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Mortgage, Assignment of Rents, Security Agreement and Fixture Filing Page 24 6.6 Non-Agricultural Use. Borrower represents and warrants that, as of the date of this Security Instrument, the Premises is not in agricultural use as defined in Minnesota Statutes Section 40A.02, Subd. 3, and is not used for agricultural purposes. 7. EVENTS OF DEFAULT AND REMEDIES 7.1 Events of Default. The occurrence of any of the following shall be deemed an event of default under this Security Instrument (hereinafter referred to as an “Event of Default”): (a) Borrower or any co-maker, guarantor or surety shall fail to pay any principal or interest on the Project Note when and as the same becomes due (whether at the stated maturity or at a date fixed for any installment payment or any accelerated payment date or otherwise), subject to any applicable cure periods provided for in any applicable Financing Document; or (b) Borrower shall fail to deposit the Charges with or at the direction of Governmental Lender pursuant to the terms of the Financing Documents or to pay when due any other Indebtedness, subject to any applicable cure periods provided for in the Financing Documents; or (c) An Event of Default shall occur under any of the Financing Documents (other than this Security Instrument); or (d) Borrower or any maker, guarantor or surety of the Project Note shall make an assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, dissolution, liquidation, arrangement, composition, readjustment or similar relief under any present or future bankruptcy or insolvency statute, law or regulation or shall file an answer admitting to or not contesting the material allegations of a petition filed against it in such proceedings, or shall not within sixty (60) days after the filing of such a petition have the same dismissed or vacated, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of a material part of its properties, or shall not within sixty (60) days after the appointment of a trustee, receiver or liquidator of any material part of its properties have such appointment vacated; or (e) Any certification, representation or warranty made by Borrower herein, in the Project Note, in the other Financing Documents, or made in connection with the application for the loan evidenced by the Project Note, or given as an inducement to Governmental Lender to make the loan, shall be materially false, breached or dishonored and Borrower shall fail to take such actions as may be required to make such certification, representation or warranty true and not misleading in any material respect within thirty (30) days after notice thereof; or