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I °~ °""" i)C~OQ53 ARTICLE Izz REMEDIES bF 21iE 1•Y3RTGAGEES AI3D NOTEHOLDERS SECTION 1. If one or. more of the folloc,+ing events (hereinafter called "events of default"} shall-happen, that is to-say: (a) de£aule shall be made in the payment of any, installment of or on' account of interest nn or principal of any note or notes when and as the same shall be required to be made and such default"shall continue fat thirty (30) days;. (b) default shall be made in the due observance or performance of any other of the representations, warranties, covenants, conditions or agreements on the part of the Mortgagor in-any of the notes or in this Mortgage or in the Consolidated Loan Agreement contained; and such default- shall continue for a period of thirty (30) days after written notice speci- fying such default and requiring the same to be remedied shall have been given to the Mortgagor by any noteholder; (c) the Mortgagor shall file a petition in bankruptcy or be adjudicated a bankrupt yr insolvent, or shall make an assignment for the- benefiC of its creditors, or shall consent to the appointment of a receiver of itself or of its property, ar shall institute proceedings for its reorgan- ization or proceedings instituted by others for its reorganization shall not Se demised within thirty {30) days after the institution. thereof; (d) a receiver or liquidator of the Mortgagor or of any substantial portion of its gropertq shall be appointed and the order appointing such receiver or liquidator shall not be vacated within thirty (30) days after the entry thereof; (e). the Mortgagor shall forfeit or otherwise be deprived of its carpozate charter OT Franchises, gezmits or licenses required to carry on any material portion of its business; or (f1 a final judgment shall be ante red against the Mortgagor and shall remain unsatisfied or without a stay in respect thereof for a geriad of thirty {30) days; then in each and every such case any noteholder may, by notice in writing co the Mortgagor and delivery of a copy thereof to the other noteholders, declare all unpaid principal of and accrued interest on any or all notes held by such note- holder to be due and payable immediately; and upon any such declaration-all such unpaid principal. and accrued interest sa declared to be due and payable-shall become and be due and payable, iaeaedlately, anything contained herein or in any note or Hates to the contrary notwithstanding; provided, however, that if at-any. time-after the- unpaid principal of and accrued interest on any of-the notes shall have been sa declared to be due add payable, all payments in respect of principal and interest which shall have become due and payable by the terms of such note or Hates snail be paid to the respective noteholders, and all other defaults-hereunder and udder the Hates shall have been made good. or secured to the satisfaction of all aF the noteholders, then add in every such case, the noteholder or noteholders who shall have. declared the principal of and Interest on notes held by such noteholder or noteholders to be due and payable may, by written notice to the Mortgagor and delivery of a copy thereof to the-other noteholders, annul such declaration or declarations-.and naive such default or defaults and the consequences thereof, but no such xaiver shall extend to or affect any subsEquent default or impair any right cansaquent thereon. SFCTIC@I 2. If one 4r more of the events of default shall happen, the holder ar holders of nat. less than a majority in principal amount of the notes, at tfie~ time r~uta tending (hereinafter caned the "majority noteholders"), far itself or-tliemselvaa, and as the-agent or agents of the ether noteholders., personally ar ty attorney, its its 4r their discretiaa, may, insa€ar as Hat prohibited by is=,: - _ 15 .. ~rsr+a - Or#g. Common RfA - TaL Rank -Msg. 21'r2