Common use of Additional Defaults Clause in Contracts

Additional Defaults. The following shall also constitute an Event of Default under the Instrument: (a) Borrower's failure within the time deadlines set by any federal, state or local licensing or similar agency, to correct any deficiency that may cause any action by such agency with respect to the Mortgaged Property that may have a material adverse affect on the income or operation of the Mortgaged Property or on Borrower's interest in the Mortgaged Property, including, a termination, revocation or suspension of any applicable License, or a ban on new resident admissions. (b) Borrower's failure to do any of the following without the prior written consent of Lender, to be granted or withheld in its discretion: (1) operate the Mortgaged Property as its Intended Use;

Additional Defaults. The following shall also constitute an Event of Default under the Instrument: (a) BorrowerGrantor's failure within the time deadlines set by any federal, state or local licensing or similar agency, to correct any deficiency that may cause any action by such agency with respect to the Mortgaged Property that may have a material adverse affect on the income or operation of the Mortgaged Property or on BorrowerGrantor's interest in the Mortgaged Property, including, a termination, revocation or suspension of any applicable License, or a ban on new resident admissions. (b) BorrowerGrantor's failure to do any of the following without the prior written consent of Lender, to be granted or withheld in its discretion: (1) operate the Mortgaged Property as its Intended Use;