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X01000943
<br />23. Events of Default. Each of the following occurrences shall constitute an event of default hereunder,
<br />(hereinafter called an "Event of Default"):
<br />a. 'I"rustar shall fail to pay when due any principal, interest, or principal and interest on the
<br />Indebtedness;
<br />b. Any warranty of title made by Trustor herein shall be untrue;
<br />c. Trustor shall fail to observe or perform any of the covenants, agreements, or conditions in
<br />this Deed of Trust;
<br />d. Any representation or warranty made by Trustor and/or George 7. Ove~eld, Jr. on any
<br />financial statements or reports submitted to Beneficiary by ar on behalf of Trustor shall prove false or
<br />materially misleading;
<br />e. Trustor shall fail to perform or observe any of the covenants, conditions ar agreements
<br />contained in, or binding upon Trustor under any building loan agreement, security agreement, loan agreement,
<br />financing statement, or any other agreement, instrument or document executed by Trustor in connection with
<br />the loan evidenced by the Note;
<br />f. A trustee, receiver or liquidator of the Trust Property or of Trustor shall be appointed, or any
<br />of the creditors of Trustor shall file a petition in bankruptcy against Trustor, or far the reorganization of
<br />Trustor pursuant to the Federal $anktuptcy Cade, or any similar law, whether federal or state, and if such
<br />order or petition shall not be discharged or dismissed within thirty (30) days after the date on which such order
<br />or petition was filed;
<br />g. Trustor shall file a petition pursuant to the Federal Bankruptcy Code or any similar law,
<br />federal or state, or if Trustor shall be adjudged a bankrupt, or be declared insolvent, or shall make an
<br />assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become
<br />due, ar shall consent to the appointment of a receiver of all or any part of the Trust Property;
<br />h. Final j udgment far the payment of money shall be rendered against Trustor and Trustor shall
<br />not discharge the same, or cause it to be discharged, within thirty (30) days after the entry thereof, or sha11 not
<br />appeal therefrom ar from the order, decree or process upon which or pursuant to which said judgment was
<br />granted, based, ar entered, and secure a stay of execution pending such appeal;
<br />i. Trustor shall sell or convey the Trust Property, or any part thereof; ar arry interest therein,
<br />or shall be divested of its title, or any interest therein, in any manner or way, whether voluntarily or
<br />involuntarily, without the written consent of Beneficiary being first had and obtained;
<br />j. If Trustor is other than a natural person and more than fifty percent (50%) of the beneficial
<br />ownership interests ar voting nights, as the case may be, shall be transferred or conveyed, whether voluntarily
<br />or involuntarily, without the written consent of Beneficiary being first had and obtained;
<br />k. Trustor shall fail to properly maintain and preserve the Trust Property, including, but not
<br />limited to, the maintenance of the Trust Property free from all hazardous substances and hazardous waste as
<br />described in paragraph 32 below; or
<br />1. Any default in the payment or performance of any obligation, or any defined event of
<br />default, under any provisions of airy contract, instrument, or document pursuant to which Trustor has incurred
<br />a~ obligation for borrowed money, any purchase obligation, or any other liability of any kind to any person
<br />ar entity, including Business Loan Center, Inc.
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