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201000151 (u) Borrower shall not permit an Independent Person in its management to be replaced without ten (10) Business Days advance written notice to Lender, and any proposed replacement Independent Person shall be subject to the prior approval of Lender, in its sole discretion. (v) Barrawer shall conduct its business so that the assumptions made with respect to Borrower in the Non_Consolidation Opinion shall be true and correct in all respects. 21, Events of Default. Each of the following events constitutes an event of default ("Event of Default"): (a) if any portion of the Debt is not paid within five (5) days from the date it was due; (b) subject to the provisions of paragraph 4(b) hereof, if Taxes are not paid before they become delinquent, or Other Charges or other sums due hereunder are nat paid when due, and Borrower fails to cure after ten (10) days after the earlier of notice ar actual knowledge thereof; (c) subject to the provisions of paragraph 3(d) hereof, if (i) the Policies are not kept in full force and effect or (ii) within ten (10) business days following written demand, Barrower shall fail to cause the delivery of any such Policies or a certificate, binder or other evidence of the renewal of any such Policies to Lender; (d) if Borrower violates or does not comply with the provisions of subparagraphs 7(b)(iv), 7(b)(v), 7(b)(vi) ar 7(b)(vii); (e) if Borrower transfers ar encumbers the Mortgaged Property or any interest therein in violation of the provisions of paragraph 9 hereof; (f) if Borrower breaches the provisions of paragraph 20 hereof and fails to cure such breach within ten (10) business days following written native thereof from Lender; (g) if any representation or warranty of Borrower, or any guarantor, made herein or in any certificate, report, financial statement or other instrument or document furnished to Lender by or on behalf of Borrower shall prove to have been false or misleading in any material respect when made; (h) if Borrower shall make a general assignment for the benefit of creditors or if Borrower shall generally not be paying its debts as they become due; (i) if a receiver, liquidator or trustee of Borrower shall be appointed or if Borrower shall be adjudicated a bankrupt or insolvent, or if any petition far bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, ar acquiesced in, by Borrower or if any proceeding for the dissolution or liquidation of Barrower shall be instituted; however, if such appointment, adjudication, petition or proceeding -37- 15445229.4.Bi75INESS