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5 <br />and warranties to be true and correct in all material respects when made, (c) injury or death to <br />persons or damage to property or other loss occurring on property within the boundaries or <br />jurisdiction of Borrower, whether caused by the negligence or any other act or omission of <br />Borrower or any other person or by negligent, faulty, inadequate or defective design, building, construction or maintenance or any other condition or otherwise, or (d) any claim, demand or <br />cause of action, or any action or other proceeding, whether meritorious or not, brought or <br />asserted against any Indemnitee which relates to or arises out of Borrower’s actions or activities, <br />the Loan, the Loan Documents, or any transaction contemplated thereby, or any failure of <br />Borrower to comply with all applicable state, federal and local laws and regulations, provided that no Indemnitee shall be entitled to indemnification under this Section for matters caused by <br />such Indemnitee's gross negligence or willful misconduct. The obligations of Borrower under <br />this Section shall survive the expiration or termination of this Agreement and the making and <br />repayment of the Loan. <br />4.6 TAXES AND OTHER LIABILITIES. Borrower shall pay and discharge when due any and all indebtedness, obligations, assessments, taxes, including federal and state payroll <br />and income taxes which are the obligations of Borrower except those that Borrower may in good <br />faith contest or as to which a bona fide dispute may arise, provided provision is made to the <br />satisfaction of Lender for eventual payment thereof in the event that it is found that the same is <br />an obligation of Borrower. <br /> <br />ARTICLE V <br />EVENTS OF DEFAULT <br />The occurrence and declaration by Lender of any one or more of the following events <br />shall constitute default hereunder ("Event of Default"): <br />(a) If Borrower fails to pay when due the principal and interest payable under the Note and such failure continues for five (5) days after Lender notifies Borrower thereof in <br />writing. <br />(b) If, pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state law relating to insolvency or relief of debtors ("Bankruptcy Law"), Borrower (i) commences a voluntary case or proceeding; (ii) consents to the entry of an order for relief against Borrower in an involuntary case; (iii) consents to the appointment of a <br />trustee, receiver, assignee, liquidator or similar official for Borrower; (iv) makes an assignment <br />for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they <br />become due. <br />(c) If a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Borrower in an involuntary case, (ii) appoints a <br />trustee, receiver, assignee, liquidator or similar official for Borrower or substantially all of <br />Borrower’s assets, (iii) orders the liquidation of Borrower, or (iv) issues or levies a judgment, <br />writ, warrant of attachment or similar process against Borrower or any of the improvements