Common use of 1Events of Default Clause in Contracts

1Events of Default. The occurrence of any of the following shall constitute a default of this Lease by Tenant: 19.1.1 Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, when due unless such failure is cured within three (3) days after notice; or 19.1.2 Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2 , any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided that if the nature of such default is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default, but in no event exceeding a period of time in excess of ninety (90) days after written notice thereof from Landlord to Tenant; or 19.1.3 To the extent permitted by law, a general assignment by Tenant or any guarantor of this Lease for the benefit of creditors, or the taking of any corporate action in furtherance of bankruptcy or dissolution whether or not there exists any proceeding under an insolvency or bankruptcy law, or the filing by or against Tenant or any guarantor of any proceeding under an insolvency or bankruptcy law, unless in the case of a proceeding filed against Tenant or any guarantor the same is dismissed within sixty (60) days, or the appointment of a trustee or receiver to take possession of all or substantially all of the assets of Tenant or any guarantor, unless possession is restored to Tenant or such guarantor within thirty (30) days, or any execution or other judicially authorized seizure of all or substantially all of Tenant’s assets located upon the Premises or of Tenant’s interest in this Lease, unless such seizure is discharged within thirty (30) days; or 19.1.4 Abandonment or vacation of all or a substantial portion of the Premises by Tenant coupled with a failure to pay Rent or to reasonably secure the Premises; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or 19.1.6 Tenant’s failure to occupy the Premises within sixty (60) days after the Lease Commencement Date. The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by law.

1Events of Default. The Notwithstanding any cure periods described below, the Borrower shall promptly notify Lender in writing when the Borrower obtains knowledge of the occurrence of any default specified below. Regardless of whether the Borrower has given the required notice, the occurrence of one or more of the following shall will constitute a default an “Event of Default” under this Lease by TenantAgreement: 19.1.1 Any failure by Tenant 8.1.1. 1Borrower fails to pay any Rent principal of or installment of interest on the Subordinated Note when due after a 30-day grace period; or 8.1.1. 2Borrower fails to pay, when due, any amount payable under this Agreement, the Subordinated Note (other than principal or interest) or any other charge required to be paid under this LeaseTransaction Document, or any part thereof, when due unless such failure is cured within three (3) days after notice; or 19.1.2 Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2 , any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where and such failure continues for a period of ten Business Days after knowledge thereof by Borrower; or 8.1.1. 3Borrower fails to materially keep or perform any of its agreements, undertakings, obligations, covenants or conditions under this Agreement not expressly referred to in another clause of this Section 8.1.1 and such failure is reasonably susceptible of cure and continues for a period of thirty (30) days after written notice knowledge thereof by Borrower provided, however, Borrower shall have an additional 60 days if such failure is reasonably susceptible of cure and Borrower is making diligent efforts to cure; or 8.1.1. 4Any material default or breach in any respect by Borrower of any representation, warranty, covenant or agreement set forth in Sections 4 through 7, inclusive, herein occurs and, if reasonably susceptible of cure, is not cured within 30 days thereof; provided, however, Borrower shall have an additional 60 days if such failure is reasonably susceptible of cure and Borrower is making diligent efforts to cure; or 8.1.1. 5Any order or decree is entered by any court of competent jurisdiction directly or indirectly enjoining or prohibiting Borrower from Landlord to Tenant; provided that if performing any of its obligations under this Agreement or any of the nature Transaction Documents, and such order or decree is not vacated, and the proceedings out of which such order or decree arose are not dismissed, within 120 days after the granting of such default decree or order; or 8.1.1. 6Final judgment or judgments for the payment of no less than $2,000,000 in the aggregate is or are outstanding against Borrower or against any of its property or assets, and any one or more of such judgments equal to no less than $2,000,000 in the aggregate has remained unpaid, unvacated, unbonded or unstayed by appeal or otherwise for a period of 60 days from the date of its entry; or 8.1.1. 7Borrower or the Bank Subsidiary is notified that it is considered an institution in “troubled condition” within the same cannot reasonably be cured within a thirty (30) day periodmeaning of 12 U.S.C. Section 1831i and the regulations promulgated thereunder; or ​ ​ ​ 8.1.1. 8Following the expiration of any grace period applicable thereto, Tenant shall not be deemed Borrower or any Subsidiary of Borrower continues to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such defaultin any payment of principal or interest for any other obligation, in the performance of any other term, condition or covenant contained in any agreement (including, without limitation, an agreement in connection with the acquisition of capital equipment on a title retention or net lease basis, but excluding any Transaction Document) under which any such obligation is created the effect of which default is to cause or permit the holder of such obligation to cause such obligation to become due prior to its stated maturity if the aggregate amount that becomes due in no event exceeding a period of time such manner is in excess of ninety (90) days after written notice thereof from Landlord to Tenant$2,000,000; or 19.1.3 To the extent permitted by law, a general assignment by Tenant or any guarantor of this Lease for the benefit of creditors, or the taking of any corporate action in furtherance of bankruptcy or dissolution whether or not there exists any proceeding under an insolvency or bankruptcy law, or the filing by or against Tenant or any guarantor of any proceeding under an insolvency or bankruptcy law, unless in the case of a proceeding filed against Tenant or any guarantor the same is dismissed within sixty (60) days, or the appointment of a trustee or receiver to take possession of all or substantially all of the assets of Tenant or any guarantor, unless possession is restored to Tenant or such guarantor within thirty (30) days, or any execution or other judicially authorized seizure of all or substantially all of Tenant’s assets located upon the Premises or of Tenant’s interest in this Lease, unless such seizure is discharged within thirty (30) days; or 19.1.4 Abandonment or vacation of all or a substantial portion of the Premises by Tenant coupled with a failure to pay Rent or to reasonably secure the Premises; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or 19.1.6 Tenant’s failure to occupy the Premises within sixty (60) days after the Lease Commencement Date. The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by law.

1Events of Default. The occurrence of If any one or more of the following events (herein sometimes called an "Event of Default") shall constitute a occur: 23.1. 1If default shall be made in the due and punctual payment of any installment of the Base Rent payable under this Lease by Tenant: 19.1.1 Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, thereof when and as the same shall have become due unless and payable and such failure is cured within three default shall continue for a period of fifteen (315) days after noticewritten notice thereof from Landlord to Tenant; or 19.1.2 Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period 23.1. 2If default shall be a default made in the due and punctual payment of any other sums or charges payable by Tenant under this Section 19.1.2 , Lease or any failure by Tenant to observe or perform any other provision, covenant or condition part thereof when and as the same shall become due and payable and such default shall continue for a period of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided that if or 23.1. 3If default shall be made by Tenant in the nature performance of or compliance with any of the covenants, agreements, terms or conditions contained in this Lease (other than those referred to above in Subsections 23.1.1 and 23.2.2 of this Article 23), and such default is such that the same cannot reasonably be cured within shall continue for a period of thirty (30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default, but in no event exceeding a period of time in excess of ninety (90) days after written notice thereof from Landlord to Tenant; , or 19.1.3 To the extent permitted by law, a general assignment by Tenant or any guarantor of this Lease for the benefit of creditors, or the taking of any corporate action in furtherance of bankruptcy or dissolution whether or not there exists any proceeding under an insolvency or bankruptcy law, or the filing by or against Tenant or any guarantor of any proceeding under an insolvency or bankruptcy law, unless in the case of a proceeding filed against Tenant default or any guarantor the same is dismissed a contingency, although curable, which cannot with due diligence be cured within sixty (60) days, or the appointment such period of a trustee or receiver to take possession of all or substantially all of the assets of Tenant or any guarantor, unless possession is restored to Tenant or such guarantor within thirty (30) days, or any execution or other judicially authorized seizure Tenant fails to proceed with all due diligence within such period of thirty (30) days to commence to cure the same and thereafter to prosecute the curing of such default with all or substantially all due diligence (it being intended that in connection with a default not susceptible of Tenant’s assets located upon the Premises or of Tenant’s interest in this Lease, unless such seizure is discharged being cured with due diligence within thirty (30) daysdays that the time for Tenant within which to cure the same shall be extended for such period as may reasonably be necessary to complete the curing thereof with all due diligence); or 19.1.4 Abandonment 23.1. 4If Tenant shall file a voluntary petition in bankruptcy or vacation shall be adjudicated a bankrupt or insolvent or shall file any petition or answer seeking any reorganization, arrangement, recapitalization, readjustment, liquidation, dissolution or similar relief under any present or future Bankruptcy Code or other bankruptcy law or any other present or future applicable federal, state or other statute or law, or shall seek or consent to the appointment of any trustee, receiver or liquidator of Tenant or of all or a any substantial portion part of its properties or of the Premises by Tenant coupled with a failure to pay Rent Property, or to reasonably secure shall make an assignment for the Premisesbenefit of creditors; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five 23.1. 5If within ninety (590) business days after notice from Landlordthe commencement of any proceedings against Tenant seeking any reorganization, arrangement, recapitalization, readjustment, liquidation, dissolution or similar relief under the present or any future Bankruptcy Code or other bankruptcy law or any other present or future applicable Federal, state or other statute or law, such proceedings shall not have been dismissed, or if, within ninety (90) days after the appointment, without the consent of Tenant, of any trustee, receiver or liquidator of Tenant, or of all or any substantial part of the Property, such appointment shall not have been vacated or stayed on appeal or otherwise, or within ninety (90) days after the expiration of any such stay such appointment shall not have been vacated; or 19.1.6 Tenant’s failure 23.1. 6Tenant shall fail to occupy the Premises within pay (or cause any subtenant to pay) any Imposition and such default shall continue for a period of sixty (60) days after written notice by Landlord; or 23.1. 7Except as otherwise expressly permitted herein, any lien in violation of the terms of this Lease Commencement Date. The notice periods provided herein are shall be filed of record against the Property, or Landlord’s reversion or other interest in lieu ofthe Property, the Buildings and Improvements, and such lien shall not be dismissed or bonded as provided in addition tothis Lease within ninety (90) days following written notice thereof to Tenant; Then and in any such Event of Default, and at any notice periods provided time thereafter during the continuance of such Event of Default, subject to any rights of any Leasehold Mortgagee, Landlord shall have the right to maintain an action in law or equity to require compliance with this Lease, but in no event shall Landlord, at any time, be entitled to terminate this Lease or seek to obtain a judgment of possession or order of eviction by lawreason of a default by Tenant hereunder, it being expressly agreed that Landlord’s remedies shall be limited to bringing an action seeking damages or a court order requiring Tenant to comply with the terms, covenants and conditions of this Lease.

1Events of Default. The occurrence  If at any time during the term of this Lease any one or more of the following events shall constitute occur (herein called an "Event of Default" or a default "Default"), an Event of this Lease by Tenant: 19.1.1 Any failure Default by Tenant shall have occurred hereunder:  (a) If Tenant shall make an assignment for the benefit of its creditors; or  (b) If any petition shall be filed against Tenant in any court, whether or not pursuant to any statute of the United States of America or of any state, in any bankruptcy, reorganization, composition, extension, arrangement or insolvency proceedings, and Tenant shall thereafter be adjudicated bankrupt, or if such proceedings shall not be dismissed within ninety (90) (90) days after the institution of the same, or if any such petition shall be so filed by Tenant or a liquidator; or  (c) If, in any proceeding, a receiver, receiver and manager, trustee or liquidator be appointed for all or any portion of Tenant's property, and such receiver, receiver and manager, trustee or liquidator shall not be discharged within ninety (90) days after the appointment of such receiver, receiver and manager, trustee or liquidator; or  (d) If Tenant shall fail to pay any Rent or any other charge required to be paid under this Leaseinstallment of rent provided for herein, or any part thereof, when the same shall become due unless and payable; or  (e) If Tenant shall fail to pay any item of real estate taxes, insurance premiums, utility payments or any other charge or sum required to be paid directly by Tenant to a third party or parties hereunder; or  (f) If Tenant shall fail to perform or observe any other requirement of this Lease on the part of Tenant to be performed or observed, and such failure is cured within three shall continue for ninety (390) days after notice; or 19.1.2 Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2 , any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided , except that Landlord shall not be obligated to provide such notice as to a repeated or recurring default of like kind or nature more than twice in any period of twelve (12) consecutive months.  Upon the happening of any one or more of the aforementioned Events of Default, Landlord shall have the right, then or at any time thereafter and while such Default or Defaults shall continue, to give Tenant written notice of Landlord's intention to terminate this Lease on a date specified in such notice, which date shall not be less than ten (10) days after the date of giving of such notice, and on the date specified in such notice, Tenant's right to possession of the Leased Premises shall cease and Tenant shall peaceably and quietly yield to and surrender to Landlord the Leased Premises and this Lease shall thereupon be terminated and all of the rights, title and interest of Tenant hereunder and in the Leased Premises shall wholly cease and expire in the same manner and with the same force and effect as if the nature date of expiration of such default is such that the same cannot reasonably be cured within a thirty ten (3010) day periodperiod were the date originally specified herein for the expiration of this Lease and the Lease term, and Tenant shall then quit and surrender the Leased Premises to Landlord, but Tenant shall remain liable as hereinafter provided.  Upon any nonmonetary default where a notice and cure period is not specified above, Tenant shall not be deemed have ninety (90) days from receipt of Landlord’s written notice of its intention to be in default if it diligently commences terminate to (i) advise Landlord of Tenant’s intention to take all reasonable steps to cure such nonmonetary default, (ii) duly commence such cure within such period and thereafter diligently proceeds prosecute the same, and (iii) complete such cure within a reasonable time thereafter. In such case, Landlord shall not have the right to rectify and terminate the Lease unless Tenant fails to cure such default, but in no event exceeding a period of time in excess of ninety (90) days after written notice thereof from Landlord to Tenant; or 19.1.3 To the extent permitted by law, a general assignment by Tenant or any guarantor of this Lease for the benefit of creditors, or the taking of any corporate action in furtherance of bankruptcy or dissolution whether or not there exists any proceeding under an insolvency or bankruptcy law, or the filing by or against Tenant or any guarantor of any proceeding under an insolvency or bankruptcy law, unless as set forth in the previous sentence, in which case of Landlord shall have all rights and remedies available to it at law or in equity, including the right to terminate the Lease. If a proceeding filed against monetary default occurs (i.e. items (d) or (e) above), not more than two (2) times annually, Tenant or any guarantor the same is dismissed within sixty (60) days, or the appointment of a trustee or receiver to take possession of all or substantially all of the assets of Tenant or any guarantor, unless possession is restored to Tenant or such guarantor within shall have thirty (30) days, or any execution or other judicially authorized seizure days from receipt of all or substantially all Landlord’s written notice of Tenant’s assets located upon its intention to terminate to cure the Premises or of Tenant’s interest in this Lease, unless such seizure is discharged within thirty (30) days; or 19.1.4 Abandonment or vacation of all or a substantial portion of the Premises by Tenant coupled with a failure to pay Rent or to reasonably secure the Premises; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or 19.1.6 Tenant’s failure to occupy the Premises within sixty (60) days after the Lease Commencement Datesame. The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by law.

1Events of Default. The occurrence following events are referred to, collectively, as “Events of Default” or, individually, as an “Event of Default”: (a) Tenant defaults in the due and punctual payment of Rent, and such default continues for five (5) days after written notice from Landlord; however, Tenant will not be entitled to more than one written notice for monetary defaults during any 12-month period, and if after such written notice any Rent is not paid when due, an Event of Default will be considered to have occurred without further notice; (b) Tenant vacates or abandons the Premises; (c) This Lease or the Premises or any part of the Premises are taken upon execution or by other process of law directed against Tenant, or are taken upon or subject to any attachment by any creditor of Tenant or claimant against Tenant, and said attachment is not discharged or disposed of within 15 days after its levy; (d) Voluntary or involuntary proceedings under any bankruptcy or insolvency or for reorganization or arrangement under the bankruptcy laws of the United States or insolvency act of any state or for the dissolution of Tenant are instituted against Tenant, or a receiver or trustee is appointed for all or substantially all of the following shall constitute a default property of this Lease by Tenant:, and such proceeding is not dismissed or such receivership or trusteeship vacated within 60 days after such institution or appointment; 19.1.1 Any failure by (e) Tenant purports to pay any Rent or any other charge required to be paid under assign this Lease, or any part thereofsublet all or a portion of the Premises, when due unless such failure is cured within three (3) days after noticein violation of the terms hereof; or 19.1.2 Except where a specific time period is otherwise set forth for (f) Tenant shall fail to correct and eliminate interference caused by its Equipment; or (g) Tenant shall fail to perform any of the other agreements, terms covenants or conditions hereof on Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2 , any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease part to be observed or performed by Tenant where performed, and such failure continues nonperformance shall continue for thirty (30) a period of 30 days after written notice thereof from Landlord to Tenant; provided that , or if the nature of such default is such that the same performance cannot be reasonably be cured accomplished within a thirty (such 30) -day period, Tenant shall not be deemed to be have commenced in default if it diligently commences good faith such cure performance within such 30-day period and thereafter or shall not have diligently proceeds proceeded therewith to rectify and cure such default, but in no event exceeding a period of time in excess of ninety (90) days after written notice thereof from Landlord to Tenant; or 19.1.3 To the extent permitted by law, a general assignment by Tenant or any guarantor of this Lease for the benefit of creditors, or the taking of any corporate action in furtherance of bankruptcy or dissolution whether or not there exists any proceeding under an insolvency or bankruptcy law, or the filing by or against Tenant or any guarantor of any proceeding under an insolvency or bankruptcy law, unless in the case of a proceeding filed against Tenant or any guarantor the same is dismissed within sixty (60) days, or the appointment of a trustee or receiver to take possession of all or substantially all of the assets of Tenant or any guarantor, unless possession is restored to Tenant or such guarantor within thirty (30) days, or any execution or other judicially authorized seizure of all or substantially all of Tenant’s assets located upon the Premises or of Tenant’s interest in this Lease, unless such seizure is discharged within thirty (30) days; or 19.1.4 Abandonment or vacation of all or a substantial portion of the Premises by Tenant coupled with a failure to pay Rent or to reasonably secure the Premises; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or 19.1.6 Tenant’s failure to occupy the Premises within sixty (60) days after the Lease Commencement Date. The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by lawcompletion.

1Events of Default. The existence or occurrence of any each of the following events shall constitute a default an “Event of Default” pursuant to this Lease by TenantAgreement: 19.1.1 (a) Any failure by Tenant to pay any Rent regularly scheduled or recurring payment of principal, interest or other fee or charge on or under the Promissory Note, the Security Agreement, this Agreement or any other charge required Loan Document is not made by Borrower after five (5) days’ prior written notice; (b) Any payment or reimbursement of any amount which is to be paid or reimbursed by Borrower to Lender under the Promissory Note, the Security Agreement, this LeaseAgreement, or any other Loan Document other than the amounts specified in subsection 7.1(a) above is not made within five (5) days of the date written notice of or demand for the payment of such amount is given by Lender to Borrower; (c) An event of default or default as defined in the Promissory Note the Security Agreement, or any other Loan Document shall occur and all applicable cure periods with regard thereto, if any, have expired; (d) A claim of lien or any other lien or encumbrance or any kind or nature shall be filed against the Collateral, or any part thereofthereof or interest therein, when due unless such failure is cured except for Permitted Encumbrances, without Lender’s prior written consent, and not released within three (3) days after notice; or 19.1.2 Except where a specific time period is otherwise set forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2 , any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord the date of notification of filing, or Borrower shall fail to Tenant; provided that if the nature post a statutory bond or have obtained a discharge of such default is such that claim of lien from the same cannot reasonably be cured Collateral, or any part thereof or interest therein, without Xxxxxx’s prior written consent, within a thirty (30) day perioddays from notification of the date of filing; (e) Borrower shall fail to perform any covenant, Tenant shall obligation or term or condition of this Agreement as and when required hereby and which is not be deemed to be in default if it diligently commences such cure cured within such period and thereafter diligently proceeds to rectify and cure such default, but in no event exceeding a period of time in excess of ninety fifteen (9015) days after written notice thereof from Landlord such failure to Tenant; or 19.1.3 To the extent permitted by law, a general assignment by Tenant perform or any guarantor representation or warranty of this Lease Borrower herein or in any other Loan Documents executed concurrently herewith or made subsequent hereto, shall be found to be inaccurate, untrue or breached in any respect; (f) If Borrower shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt or insolvent, or shall file any petition to answer seeking any reorganization, arrangement, composition, readjustment, liquidation, wage earner’s plan, assignment for the benefit of creditors, receivership, dissolution or the taking of similar relief under any corporate action in furtherance of bankruptcy present or dissolution whether future Federal Bankruptcy Act or not there exists any proceeding under an insolvency other present or bankruptcy future applicable federal, state or other statute or law, or shall seek or consent to or acquiesce in the filing by appointment of any trustee, receiver or against Tenant liquidator of Borrower or all or any guarantor part of any proceeding under an insolvency the properties of Borrower or bankruptcy law, unless in the case of a proceeding filed against Tenant or any guarantor the same is dismissed if within sixty (60) daysdays after commencement of any proceeding against Borrower or any endorser of the Promissory Note, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, debtor relief or similar relief under any present or future federal bankruptcy act or any other present or future federal, state or other statute or law, such proceeding shall not have been dismissed, or the appointment of a trustee stayed on appeal; or receiver to take possession of all or substantially all of the assets of Tenant or any guarantorif, unless possession is restored to Tenant or such guarantor within thirty (30) days, or any execution or other judicially authorized seizure of all or substantially all of Tenant’s assets located upon the Premises or of Tenant’s interest in this Lease, unless such seizure is discharged within thirty (30) days; or 19.1.4 Abandonment or vacation of all or a substantial portion of the Premises by Tenant coupled with a failure to pay Rent or to reasonably secure the Premises; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or 19.1.6 Tenant’s failure to occupy the Premises within sixty (60) days after the Lease Commencement Date. appointment, without the consent of acquiescence of Borrower or of any endorser of the Promissory Note, of any trustee, receiver, or liquidator of Borrower or any endorser of the Promissory Note, such appointment shall not have been vacated or stayed on appeal or otherwise; or if within ten (10) days after the expiration of any such stay, such appointment shall not have been vacated; (g) A violation or breach by Borrower shall occur in any contract, agreement, covenant, indenture, restriction, or encumbrance affecting title to the Collateral which is not cured within fifteen (15) days after written notice thereof; (h) Except as otherwise permitted hereunder, a sale, transfer, conveyance, assignment, disposition, master lease, pledge or encumbrance of the Collateral, or any portion thereof or any interest therein, or the sale, transfer, conveyance, pledge or encumbrance of any ownership interest in or of the Borrower and/or any partnership or ownership interest in or of the Borrower, without the prior written consent of Lender in each instance; (i) Any substantial damage to or destruction of the Collateral, if (i) the applicable insurance proceeds shall not, in the reasonable opinion of the Lender, be sufficient to repair and restore the Collateral, or (ii) if the insurance proceeds shall not be paid within a reasonable time; (j) The notice periods provided herein are holder of any lien or security interest on or in lieu ofany portion of the Collateral (without implying Lender’s or Lender’s consent to the existence, placement, creation or permitting of any such lien or security interest) commences proceedings for foreclosure on any Collateral or for the enforcement of its other remedies thereunder; (k) A judgment for the payment of money in excess of the lesser of (i) $50,000, or (ii) the available and unused commitment, and either (i) enforcement proceedings, including, without limitation, through attachment, levy or garnishment or repossession or seizure of property, shall have been commenced by any creditor upon such judgment or order, or (ii) there shall be a period of thirty (30) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in addition toeffect; (l) Any suit, action, claim or legal, administrative, arbitration or other proceeding or governmental investigation pending, against or affecting the Borrower or any of the Collateral which, such suit, action, claim or legal, administrative, arbitration or other proceeding or governmental investigation pending may cause the value of the Loan to exceed forty percent (40%) of the value of the Collateral. (m) The Borrower is liquidated, dissolved, consolidated or merged; (n) The Borrower has made materially false or misleading representations to the Lender or has provided materially false or misleading information; (o) Borrower sells, transfers, assigns, or otherwise conveys the Collateral, any notice periods provided by lawportion thereof, or any of Borrower’s interest therein, without the prior written consent of the Lender; (p) Lender fails to have an enforceable first lien on or security interest in any Collateral; (q) Lender determines that the value of the Collateral is less than $7,500,000, even if no other Event of Default has occurred or is occurring; or (r) Xxxxxxxx’s rights under this commitment and the Loan shall be personal as the Lender has evaluated this Loan and has agreed to make this Loan based on the unique qualifications of Borrower, both financial and otherwise. Any sale, conveyance or transfer effecting a change in ownership or control of LLI and/or the collateral shall cause the Loan to become due and payable in full.

1Events of Default. The occurrence of any of the following events (each, an "Event of Default") shall constitute a default be an Event of this Lease by TenantDefault hereunder: 19.1.1 Any failure by Tenant (a) Borrower fails to pay punctually perform any Rent covenant, agreement, obligation, term or condition under the Note, this Security Instrument or any other charge required Loan Document which requires payment of any money to be paid under this LeaseLender at the time or within any applicable grace period set forth therein or herein, or any part thereofif no time or grace period is set forth, when due unless such failure is cured then within three seven (37) days after notice; orof the date such payment is due or following demand if there is no due date (except that there shall be no grace period with respect to Borrower's obligation to pay all outstanding amounts under the Loan Documents as of the Maturity Date). 19.1.2 Except where a specific time period is otherwise (b) Borrower fails to provide or maintain insurance as required by Section 1.4 hereof or fails to perform any covenant, agreement, obligation, term or condition set forth for Tenant’s performance in this LeaseSection 1.5, in which event the failure 1.19, 1.33, 1.34, 1.36, 1.38, 1.39, 1.40 or 1.41 hereof. (c) Borrower fails to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2 , any failure by Tenant to observe or perform any other provisioncovenant, covenant agreement, obligation, term or condition set forth herein other than those otherwise described in this Section 2.1 and, to the extent such Default is susceptible of this Lease to be observed or performed by Tenant where being cured, the continuance of such failure continues Default for thirty (30) days after written notice thereof from Landlord Lender to TenantBorrower; provided provided, however, that if such Default is susceptible of cure but such cure cannot be accomplished with reasonable diligence within said period of time, and if Borrower commences to cure such Default promptly after receipt of notice thereof from Lender, and thereafter prosecutes the nature curing of such default is Default with reasonable diligence, such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default, but in no event exceeding a period of time shall be extended for such period of time as may be necessary to cure such Default with reasonable diligence, but not to exceed an additional sixty (60) days. (d) Any representation or warranty made herein, in excess or in connection with any application or commitment relating to the loan evidenced by the Note and secured hereby, or in any of ninety the other Loan Documents to Lender by Borrower, by any partner, manager, member or principal in Borrower or by any indemnitor or guarantor under any indemnity or guaranty executed in connection with the loan evidenced by the Note and secured hereby is reasonably determined by Lender to have been false or misleading in any material respect at the time made. (90e) days after written notice thereof from Landlord to Tenant; or 19.1.3 To There shall be a sale, conveyance, disposition, alienation, hypothecation, leasing, assignment, pledge, mortgage, granting of a security interest in or other transfer or further encumbrancing of the extent permitted by lawProperty, a general assignment by Tenant Borrower or its partners, managers, members, or any portion thereof or any interest therein, in violation of Section 1.16 hereof. (f) An Event of Default or Default occurs under any of the other Loan Documents which has not been cured within any applicable grace or cure period therein provided. (g) Borrower, Manager, or, except as provided in Section 2.1(s) below, any indemnitor or guarantor under any indemnity or guaranty executed in connection with the loan evidenced by the Note and secured hereby becomes insolvent, or shall make a transfer in fraud of this Lease creditors, or shall make an assignment for the benefit of creditors, shall file a petition in bankruptcy, shall voluntarily be adjudicated insolvent or bankrupt or shall admit in writing the taking of inability to pay debts as they mature, shall petition or apply to any corporate action in furtherance of bankruptcy tribunal for or dissolution whether shall consent to or shall not there exists any proceeding under an insolvency or bankruptcy law, or the filing by or against Tenant or any guarantor of any proceeding under an insolvency or bankruptcy law, unless in the case of a proceeding filed against Tenant or any guarantor the same is dismissed within sixty (60) days, or contest the appointment of a trustee receiver, trustee, custodian or receiver to take possession of all similar officer for Borrower, for any such Manager, or substantially all for any such indemnitor or guarantor or for a substantial part of the assets of Tenant Borrower or of any such Manager, or of any such indemnitor or guarantor, or shall commence any case, proceeding or other action under any bankruptcy, reorganization, arrangement, readjustment or debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect. In addition, the occurrence of any of the foregoing with respect to any member or principal of Borrower which results in the consolidation of the assets and liabilities of such member or principal of Borrower with the assets and liabilities of Borrower, Manager or any indemnitor or guarantor under any indemnity or guaranty executed in connection with the loan evidenced by the Note and secured hereby. (h) A petition is filed or any case, proceeding or other action is commenced against Borrower, against Manager, or against any indemnitor or guarantor under any indemnity or guaranty executed in connection with the loan evidenced by the Note and secured hereby seeking to have an order for relief entered against it as debtor or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or other relief under any law relating to bankruptcy, insolvency, arrangement, reorganization, receivership or other debtor relief under any law or statute of any jurisdiction whether now or hereafter in effect or a court of competent jurisdiction enters an order for relief against Borrower, against Manager, or against any indemnitor or guarantor under any indemnity or guaranty executed in connection with the loan evidenced by the Note and secured hereby, as debtor, or an order, judgment or decree is entered appointing, with or without the consent of Borrower, of any such Manager, or of any such indemnitor or guarantor, unless possession is restored to Tenant a receiver, trustee, custodian or similar officer for Borrower, for any such guarantor within thirty (30) daysManager, or for any execution such indemnitor or other judicially authorized seizure guarantor, or for any substantial part of all or substantially all any of Tenant’s assets located upon the Premises properties of Borrower, of any such Manager, or of Tenant’s interest in this Leaseany such indemnitor or guarantor, unless and if any such seizure is discharged within thirty (30) days; or 19.1.4 Abandonment event shall occur, such petition, case, proceeding, action, order, judgment or vacation of all or a substantial portion of the Premises by Tenant coupled with a failure to pay Rent or to reasonably secure the Premises; or 19.1.5 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or 18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord; or 19.1.6 Tenant’s failure to occupy the Premises decree shall not be dismissed within sixty (60) days after being commenced. In addition, the Lease Commencement Dateoccurrence of any of the foregoing with respect to any member or principal of Borrower which results in the consolidation of the assets and liabilities of such member or principal of Borrower with the assets and liabilities of Borrower, Manager or any indemnitor or guarantor under any indemnity of guaranty executed in connection with the loan evidenced by the Note and secured hereby. (i) The Property or any part thereof shall be taken on execution or other process of law in any action against Borrower. (j) Borrower abandons all or a portion of the Property (except to the extent expressly permitted under Section 1.36(w)(ii) above). (k) The holder of any lien or security interest on the Property (without implying the consent of Lender to the existence or creation of any such lien or security interest), whether superior or subordinate to this Security Instrument or any of the other Loan Documents, declares a default and such default is not cured within any applicable grace or cure period set forth in the applicable document or such holder institutes foreclosure or other proceedings for the enforcement of its remedies thereunder. (l) The Property, or any part thereof, is subjected to actual or threatened waste or to removal, demolition or material alteration so that the value of the Property is materially diminished thereby and Lender determines (in Lender's sole but reasonable discretion) that it is not adequately protected from any loss, damage or risk associated therewith. (m) Any dissolution, termination, partial or complete liquidation, merger or consolidation of Borrower or Manager. (n) Manager fails to perform any covenant, agreement, obligation, terms or condition of Section 1.37 hereof. (o) The Hotel Manager (or any successor management agreement) resigns or is removed and a new hotel manager reasonably acceptable to Lender is not hired within thirty (30) days pursuant to the terms of this Security Instrument or there is any material change in the Management Agreement (or any successor management agreement) made by Borrower without the consent of Lender. (p) A default by Borrower has occurred which continues beyond any appicable cure period under the Management Agreement (or any successor management agreement) if such default permits the Hotel Manager to terminate or cancel the Management Agreement (or any successor management agreement). (q) A default by Borrower has occurred which continues beyond any appicable cure period under the Hotel Agreement (or any successor hotel agreement) if such default permits the franchisor/licensor thereunder to terminate or cancel the Hotel Agreement (or any successor hotel agreement). (r) Borrower ceases to do business as a hotel or motel on the Property or terminates such business for any reason whatsoever (other than temporary cessation in connection with any renovations to the Property or a temporary cessation as a result of a Force Majeure Event). The notice periods provided herein are in lieu ofAs used herein, “Force Majeure Event” means any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, inability to obtain labor or materials or reasonable substitutes therefore, governmental restrictions, governmental regulations, governmental controls, enemy or hostile governmental action, civil commotion, and not in addition to, any notice periods provided by lawother causes beyond the reasonable control of the party obligated to perform.