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~~~~~ secured. Mortgagor shall cause the Mortgagee to be listed on their insurance policies as a loss payee. 3.7 Application of Proceeds: The proceeds of the insurance described in Paragraph 3.5 hereinabove are to be used as the Mortgagee map reasonably require, subject to the rights of the First Lien Holder. 3.8 Inspection: Mortgagor will permit Mortgagee, and their agents, representatives and employees, to inspect the Mortgaged Property at all reasonable times after notice. 3.9 Assignment: Mortgagor may sell, transfer or otherwise alienate the Property subject to consent by Mortgagee, such consent not to be unreasonably withheld. Provided, however, that the subsequent transferee shall he required to assume the Note and this Mortgage in writing. ARTICLE 4 EVENTS OF DEFAULT The term "Event of Default", as used in the Security Documents, shall mean the occurrence or happening, at any time and from time to time, of any one or more of the following: 4.1 Payment of Indebtedness: if Mortgagor shall fail, refuse or neglect to pay, in full, any installment or portion of the Indebtedness within ten (10) days after written notice and demand therefor. 4.2 Performance of Obligations: If Mortgagor shall fail, refuse or neglect to perform and discharge fully and timely anp of the Obligations as and when called for and such failure, refusal or neglect shall either be uncurable or, if curable, shall remain uncured for a period of twenty (20) days after written notice thereof from Mortgagee to Mortgagor; provided, however, that if such default is curable but requires work to be performed, acts to be done or conditions to be remedied which, by their nature, cannot be performed, done or remedied, as the case may be, within such twenty (20) day period, no Event of Default shall be deemed to have occurred if Mortgagor commences same within such twenty (20) dam ..period and thereafter diligently and continuously prosecutes the same to completion after such notice. 4.3 Voluntary Bankruptcv: If Mortgagor shall (a) voluntarily be adjudicated a bankrupt or insolvent, (b) seek, consent to or not contest the appointment of a receiver or trustee for itself or himself or for all or any Bart of its or his property, {c) file a petition seeking relief under the bankruptcy, arrangement, reorganization or other debtor relief laws of the United States or any state or any other competent jurisdiction, (d) make a general assignment for the benefit of its or his creditors or (e) admit in writing its or his inability to pay its or his debts as they mature. 4.4 Involuntary Bankruptcy: If (a) a petition is filed against Mortgagor seeking relief under the bankruptcy, arrangement, reorganization or other debtor relief laws of the United States or any state or other competent jurisdiction or (b) a court of competent jurisdiction enters an order, judgment or decree appointing, without the consent of Mortgagor or any Guarantor, a receiver or trustee for it or him, or for all or any part of its or his property, and such petition, -4-