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84- 005508 r written notice of labor commenced or material furnished or contracted to be commenced or furnished on the Property which is junior to this Deed of Tl'ust until the Trustor has caused in writing such mortgage. deed of trust. lien. claim or contract to be cancelled.. released Or subordinated- to this Deed- of Trust. ARTICLE II EVENTS OF DEFAULT The following shall constitute events of default ("Events of Default") hereunder: 2.01. Payment of Interest and Principal. The failure to make. any payment of interest or rent. issue or profit on any Note. or to make allY payment of an installment of principal. when and as the same shall become due and payable, or the failure to make any other payments required under any Note, when and as the same shall become due and payable. whether at maturity or by acceleration or as part of any prepayment or otherwise. in each case, as is provided in any Note and in this Deed of Trust or the failure to make the payment of any insurance premium or tax required. by Sections 1. 04 and 1. 05(a) to be paid, or the failure to make the deposits required by Section 1.05(b). 2.02. ObligationE'. Govenao . Agreements and ,Note. A default by Trustor in the due, prompt and complete observance and performance of any obligation, covenant and agreement contained in Sections 1. 02, 1. 03, 1. 04 or 1.05 and the continuation of the default for a period of ten (10) days after written notice thereof from Beneficiary to Trustor. 2.03. Other Obligations. A default by Trustor in the due. prompt and complete observance and performance of any obligation. covenant and agree- ment contained in the Construction Loan Agreement, Note. Loan Documents (as defined in the Construction Loan Agreement) or in this Deed of Trust but not specified in Sections 2.01 or 2.02, and the continuation of the default for a period of thirty (30) days after written notice thereof from Beneficiary to Trustor. 2.04. Appointments. The aooointment oursuant to an order of a court of competent Jurisdiction of a trustee, receiv;r or liquidator of Trustor or of the Property or any part thereof. 2.05. Bankruptcy by Trustor. The filing by Trustor of a petition in bankruptcy or a petition for an arrangement or a reorganization pursuant to the Federal Bankruptcy Code or any similar law, federal or state. or the adjudication of Trustor as a bankrupt or as insolvent by decree of a court of competent jurisdiction, or the making of an assignment for the benefit of creditors. or the admission by Trustor in writing of its inability to pay its debts generally as they become due, or the giving of consent by Trustor to the appointment of a receiver or receivers of all or any part of its property. 2.06. Bankruptcy by Creditors. The filing by any of the creditors of Trustor of a petitIon in bankruptcy against Trustor or a petition for re- organization of Trustor pursuant to the Federal Bankruptcy Code or any simila:!.' law, federal or state, and the same is not discharged within sixty (60) days after the date of filing thereof. 2.07. Guarantor Actions. The occurrence of any of the events en- umerated in Sections 2.04 through 2.06 with regard to any guarantor of the Note. if any, or the property of any such guarantor, or the revocation, limitation or termination of the obligations of any guarantor of the Note. except in accordance with the express written terms of the instrument of guaranty; or. if Trustor is a trust or trustee of a trust or a General Partner of a Limited Partnership, the occurrence of any of the events enumerated in Sections 2.04 through 2.06 with regard to such trustee or any owner, or general partner of any owner, of more than five percent (5%) of the beneficial interests of such trust or Limited Partnership. -11-.