Common use of ACT OF DEFAULT Clause in Contracts

ACT OF DEFAULT. Mortgagor shall be deemed in default if Mortgagor makes any assignment for the benefit of creditors, or if a receiver is appointed for Mortgagor or any part of the Mortgaged Premises, or if Mortgagor files a petition in bankruptcy or is adjudicated a bankrupt or files any petition or institutes any proceedings under the Federal Bankruptcy Laws of the United States.

ACT OF DEFAULT. Mortgagor shall be deemed in default if Mortgagor Xxxxxxxxx makes any assignment for the benefit of creditors, or if a receiver is appointed for Mortgagor or any part of the Mortgaged Premises, or if Mortgagor files a petition in bankruptcy or is adjudicated a bankrupt or files any petition or institutes any proceedings under the Federal Bankruptcy Laws of the United States.