Common use of Bankruptcy; Insolvency; Dissolution Clause in Contracts

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (1) adjudicating Mortgagor, its sole member, or any Guarantor (which term when used in this Mortgage shall mean any guarantor of payment of the indebtedness) bankrupt or insolvent, (2) appointing a receiver, trustee or liquidator of the Property or Collateral or of a substantial part of the property of Mortgagor, its sole member, or any Guarantor, or (3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Mortgagee or of other creditors of Mortgagor, its sole member, or any Guarantor; or (B) Mortgagor, its sole member, or any Guarantor shall (1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (3) admit in writing an inability to pay its debts as they mature, or (4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against Mortgagor, its sole member, or any Guarantor and the same is not vacated or stayed within 90 days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (1) adjudicating MortgagorBorrower, its sole member, or any Guarantor (which term when used in this Mortgage Security Deed shall mean any guarantor of payment of the indebtedness) bankrupt or insolvent, (2) appointing a receiver, trustee or liquidator of the Property or Collateral or of a substantial part of the property of MortgagorBorrower, its sole member, or any Guarantor, or (3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Mortgagee Lender or of other creditors of MortgagorBorrower, its sole member, or any Guarantor; or (B) MortgagorBorrower, its sole member, or any Guarantor shall (1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (3) admit in writing an inability to pay its debts as they mature, or (4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against MortgagorBorrower, its sole member, or any Guarantor and the same is not vacated or stayed within 90 days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (1) adjudicating MortgagorGrantor, its sole member, or any Guarantor (which term when used in this Mortgage Deed of Trust shall mean any guarantor of payment of the indebtedness) bankrupt or insolvent, (2) appointing a receiver, trustee or liquidator of the Property or Collateral or of a substantial part of the property of MortgagorGrantor, its sole member, or any Guarantor, or (3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Mortgagee Beneficiary or of other creditors of MortgagorGrantor, its sole member, or any Guarantor; or (B) MortgagorGrantor, its sole member, or any Guarantor shall (1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (3) admit in writing an inability to pay its debts as they mature, or (4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against MortgagorGrantor, its sole member, or any Guarantor and the same is not vacated or stayed within 90 days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (1i) adjudicating Mortgagor, its sole member, Mortgagor or any Guarantor guarantor (which term when used in this Mortgage shall mean any guarantor of payment of the indebtedness) bankrupt or insolvent, (2ii) appointing a receiver, trustee or liquidator of the Property or Collateral or of a substantial part of the property of Mortgagor, its sole member, Mortgagor or any Guarantorguarantor, or (3iii) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Mortgagee or of other creditors of Mortgagor, its sole member, Mortgagor or any Guarantorguarantor; or (B) Mortgagor, its sole member, Mortgagor or any Guarantor guarantor shall (1i) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (2ii) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (3iii) admit in writing an inability to pay its debts as they mature, or (4iv) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against Mortgagor, its sole member, Mortgagor or any Guarantor guarantor and the same is not vacated or stayed within 90 sixty (60) days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (1) adjudicating MortgagorBorrower, its sole member, or any Guarantor (which term when used in this Mortgage Security Deed shall mean any guarantor of payment of the indebtedness) bankrupt or insolvent, (2) appointing a receiver, trustee or liquidator of the Property or Collateral or of a substantial part of the property of MortgagorBorrower, its sole member, or any Guarantor, or (3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Mortgagee Lender or of other creditors of MortgagorBorrower, its sole member, or any Guarantor; or (B) MortgagorBorrower, its sole member, or any Guarantor shall (1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (3) admit in writing an inability to pay its debts as they mature, or (4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against MortgagorBorrower, its such sole member, or any Guarantor and the same is not vacated or stayed within 90 days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (1) adjudicating Mortgagor, its sole member, its sole member, or any Guarantor (which term when used in this Mortgage shall mean any guarantor of payment of the indebtedness) bankrupt or insolvent, (2) appointing a receiver, trustee or liquidator of the Property or Collateral or of a substantial part of the property of Mortgagor, its sole member, its sole member, or any Guarantor, or (3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Mortgagee or of other creditors of Mortgagor, its sole member, or any Guarantor; or (B) Mortgagor, its sole member, or any Guarantor shall (1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (3) admit in writing an inability to pay its debts as they mature, or (4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against Mortgagor, its sole member, or any Guarantor and the same is not vacated or stayed within 90 days of the filing date.