENTS OF DEFAULT AND REMEDIES UPON DEFAULT
<br />
<br />Section 5.01. Events of Default. The occurrence of anyone or more of the following
<br />shall constitute an Event of Default hereunder:
<br />
<br />(a) failure by Trustor to pay within ten (10) days of the date such payment is
<br />due and payable, except with respect to the final payment, for which there is no grace
<br />period, (i) any payment of principal of or interest on the Promissory Note or (ii) any other
<br />sum due thereunder or under any other Loan Document, together with interest thereon;
<br />
<br />(b) failure by Trustor to punctually perform or observe any covenant or
<br />agreement contained in this Deed of Trust (other than the monetary obligations
<br />described in subparagraph (a) above) and such failure shall not have been cured within
<br />thirty (30) days after written notice from Beneficiary of such failure;
<br />
<br />(c) the occurrence of a default, or an Event of Default, under any Loan
<br />Document (other than this Deed of Trust) or under any other obligation of Trustor to
<br />Beneficiary, whether or not existing on the date hereof or hereafter created or arising,
<br />and such default is not cured within the applicable cure period, if any;
<br />
<br />(d) Trustor shall file a voluntary petition in bankruptcy or shall be adjudicated
<br />a bankrupt or insolvent, or shall file any petition or answer seeking or acquiescing in any
<br />reorganization, arrangement, composition, readjustment, liquidation, dissolution or
<br />similar relief for itself under any present or future federal, state or other statute, law or
<br />regulation relating to bankruptcy, insolvency or other relief for debtors; or Trustor shall
<br />seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator
<br />of Trustor or of all or any part of the Mortgaged Property, or of any or all of the royalties,
<br />revenues, rents, issues or profits thereof; or Trustor shall make any general assignment
<br />for the benefit of creditors, or shall admit in writing Trustor's inability to pay its debts
<br />generally as they become due;
<br />
<br />(e) a court of competent jurisdiction shall enter an order, judgment or decree
<br />approving a petition filed against Trustor seeking any reorganization, dissolution or
<br />similar relief under any present or future federal, state or other statute, law or regulation
<br />relating to bankruptcy, insolvency or other relief for debtors, and such order, judgment or
<br />decree shall remain unvacated and unstayed for an aggregate of thirty (30) days
<br />(whether or not consecutive) from the first date of entry thereof; or any trustee, receiver
<br />or liquidator of Trustor or of all or any part of the Mortgaged Property, or of any or all of
<br />the royalties, revenues, rents, issues or profits thereof, shall be appointed without the
<br />consent or acquiescence of Trustor and such appointment shall remain unvacated and
<br />unstayed for an aggregate of thirty (30) days (whether or not consecutive);
<br />
<br />(f) a writ of execution or attachment or any similar process shall be issued or
<br />levied against all or any part of or interest in the Mortgaged Property, or any judgment
<br />for monetary damages shall be entered against Trustor which shall become a lien on the
<br />Mortgaged Property, or any portion thereof or interest therein, and such execution,
<br />attachment or similar process or judgment is not released, bonded, satisfied, vacated or
<br />stayed within thirty (30) days after its entry or levy;
<br />
<br />(g) any suit or proceeding shall be filed against Trustor or any endorser or
<br />surety on any of the Loan Documents which, if adversely determined, could substantially
<br />impair the ability of Trustor or any endorser or surety to perform any of their obligations
<br />contained in the Loan Documents, as determined by Beneficiary in its sole and absolute
<br />discretion, provided that such suit or proceeding is not dismissed within thirty (30) days
<br />after service of summons upon such party;
<br />
<br />(h) if, during the term of the Promissory Note, Trustor shall, without the prior
<br />written approval of Beneficiary, sell, convey, alienate, mortgage or encumber the
<br />Mortgaged Property, or any part thereof or any interest therein, or shall be divested of its
<br />title or any interest therein, in any manner, whether voluntarily or involuntarily; or if there
<br />is any merger, consolidation or dissolution affecting Trustor;
<br />
<br />(i) any assignment by Trustor of the whole or any part of the rents, issues or
<br />profits arising from the Mortgaged Property to any person without the consent of
<br />Beneficiary;
<br />
<br />Deed of Trust, Security Agreement and Assignment of Rents, Page 15
<br />#553480-v1
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