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84-005448 court of competent jurisdiction shall assume custody or control of Issuer or of the whole or any substantial part of its property _~ assets and such custc~y or control shall remain unterminated or un stayed for 30 days~ or (i) If the Issuer shall at any time becomeHirisolverit within the meaning of 11 U.S.C. SlOI(26}, as now const~tuted or hereafter amended, or ghall C~aG8 generally to pa_y i-ts 4ebt~i:t-.:t\.S: such debts become due. Section 5.02 Acceleration. Upon the occurrence of an Event of Default , the Bond... holder may declare the entire unpaid principal of, premimn,if any, and accrued interest on the Bond, and including all sums advanced hereunder with interest thereon at the Default Rate, to be forthwith due and payable, and thereupon the Bond, including principal, premium, if any, and all interest thereof, shall be and become immediately due and payable without presentment, demand or further notice of any kind. Section 5.03 Remedies of Bondholder. (a) Upon the occurrence ,-nd continuation of an Event of Default, or in case the pro '~f>al of ~:he Bond shall have become due and payarle, wht-_'~r by lapse .of time or by acceleration, then and in every such case the Bondholder may proceed to protect and enforce its right by a suit or suits in equity or at law, either for the specific performance of any covenant or agreement contained herein, in the l'.ssignment of Rents, in the Construction Escrow Agreement, iu the Guaranty or in the Bond, or in aid of the execution of any power herein or therein granted, or for the foreclosure of this Mortgage, or for the enforcement of any other appropriate legal or equitable remedy. (b) Upon the occurrence and continuation of an Event of Default, whether or not the indebtedness evidenced by the Bond and secured by this Mortgage shall be due and payable or the Bondholder shall have institute any foreclosure or other action for the enforcement of this Mortgage or the Bond, the Bondholder may, in addition to any other remedies which the Bondholder may have hereunder and in the Bondholder's sole and absolute discretion, (i) enter upon the Premises and complete the acquisition of the Project as the Bondholder may deem appropriate and employ watchmen to protect the Mortgaged Property, all at the risk, cost and expense of the Issuer, consent to such entry being hereby given by the Issuer, (ii) at any time discontinue any work commenced in respect of the Improvements or change any course of action undertaken by it and not be bound by any limitations or requirements of time whether set forth herein or otherwise, (iii) assume any construction contract made by the Issuer or the Company in any way relating to the Improvements and take over and use all or any part of the labor, materials, supplies and -19- u L -1 I l-