Common use of Events of Default; Acceleration of Maturity Clause in Contracts

Events of Default; Acceleration of Maturity. At the option of ▇▇▇▇▇▇ and in addition to ▇▇▇▇▇▇’s rights to accelerate the maturity of the indebtedness secured hereby as set forth in the statutory covenants, the entire remaining indebtedness secured by this Mortgage, with interest thereon at the rate set forth in the Note, shall become immediately due and payable in full upon the occurrence of any of the following, each of which is herein referred to as an “Event of Default:” a. A default by Borrower under the terms of the Note; b. A default by Borrower in the performance of any other covenants or agreements contained herein; c. If Borrower shall: (1) apply for or consent to the appointment of a receiver, trustee, or liquidator of itself or of its property; (2) be unable to admit in writing its ability to pay its debts as they mature; (3) make a general assignment for the benefit of creditors; (4) be adjudicated a bankrupt or insolvent; or (5) file a voluntary petition in bankruptcy or a petition or answer seeking reorganization or an arrangement with creditors or take advantage of any insolvency law or file any answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization, or insolvency proceeding; or d. The use of the Mortgaged Premises, or any part thereof, by Borrower, or others acting under ▇▇▇▇▇▇▇▇’s control, for any unlawful activity which is a violation of any local, state or federal law, including without limitation the manufacturing, selling, giving away, bartering, delivering, exchanging, distributing or possession with intent to manufacture, sell, give away, barter, deliver, exchange, or distribute a controlled substance.

Events of Default; Acceleration of Maturity. At the option of ▇▇▇▇▇▇ Lender and in addition to ▇▇▇▇▇▇’s rights to accelerate the maturity of the indebtedness secured hereby as set forth in the statutory covenants, the entire remaining indebtedness secured by this Mortgage, with interest thereon at the rate set forth in the Note, shall become immediately due and payable in full upon the occurrence of any of the following, each of which is herein referred to as an “Event of Default:” a. A default by Borrower under the terms of the Note; b. A default by Borrower in the performance of any other covenants or agreements contained herein; c. If Borrower shall: (1) apply for or consent to the appointment of a receiver, trustee, or liquidator of itself or of its property; (2) be unable to admit in writing its ability to pay its debts as they mature; (3) make a general assignment for the benefit of creditors; (4) be adjudicated a bankrupt or insolvent; or (5) file a voluntary petition in bankruptcy or a petition or answer seeking reorganization or an arrangement with creditors or take advantage of any insolvency law or file any answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization, or insolvency proceeding; or d. The use of the Mortgaged Premises, or any part thereof, by Borrower, or others acting under ▇▇▇▇▇▇▇▇’s control, for any unlawful activity which is a violation of any local, state or federal law, including without limitation the manufacturing, selling, giving away, bartering, delivering, exchanging, distributing or possession with intent to manufacture, sell, give away, barter, deliver, exchange, or distribute a controlled substance.