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132777076v2 11 ARTICLE III DEFAULT Section 3.1 Event of Default Defined. Each of the following occurrences shall constitute an Event of Default hereunder: (1) The Mortgagor shall fail to pay when due the principal sum of the Note or any interest thereon or any installment thereof; (2) The Mortgagor shall fail to pay when due any other payment due under the Loan Agreement or this Mortgage and such failure continues for ten (10) days thereafter; (3) An Event of Default (as that term is defined therein) shall occur under the Loan Agreement; (4) Except as otherwise provided in this Mortgage, the Mortgagor, without the written consent of the Mortgagee, voluntarily or by operation of law, shall transfer, sell, convey or assign all or any part of the legal or equitable title or legal and equitable title to the Mortgaged Property, or any part of the Mortgaged Property, or any of the personalty located thereon or used or intended to be used in connection therewith; (5) The Mortgagor shall otherwise fail to perform or observe any of the covenants contained in this Mortgage and such default shall remain uncured for thirty (30) days after written notice thereof to the Mortgagor specifying such default and requesting that it be remedied, unless the Mortgagee shall agree in writing to an extension of such time prior to its expiration, or for such longer period as may be reasonably necessary to remedy such default provided that the Mortgagor is proceeding with reasonable diligence to remedy the same, and provided that such longer period does not place the Mortgaged Property at material risk; (6) Any representation or warranty made by the Mortgagor in this Mortgage or in the Loan Agreement is untrue or misleading in any material respect, or any statement, certificate or report furnished hereunder or under the Loan Agreement by or on behalf of the Mortgagor is untrue or misleading in any material respect on the date as of which the facts set forth are stated or certified; (7) If (a) the Mortgagor shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any present or future federal bankruptcy act or under any similar federal or state law, or (b) shall be adjudicated a bankrupt or insolvent, or (c) shall make an assignment for the benefit of its creditors, or (d) shall admit in writing its inability to pay its debts generally as they become due, or (e) if a petition or answer proposing the adjudication of the Mortgagor as a bankrupt or its reorganization under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged of denied within 90 days after the filing thereof, or (f) a receiver, trustee or liquidator of the Mortgagor or of all or substantially all of the assets of the Mortgagor or of the Mortgaged Property shall be appointed in any proceeding brought against the Mortgagor and shall not be discharged within 90 days after such appointment, or (g) if the estate or interest of