|
RE RECOR��� :�"'
<br />�o������4
<br />2o��o�gl�
<br />(h) Abandonment. The owner of the Mortgaged Property abandons any part of the Mortgaged
<br />Property.
<br />(i) Default Under Other Lien. A default or event of default occurs and has not been cured within the
<br />applicable grace period (if any) under any lien, security interest or assignment covering the Mortgaged Property or
<br />any part thereof (whether or not Beneficiary has consented, and without implying Beneficiary's consent, to any such
<br />lien, security interest or assignment not created hereunder), or the holder of any such lien, security interest or
<br />assignment declares a default or institutes foreclosure or other proceedings for the enforcement of its remedies
<br />thereunder.
<br />(j) Eminent Domain. (i) Any governmental authority sha11 require, or commence any proceeding for,
<br />the demolition of any building or structure comprising a material part of the Premises, or (ii) there is commenced
<br />any proceeding to condemn or otherwise take pursuant to the power of eminent domain, or a contract for sale or a
<br />conveyance in lieu of such a taking is executed which provides for the transfer of, a material portion of the Premises,
<br />including but not limited to the taking (or transfer in lieu thereo fl of any portion which would result in the blockage
<br />or substantial impairment of access or utility service to the Improvements or which would cause the Premises to fail
<br />to comply with any Legal Requirement.
<br />(k) Destruction. The Mortgaged Property is so demolished, destroyed or damaged that, in the
<br />reasonable opinion of Beneficiary, it cannot be restored or rebuilt (1) with available funds, (2) to a profitable
<br />condition, (3) within a reasonable period of time, and (4) in accordance with Beneficiary's requirements for
<br />restoration.
<br />(1) Liquidation, Etc. The liquidation, tern►ination, dissolution, merger, consolidation or failure to
<br />maintain good standing in the State of Nebraska (or in the State of its incorporation or organization) of the owner of
<br />the Mortgaged Properiy or any person obligated to pay any part of the Obligations, except for any merger,
<br />dissolution or consolidation of a wholly-owned subsidiary pursuant to which Trustor acquires all of the assets of
<br />such subsidiary.
<br />(m) Enforceability; Priority. Any Credit Document shall for any reason without Beneficiary's
<br />specific written consent cease to be in full force and effect, or shall be declared null and void or unenforceable in
<br />whole or in part, or the validity or enforceability thereof, in whole or in part, shall be challenged or denied by any
<br />party thereto other than Beneficiary; or the liens, mortgages or security interests of Beneficiary in any of the
<br />Mortgaged Property become unenforceable in whole or in part, or cease to be of the priority herein required, or the
<br />validity or enforceability thereof, in whole or ia part, shall be challenged or denied by Trustor or any person
<br />obligated to pay any part of the Obligations.
<br />(n) Other Credit Documents. A default or event of default occurs under the Loan Agreement or any
<br />Credit Document other than this Deed of Trust, and the same is not remedied within the applicable period of grace
<br />(if any) provided in such Credit Document.
<br />(o) Default Under Ground Lease. As to the Ground Lease, (i) Trustor fails in the payment of any
<br />rent, additional rent or other charge mentioned in or made payable by the Ground Lease when said rent or other
<br />charge is due and payable; (ii) any default by Trustor, as tenant under the Ground Lease, occurs in the observance or
<br />performance of any term, covenant or condition of the Ground Lease on tl�e part of Trustor to be observed or
<br />performed and said default is not cured following the expiration of any applicable grace and notice periods provided
<br />in the Ground Lease, or (iii) if the leasehold estate created by the Ground Lease shall be surrendered or the Ground
<br />Lease shall be terminated or cancelled for any reason or under any circumstances whatsoever, or if any of the terms,
<br />covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered, or
<br />amended without the consent of Beneficiary.
<br />The enumeration of specific events of default sha11 not impair the demand nature of any of the Obligations
<br />which by its terms or otherwise is payable on demand.
<br />ARTICLE 5 - REMEDIES
<br />DOCS/1045503.1 13
<br />
|