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172981943v5 <br /> <br /> <br /> 22 <br /> <br />(6) If the Borrower shall default or fail to perform any covenant, condition or <br />agreement on its part under the Mortgage, or any other security document securing the Note, and <br />such failure continues beyond the period set forth in such documents during which the Borrower <br />may cure the default; <br />(7) Any state or federal tax lien shall be filed against the Borrower and shall <br />remain undischarged for a period of 60 days; <br />(8) All or any portion of the Land or the Facility, or the legal, equitable or any <br />other interest therein, shall be sold, transferred, assigned, leased, further encumbered (except as <br />permitted herein or in the Mortgage) or otherwise disposed of, unless the prior written consent of <br />the Lender is first obtained; provided that nothing in this Agreement prohibits the Borrower from <br />entering into an agreement for sale of the Land and Facility where the Loan and all other amounts <br />due under this Agreement and the other documents evidencing the Loan will be paid in full at the <br />closing of the sale; <br />(9) If an “Event of Default” (as such term is defined in any other agreement or <br />obligation of the Borrower to the Lender) shall occur under any other indebtedness of the Borrower <br />to the Lender; <br />(10) If the Borrower, shall (a) fail to pay any indebtedness for borrowed money <br />or any interest thereon, when due (whether by scheduled maturity, required prepayment, <br />acceleration, demand or otherwise) and such failure shall continue after the applicable grace <br />period, if any, specified in the agreement or instrument relating to such indebtedness, or (b) fail to <br />perform or observe any term, covenant, or condition relating to any such indebtedness when <br />required to be performed or observed, and such failure shall not be waived and shall continue after <br />the applicable grace period, if any, specified in such agreement or instrument, if the effect of such <br />failure to perform or observe is to accelerate or to permit the acceleration of, with the giving of <br />notice required, the maturity of such indebtedness; or any such indebtedness shall be declared to <br />be due and payable or be required to be prepaid (other than the regularly scheduled prepayment) <br />prior to the stated maturity thereof; unless provision for the payment of such debt has been made <br />in a manner satisfactory to the Lender; <br />(11) [Intentionally omitted]; and <br />(12) If a default occurs under Sections 4.2, 4.5, 4.6, 4.8(2), or 4.10 hereof. <br />Section 6.2 Remedies. Whenever any Event of Default referred to in Section 6.1 hereof <br />shall have happened and be subsisting, any one or more of the following remedial steps to the <br />extent permitted by law may be taken by the City with the prior written consent of the Lender or <br />by the Lender itself: <br />(1) The Lender’s obligation to advance or disburse any further amounts under <br />the Note shall terminate. Notwithstanding anything to the contrary contained herein or in any <br />other instrument evidencing or securing the Loan, the Lender may exercise the foregoing remedy <br />upon the occurrence of an event that would constitute such an Event of Default but for the <br />requirement that notice be given or that a period of grace or time elapse;