Common use of DEFAULT AND ACCELERATION Clause in Contracts

DEFAULT AND ACCELERATION. The security of this mortgage will, at the option of the Mortgagee, immediately become enforceable and may be enforced without the requirement of any or any further notice from the Mortgagee to the Mortgagor, in each of the following events, each of which shall constitute an event of default: if the Mortgagor defaults in payment or in the observance or performance of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, or in another security or agreement executed and delivered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their income-generating ability thereof in the reasonable opinion of the Mortgagee, and such loss or damage cannot be repaired or replaced so as to re-establish the income-generating ability of the Lands within a reasonable time and in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereof; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner to the reasonable satisfaction of the Mortgagee; or if for any other reason the Mortgagee determines that its security under this mortgage is in jeopardy.

DEFAULT AND ACCELERATION. The security of this mortgage willprincipal unpaid balance, plus accrued interest, shall, at the option of the MortgageeBank or any holder of this Note, immediately become enforceable due and may be enforced payable without notice or demand upon the requirement happening of any one or more of the Events of Default defined in the Loan Agreement. In the event that any amount due under this Note is reduced to judgment, or if Borrower fails to make any payment provided for in this note when due, after the expiration of all applicable cure periods, or if any of the other Events of Default described above shall occur and such Event of Default is note cured as allowed by the Loan Agreement, the Bank, or any further notice from holder of this Note, may, at its option declare the Mortgagee to unpaid balance of principal and the Mortgagor, in each accrued unpaid interest due and payable although the time of the following events, each of which maturity as expressed herein shall constitute an event of default: if the Mortgagor defaults in payment or in the observance or performance of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, or in another security or agreement executed and delivered by the Mortgagor to the Mortgageenot have arrived, and, except regardless whether the Bank so accelerates, the total of the unpaid balance of principal and the then accrued and unpaid interest shall then begin accruing interest at the Effective Interest Rate stated in Section 2(b) above, plus five percent (5%) per annum ("Default Rate"), until such time as otherwise the Event of Default in question has been cured. At that time, the interest rate will revert to the Effective Interest Rate. Borrower acknowledges that the effect of this Default Rate provision could operate to compound some of the interest obligations due, and Borrower hereby expressly providedconsents to such compounding should it occur and to the compounding of interest in general (to the full extent allowed by NRS Section 99.050). In addition to the Default Rate, and all other fees due hereunder, for each payment not made within fifteen (15) days of the due date therefor, Borrower will pay Bank a "late fee" equal to five percent (5%) of the payment due. Upon the imposition of the Default Rate, Bank may at its sole i) recalculate the monthly principal and interest payments using the Default Rate and the amortization period set forth above, or ii) require the Borrower pay additional interest accruing under the Default Interest Rate monthly with its regular monthly principal and interest payment, or iii) require that Borrower pay all such default continues for more than seven days following written notice from interest rate on or before the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their income-generating ability thereof in the reasonable opinion of the Mortgagee, and such loss or damage cannot be repaired or replaced so Maturity Date as to re-establish the income-generating ability of the Lands within a reasonable time and in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereof; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner to the reasonable satisfaction of the Mortgagee; or if for any other reason the Mortgagee determines that its security under this mortgage is in jeopardyadditional "balloon" payment.

DEFAULT AND ACCELERATION. The security If an Event of this mortgage willDefault (as defined in the Loan Agreement), at the option other than an Event of Default described in Section 6.1(g) of the MortgageeLoan Agreement has occurred and is continuing, immediately Lender may at any time, in addition to any other rights or remedies available to it pursuant to this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement, or at law or in equity, take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in any of the Collateral (as defined in the Loan Agreement), including, without limitation, by notice to Borrower, declare the Debt to be forthwith due and payable, whereupon such Debt shall become enforceable and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, and may be enforced without the requirement enforce or avail itself of any or any further notice from all rights or remedies provided in this Note, the Mortgagee to Loan Agreement and the Mortgagor, Mortgage Assignment Agreement against Borrower and/or the Collateral (including selling the Mortgage Loans); and upon an Event of Default described in each Section 6.1(g) of the following eventsLoan Agreement, each the Debt shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which shall constitute an event are hereby expressly waived by Borrower. "Debt" means (a) the outstanding principal balance of default: if this Note, (b) interest, default interest at the Mortgagor defaults Default Rate, late charges and other sums, as provided in payment or in this Note, the observance or performance of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, or in another security or agreement executed and delivered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands Loan Agreement or the Mortgagor proves Mortgage Loan Assignment Agreement, (c) all other monies agreed or provided to have been false be paid by Borrower in this Note, the Loan Agreement or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their income-generating ability thereof in the reasonable opinion of the MortgageeMortgage Loan Assignment Agreement, and such loss or damage cannot be repaired or replaced so as to re-establish (e) all sums advanced and costs and expenses incurred by Lender in connection with the income-generating ability of the Lands within a reasonable time and in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, Debt or any part thereof; if , any renewal, extension, or change of or substitution of the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands Debt or any part thereof; if , or the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner to the reasonable satisfaction acquisition or perfection of the Mortgagee; security therefor, whether made or if for any other reason incurred at the Mortgagee determines that its security under this mortgage is in jeopardyrequest of Borrower or Lender.

DEFAULT AND ACCELERATION. The security of this mortgage will, at It is understood and agreed by and between the option of the Mortgagee, immediately become enforceable and may be enforced without the requirement of any or any further notice from the Mortgagee to the Mortgagor, in each of the following events, each of which shall constitute an event of default: parties hereto that if the Mortgagor defaults in payment or in the observance or performance of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, or in another security or agreement executed and delivered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands rent above reserved or any part thereof which materially adversely affects their income-generating ability thereof shall be in arrears for a period of ten (10) days after the reasonable opinion of the Mortgagee, and such loss or damage cannot be repaired or replaced so as to re-establish the income-generating ability of the Lands within a reasonable time and in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor same becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagordue, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or default shall be made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from covenants and agreements herein contained to be kept by Lessee other than the Landspayment of rent or other sums to be paid by Lessee under the Lease and Lessee fails to cure the same after ten (10) days written notice by Lessor, Lessor at its option and with or without notice (Lessee's right to notice being expressly waived), may declare Lessee's right of possession ended and enter into said Leased Premises or any part thereof; if the Mortgagor grants , either with or attempts without process of law, to grant any form of security to expel, remove and put out said Lessee or any person or persons occupying the same, using such force as may be necessary in so doing, and to repossess said Leased Premises; it being further agreed that in case the Leased Premises are left vacant, or if Lessee's right to possession is terminated, as aforesaid, then and in addition to all other than remedies which Lessor may have, Lessor may, without in any way being obligated to do so, and without terminating the Mortgagee ranking Lease, retake possession of said Leased Premises and rent the same for such terms as Lessor may deem best, making such charges for the account of the Lessee, and Lessee shall satisfy and pay monthly any deficiency including the expense of such reletting charges, repairs, alterations and remodeling as may be necessary to relet said Leased Premises. No such re-entry or purporting taking possession of the Leased Premises by Lessor shall be construed as an election on its part to rank in priority terminate this Lease unless a written notice of such intention be given to or equally with Lessee. It is understood and agreed to between the security held by the Mortgagee on the Lands; parties hereto, that if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and Lessee fails to maintain and operate such business as a going concern pay any monthly rental installment or breaches any covenant in a prudent and businesslike manner this Lease agreement, Lessor or its assigns may also at its option, elect to do the reasonable satisfaction of the Mortgagee; or if for any other reason the Mortgagee determines that its security under this mortgage is in jeopardy.following:

DEFAULT AND ACCELERATION. The security Debtor and/or the Joint Sureties hereby declare, agree and acknowledge that they will be in default in the performance of this mortgage willtheir obligations arising out of FRC without any new notification or notice, at the option of the Mortgagee, immediately become enforceable and may be enforced without the requirement upon occurrence of any or any further notice from the Mortgagee to the Mortgagor, in each one of the following events:  Failure of the Debtor and/or the Joint Sureties to pay any one of the Installments in full or in part or in a timely fashion; or  Failure of the Debtor and/or the Joint Sureties to perform or fulfill any one of their obligations or undertakings arising out of FRC; or  Failure of the Debtor and/or the Joint Sureties to perform or fulfill any one of their obligations or undertakings arising out of the Application Form and the Letter of Undertaking submitted to the CIAA pursuant to the Framework Agreement; or  Determination of any wrong or missing information at any time after signature of FRC in any one of the documents and declarations submitted in the course of the process of FRC and used as a base in execution of this FRC; or  Failure in establishment of the promised security with the required content or within a period of time as agreed, each or in taking out an insurance coverage for the mortgaged real properties with the Creditor named as loss payee therein, or in performance of obligations regarding payment of insurance premiums therein for; or  A petition filed by the Debtor and/or the Joint Sureties for their own bankruptcy, or an adjudication of bankruptcy ordered for them; or  A request of the Debtor for its own dissolution, or an order issued for dissolution of the Debtor; or  Failure of the Debtor to continue its business activities and operations as a result of legal proceedings initiated or to be initiated by other creditors not being a party to the Framework Agreement, and non-withdrawal of said legal proceedings within 30 days thereafter; or  Failure of the Debtor in full, complete and timely performance of its obligations arising out of the Framework Agreement. Upon becoming aware of any one of the events of default listed in this clause, the relevant Creditor Institution will urgently report the case of default to the CIAA for sharing with other Creditor Institutions. Provided, however, that the event of default will be deemed to have been eliminated if and when the performance obligations are fully performed together with all of their auxiliary obligations within no later than 90 days following the date of the breach of them. Within this period of 90 days, a default interest equal to a rate, which shall constitute is 50 percent above the contractual interest rate prescribed in this FRC will be applied per day of delay. Whether the case of default is eliminated within this period of 90 days or not, will also be reported urgently by the relevant Creditor Institution to the CIAA. The time of 90 days granted as specified in the preceding paragraph will by no means prevent the delivery of the notification referred to in the first paragraph of Article 31 of the Law on Financial Leasing, Factoring and Financing Companies no. 6361. In an event of default: if , the Mortgagor defaults Creditor Institutions shall, for the purpose of collection and recovery of their receivables, have the right to take all kinds of legal actions and to use all of their rights and powers, also including the right to commence litigation or execution proceedings for recovery of their receivables and claims under this FRC and the Agreements separately entered into by them with the Debtor and the Joint Sureties. Within the same framework, the Creditor Institutions may also continue the pending execution proceedings under the terms and conditions of their claim and the Loan Agreements. The Debtor and the Joint Sureties hereby irrevocably declare, acknowledge, agree and undertake that in payment or case of their default, new execution proceedings may be commenced against them under their agreements signed with the Creditor Institutions, and that for determination of their underlying debts in the observance pending or performance of any obligationprospective execution and litigation proceedings, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, or in another security or agreement executed and delivered redemption schedule covered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their income-generating ability thereof in the reasonable opinion of the Mortgagee, and such loss or damage this Agreement cannot be repaired or replaced so used as an evidence by the Debtor and the Joint Sureties and that the payments already made until that date will be subject to re-establish the income-generating ability provisions of Article 100 of the Lands within a reasonable time Code of Obligations, and that the Creditor Institutions may make any set-offs as they deem fit in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereof; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally their own accounting systems with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner regard to the reasonable satisfaction amounts of collections made within the Mortgagee; or if for any other reason framework of this Agreement, and that in an event of default, the Mortgagee determines that its security default provisions and the default interest rate shown in their loan agreements will be applied, and the interest rates under this mortgage is in jeopardyagreement will no more be applied thereon, and that their outstanding debts will be determined according to the agreement signed between them and the relevant creditor, without prejudice to their debt acknowledgement, and that both their existing security and if any, security established pursuant to FRC shall be made subject to the relevant legal proceedings pertaining thereto.

DEFAULT AND ACCELERATION. The security unpaid balance of the Principal Sum, interest and other monies secured by this mortgage will, at the option of the Mortgagee, immediately become due whether with or without prior demand therefor and without any days of grace being allowed to the Mortgagor, and the security of this mortgage will immediately become enforceable and may be enforced without the requirement of any or any further notice of default or nonpayment from the Mortgagee to the Mortgagor, in each of the following events, each of which shall constitute an event of default: if the Mortgagor defaults in payment or payment; the Mortgagor defaults in the observance or performance of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, herein or in another security or agreement executed and delivered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if the Mortgagor defaults in the observance or performance of any obligation or covenant, express or implied, in the Head Lease; any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands Premises or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof Premises which materially adversely affects their income-generating ability thereof ability, in the reasonable opinion of the Mortgagee, and such loss or damage cannot be repaired or replaced so as to re-establish the income-generating ability of the Lands Premises within a reasonable time and in any case within 90 ninety days following such loss or damage; if there is a seizure or attachment to or on the LandsPremises which materially adversely affects their income-generating ability, in the reasonable opinion of the Mortgagee, which is not removed or satisfied within thirty days; if any charge or encumbrance created or issued by the Mortgagor in the nature of a floating charge becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands Premises is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands Premises commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereofPremises; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally with the security held by the Mortgagee on the LandsPremises; if the Mortgagor abandons the Lands Premises; or any part thereof; if the Mortgagor operates a business on at the Lands and Premises, it fails to maintain and operate such business as a going concern in a prudent and businesslike manner to the reasonable satisfaction of the Mortgagee; or if for any other reason the Mortgagee determines that its security under this mortgage is in jeopardy.

DEFAULT AND ACCELERATION. The security of this mortgage will, at the option of the Mortgagee, immediately become enforceable and may be enforced without the requirement of any or any further notice from the Mortgagee to the Mortgagor, in each of the following events, each of which shall constitute an event of default: if the Mortgagor defaults in payment or in the observance or performance of any of the Obligations, or of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether Mortgagee contained herein, in the Guarantee, herein or in another security or agreement executed and delivered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their its income-generating ability thereof in the reasonable opinion of the Mortgagee, and such loss or damage cannot be repaired or replaced so as to re-establish the income-generating ability of the Lands within a reasonable time and in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor affecting the Lands becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application a petition is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application petition or bankruptcy receiving order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereof; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner to the reasonable satisfaction of the Mortgagee; or if for any other reason the Mortgagee determines that its security under this mortgage is in jeopardy.

DEFAULT AND ACCELERATION. The security In the event Minimum Rent and additional rent have not been received by the tenth (10th) day of this mortgage willthe month, Tenant’s account may, at the option of Landlord, be transferred to an attorney for collection, and in addition to the Mortgageecosts and charges described above, immediately become enforceable Tenant shall also be responsible for the payment of all associated legal expenses incurred therefrom, including but not limited to attorney’s fees and court costs. In the event of any failure to pay any rents, additional rents, or other charges or sums within five (5) days after written notice of such default; or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than ten (10) days after written notice of such other default shall have been given to Tenant; or if Tenant or an agent of Tenant shall falsify or fail to timely submit any report required to be furnished to Landlord pursuant to the terms of this Lease and such failure shall continue beyond ten (10) days after written notice thereof; or should Tenant fail to open for business, fully fixtured, stocked and staffed within 90 days after the commencement date of this lease or suffer this Lease to be taken under any writ of execution or in bankruptcy or receivership; then Landlord, notwithstanding all other rights or remedies it may have by law and in equity, shall have the right: (a) to declare all rent and other payments for the entire unexpired term of this Lease at once due and payable and if not paid forthwith upon Landlord’s demand then to resort to legal process for collection of all accelerated payments due under this Lease; or (b) to terminate this Lease and resort to legal process for collection of damages and/or eviction; or (c) to re-enter and attempt to relet without terminating this Lease and remove all persons and property from the Premises and such property may be enforced removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant, all without the requirement service of any notice or any further notice from the Mortgagee resort to the Mortgagor, in each legal process and without Landlord’s being deemed guilty of the following events, each of which shall constitute an event of default: if the Mortgagor defaults in payment or in the observance or performance of any obligation, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guaranteetrespass, or in another security becoming liable for any loss or agreement executed and delivered by the Mortgagor to the Mortgagee, anddamage which may be occasioned thereby, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their income-generating ability thereof in the reasonable opinion of the Mortgagee, and such loss or damage cannot be repaired or replaced so as to re-establish the income-generating ability of the Lands within a reasonable time and in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued caused by the Mortgagor becomes enforceable gross negligence or willful misconduct of Landlord, its agents, employees, contractors, invitees or licensees. Landlord shall also be entitled to recover from Tenant all costs, expenses and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security reasonable attorneys incurred in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereof; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally connection with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner to the reasonable satisfaction of the Mortgagee; or if for any other reason the Mortgagee determines that its security under this mortgage is in jeopardyTenant’s default hereunder.

DEFAULT AND ACCELERATION. The security Debtor and/or the Joint Sureties hereby declare, agree and acknowledge that they will be in default in the performance of this mortgage willtheir obligations arising out of FRC without any new notification or notice, at the option of the Mortgagee, immediately become enforceable and may be enforced without the requirement upon occurrence of any or any further notice from the Mortgagee to the Mortgagor, in each one of the following events: • Failure of the Debtor and/or the Joint Sureties to pay any one of the Installments in full or in part or in a timely fashion; or • Failure of the Debtor and/or the Joint Sureties to perform or fulfill any one of their obligations or undertakings arising out of FRC; or • Failure of the Debtor and/or the Joint Sureties to perform or fulfill any one of their obligations or undertakings arising out of the Application Form and the Letter of Undertaking submitted to the CIAA pursuant to the Framework Agreement; or • Determination of any wrong or missing information at any time after signature of FRC in any one of the documents and declarations submitted in the course of the process of FRC and used as a base in execution of this FRC; or • Failure in establishment of the promised security with the required content or within a period of time as agreed, each or in taking out an insurance coverage for the mortgaged real properties with the Creditor named as loss payee therein, or in performance of obligations regarding payment of insurance premiums therein for; or • A petition filed by the Debtor and/or the Joint Sureties for their own bankruptcy, or an adjudication of bankruptcy ordered for them; or • A request of the Debtor for its own dissolution, or an order issued for dissolution of the Debtor; or • Failure of the Debtor to continue its business activities and operations as a result of legal proceedings initiated or to be initiated by other creditors not being a party to the Framework Agreement, and non-withdrawal of said legal proceedings within 30 days thereafter; or • Failure of the Debtor in full, complete and timely performance of its obligations arising out of the Framework Agreement. Upon becoming aware of any one of the events of default listed in this clause, the relevant Creditor Institution will urgently report the case of default to the CIAA for sharing with other Creditor Institutions. Provided, however, that the event of default will be deemed to have been eliminated if and when the performance obligations are fully performed together with all of their auxiliary obligations within no later than 90 days following the date of the breach of them. Within this period of 90 days, a default interest equal to a rate, which shall constitute is 50 percent above the contractual interest rate prescribed in this FRC will be applied per day of delay. Whether the case of default is eliminated within this period of 90 days or not, will also be reported urgently by the relevant Creditor Institution to the CIAA. The time of 90 days granted as specified in the preceding paragraph will by no means prevent the delivery of the notification referred to in the first paragraph of Article 31 of the Law on Financial Leasing, Factoring and Financing Companies no. 6361. In an event of default: if , the Mortgagor defaults Creditor Institutions shall, for the purpose of collection and recovery of their receivables, have the right to take all kinds of legal actions and to use all of their rights and powers, also including the right to commence litigation or execution proceedings for recovery of their receivables and claims under this FRC and the Agreements separately entered into by them with the Debtor and the Joint Sureties. Within the same framework, the Creditor Institutions may also continue the pending execution proceedings under the terms and conditions of their claim and the Loan Agreements. The Debtor and the Joint Sureties hereby irrevocably declare, acknowledge, agree and undertake that in payment or case of their default, new execution proceedings may be commenced against them under their agreements signed with the Creditor Institutions, and that for determination of their underlying debts in the observance pending or performance of any obligationprospective execution and litigation proceedings, covenant or liability of the Mortgagor to the Mortgagee, whether contained herein, in the Guarantee, or in another security or agreement executed and delivered redemption schedule covered by the Mortgagor to the Mortgagee, and, except as otherwise expressly provided, such default continues for more than seven days following written notice from the Mortgagee to pay or to otherwise remedy the same; if any warranty, representation or statement made or furnished to the Mortgagee by or on behalf of the Mortgagor in respect of the Lands or the Mortgagor proves to have been false or misleading in any material respect when made or furnished; if the Lands are capable of generating income and there is loss or damage to the Lands or any part thereof which materially adversely affects their income-generating ability thereof in the reasonable opinion of the Mortgagee, and such loss or damage this Agreement cannot be repaired or replaced so used as an evidence by the Debtor and the Joint Sureties and that the payments already made until that date will be subject to re-establish the income-generating ability provisions of Article 100 of the Lands within a reasonable time Code of Obligations, and that the Creditor Institutions may make any set-offs as they deem fit in any case within 90 days following such loss or damage; if there is a seizure or attachment to or on the Lands; if any charge or encumbrance created or issued by the Mortgagor becomes enforceable and any step is taken to enforce the same; if an order is made, an effective resolution passed or an application is filed for the winding up of the Mortgagor, or a receiver of the Mortgagor or the Lands is appointed; if the Mortgagor becomes insolvent, makes a general assignment for the benefit of its creditors or otherwise acknowledges insolvency, or a bankruptcy application or bankruptcy order is filed or made against the Mortgagor; if the Mortgagor ceases or threatens to cease to carry on its business, makes a bulk sale of its assets or commits or threatens to commit any act of bankruptcy; if any other mortgagee, encumbrancee or other party having a charge on the Lands commences proceedings to enforce its rights or security in such mortgage, encumbrance or charge or takes steps to collect all or any of the income generated from the Lands, or any part thereof; if the Mortgagor grants or attempts to grant any form of security to any person other than the Mortgagee ranking or purporting to rank in priority to or equally their own accounting systems with the security held by the Mortgagee on the Lands; if the Mortgagor abandons the Lands or any part thereof; if the Mortgagor operates a business on the Lands and fails to maintain and operate such business as a going concern in a prudent and businesslike manner regard to the reasonable satisfaction amounts of collections made within the Mortgagee; or if for any other reason framework of this Agreement, and that in an event of default, the Mortgagee determines that its security default provisions and the default interest rate shown in their loan agreements will be applied, and the interest rates under this mortgage is in jeopardyagreement will no more be applied thereon, and that their outstanding debts will be determined according to the agreement signed between them and the relevant creditor, without prejudice to their debt acknowledgement, and that both their existing security and if any, security established pursuant to FRC shall be made subject to the relevant legal proceedings pertaining thereto.