|
201002498
<br />substantial part of the property of the Borrowers, Pedcor 2003, or Pedcor 2007 or any
<br />of the Premises or all or a substantial part of the assets of the Borrowers, Pedcor 2003,
<br />or Pedcor 2007 are attached, seized, subjected to a writ or distress warrant or are levied
<br />upon unless the same is released or vacated within thirty (30) days;
<br />(g) the commencement of any involuntary petition in bankruptcy against
<br />any of the Grantor, the Borrowers, Pedcor 2003, or Pedcor 2007 or the institution
<br />against such person or entity of any reorganization; arrangement, composition,
<br />readjustment, dissolution, liquidation or similar proceedings under any present or
<br />future federal, state or other statute or law, or the appointment of a receiver, trustee or
<br />similar officer for all or any substantial part of the property of any of the Borrowers,
<br />Pedcor 2003, or Pedcor 2007 which shall remain undismissed or undischarged for a
<br />period of sixty (60) days;
<br />(h) any sale, transfer, lease, assignment, conveyance, financing, lien or
<br />encumbrance made ar the occurrence of any other event in violation of paragraph 29 of
<br />this Deed of Trust;
<br />(i) [Intentionally Omitted]
<br />(j) any "default," "Default," "event of default" or "Event of Default" (as
<br />such terms are defined in any of the Loan Documents) occurs and is continuing beyond
<br />any applicable cure period; or
<br />(k) if an Event of Default occurs or if Beneficiary in its sole and reasonable
<br />discretion and in good faith deems itself insecure, Beneficiary may, at its option,
<br />declare the whole of the indebtedness hereby secured to be immediately due and
<br />payable without further notice to Grantor, with interest thereon from the date of such
<br />Event of Default at the Default Rate.
<br />15. Cross-Collateralization. In addition to the Note, Beneficiary is the holder of
<br />2007 Note in the principal amount of Eight Million One Hundred Thousand Dollars ($8,100,000)
<br />and the 2003 Loan Agreement in the original principal amount of Seven Million Seven Hundred
<br />Ninety-Four Thousand Nine Hundred and Thirty-Two Dollars ($7,794,932). A default in the
<br />terms and provisions of the 2007 Note or the 2003 Loan Agreement, or in any mortgage, deed of
<br />trust, deed to secure debt, or any of the other instruments evidencing or securing the
<br />indebtedness evidenced by the 2007 Note or the 2003 Loan Agreement (the "Related
<br />Mortgages") shall constitute a default hereunder as provided in paragraph 14 hereof. It is further
<br />expressly agreed that this Deed of Trust shall secure, in addition to the debt evidenced by the
<br />Note, and the liabilities hereunder, the debt and liabilities under the 2007 Note, the 2003 Loan
<br />Agreement and the Related Mortgages, and any other liability or liabilities of Trustor or
<br />Subsidiaries to Beneficiaries, direct or indirect, secured or unsecured, now due or to become due,
<br />or which may hereafter be contracted by virtue of any advances, disbursements, payments,
<br />charges or costs made or incurred by Beneficiaries under the terms of the 2007 Note, the 2003
<br />Loan Agreement and the Related Mortgages, even though the aggregate amount outstanding
<br />thereunder may at any time exceed the amount originally secured, and Beneficiary shall be
<br />entitled to receive and retain the full amount of the debt evidenced by the Note, the 2007 Note or
<br />12
<br />
|