Definition of Event of Default. The occurrence of any one or more of the following events shall constitute an Event of Default hereunder: a. The failure of Mortgagor to make any payments required under the Notes or this Mortgage; or b. Mortgagor shall fail to perform or observe any other term, covenant, warranty, obligation, provision, representation, or agreement contained in this Mortgage or any other Obligation; c. Any representation, statement, or warranty made in this Mortgage shall prove to have been false or incorrect in any material respect when made; d. Mortgagor shall transfer all or a part of the Mortgaged Property in violation of this Mortgage; e. The holder of any lien shall commence foreclosure proceedings against the Mortgaged Property or any part thereof; f. Mortgagor shall be insolvent, or shall file a voluntary petition in bankruptcy or a voluntary petition seeking to effect a plan or other arrangement with creditors; g. Mortgagor shall be adjudicated bankrupt, or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver or trustee for itself, or for the Mortgaged Property or any part thereof, or for all or any substantial portion of its other property, or a suit shall be instituted against Mortgagor seeking to establish bankruptcy, insolvency, arrangement, debt adjustment, receivership, sequestration, liquidation or attachment of the Mortgagor, or of the Mortgaged Property or any part thereof, or of all or any substantial portion of its other property which is not dismissed within sixty (60) days thereafter; h. The Mortgaged Property or any part thereof is taken or damaged by eminent domain, alteration on the grade of any street, or other injury to or decrease in the value of the Mortgaged Property, by reason of any public or quasi-public improvement or condemnation proceeding or any other similar manner ("Condemnation"), regarding such condemnation or proposed condemnation; i. The Mortgaged Property is materially damaged by any fire or casualty not covered by insurance sufficient to provide for the material restoration thereof; j. The occurrence of an "Event of Default" under any Loan Document.
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Samples: Mortgage Agreement (Dirt Motor Sports, Inc.), Mortgage and Security Agreement (Dirt Motor Sports, Inc.), Mortgage and Security Agreement (Dirt Motor Sports, Inc.)
Definition of Event of Default. The occurrence of any one or more of the following events shall constitute an Event of Default hereunder:
a. The failure of Mortgagor to make any payments required under the Notes or this Mortgage; or
b. Mortgagor shall fail to perform or observe any other term, covenant, warranty, obligation, provision, representation, or agreement contained in this Mortgage or any other Obligation;
c. Any representation, statement, or warranty made in this Mortgage shall prove to have been false or incorrect in any material respect when made;
d. Mortgagor shall transfer all or a part of the Mortgaged Property in violation of this Mortgage;
e. The holder of any lien shall commence foreclosure proceedings against the Mortgaged Property or any part thereof;
f. Mortgagor shall be insolvent, or shall file a voluntary petition in bankruptcy or a voluntary petition seeking to effect a plan or other arrangement with creditors;
g. Mortgagor shall be adjudicated bankrupt, or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver or trustee for itself, or for the Mortgaged Property or any part thereof, or for all or any substantial portion of its other property, or a suit shall be instituted against Mortgagor seeking to establish bankruptcy, insolvency, arrangement, debt adjustment, receivership, sequestration, liquidation or attachment of the Mortgagor, or of the Mortgaged Property or any part thereof, or of all or any substantial portion of its other property which is not dismissed within sixty (60) days thereafter;
h. The Mortgaged Property or any part thereof is taken or damaged by eminent domain, alteration on the grade of any street, or other injury to or decrease in the value of the Mortgaged Property, by reason of any public or quasi-public improvement or condemnation proceeding or any other similar manner ("“Condemnation"”), regarding such condemnation or proposed condemnation;
i. The Mortgaged Property is materially damaged by any fire or casualty not covered by insurance sufficient to provide for the material restoration thereof;
j. The occurrence of an "“Event of Default" ” under any Loan Document.
Appears in 2 contracts
Samples: Mortgage Agreement (World Racing Group, Inc.), Mortgage and Security Agreement (World Racing Group, Inc.)
Definition of Event of Default. The occurrence of any one or more of the me following events shall constitute an Event of Default hereunder:
a. The Mortgage; or the failure of Mortgagor to make any payments required under the Notes or this Mortgage; orthis
b. Mortgagor shall fail to perform or observe any other term, covenant, warranty, obligation, provision, representation, or agreement contained in this Mortgage or any other Obligation;
c. Any representation, statement, or warranty made in this Mortgage shall prove to have been false or incorrect in any material respect when made;
d. Mortgagor shall transfer all or a part of the Mortgaged Property in violation of this MortgagethisMortgage;
e. The holder of any lien shall commence foreclosure proceedings against the Mortgaged Property or any part thereof;
f. Mortgagor shall be insolvent, or shall file a voluntary petition in bankruptcy or a voluntary petition seeking to effect a plan or other arrangement with creditors;
g. Mortgagor shall be adjudicated bankrupt, or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver or trustee for itself, or for the Mortgaged Property or any part thereof, or for all or any substantial portion of its other property, /or a suit shall be instituted against Mortgagor seeking to establish bankruptcy, insolvency, arrangement, debt adjustment, receivership, sequestration, liquidation or attachment of the Mortgagor, or of the Mortgaged Property or any part thereof, or of all or any substantial portion of its other property which is not dismissed within sixty (60) days thereafter;
h. The Mortgaged Property or any part thereof is taken or damaged by eminent domain, alteration on the grade of any street, or other injury to or decrease in the value of the Mortgaged Property, by reason of any public or quasi-public improvement or condemnation proceeding or any other similar manner ("Condemnation"), regarding such condemnation or proposed condemnation;
i. The Mortgaged Property is materially damaged by any fire or casualty not covered by insurance sufficient to provide for the material restoration thereof;
j. The occurrence of an "Event of Default" under any Loan Document.
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Definition of Event of Default. The occurrence of any one or more of the following events shall constitute an Event of Default hereunder:
a. The failure of Mortgagor to make any payments required under the Notes or this Mortgage; or
b. Mortgagor shall fail to perform or observe any other term, covenant, warranty, obligation, provision, representation, or agreement contained in this Mortgage or any other Obligation;
c. Any representation, statement, or warranty made in this Mortgage shall prove to have been false or incorrect in any material respect when made;
d. Mortgagor shall transfer all or a part of the Mortgaged Property in violation of this Mortgage;
e. The holder of any lien shall commence foreclosure proceedings against the Mortgaged Property or any part thereof;
f. Mortgagor shall be insolvent, or shall file a voluntary petition in bankruptcy or a voluntary Voluntary petition seeking to effect a plan or other arrangement with creditors;
g. Mortgagor shall be adjudicated bankrupt, or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver or trustee for itself, or for the Mortgaged Property or any part thereof, or for all or any substantial portion of its other property, or a suit shall be instituted against Mortgagor seeking to establish bankruptcy, insolvency, arrangement, debt adjustment, receivership, sequestration, liquidation or attachment of the Mortgagor, or of the Mortgaged Property or any part thereof, or of all or any substantial portion of its other property which is not dismissed within sixty (60) days thereafter;
h. The Mortgaged Property or any Property' or'any part thereof is taken or damaged by eminent domain, alteration on the grade of any street, or other injury to or decrease in the value of the Mortgaged Property, by reason of any public or of quasi-public improvement or condemnation proceeding or any other similar manner ("Condemnation"), regarding such condemnation or proposed condemnation;
i. The Mortgaged Property is materially damaged by any fire or casualty not covered by insurance sufficient to provide for the material restoration thereof;
j. The occurrence of an "Event of Default" under any Loan Document.
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Samples: Mortgage and Security Agreement (World Racing Group, Inc.)
