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8. Default and Remedies. <br />8.1 Events of Default. Trustor acknowledges and agrees that an Event of Default <br />shall occur under this Leasehold Deed of Trust upon the occurrence of any one or more of the <br />following events: <br />a. Beneficiary's declaration of an Event of Default under any City <br />Document, subject to the expiration of any applicable cure period set forth in such document; <br />b. Trustor fails to perform any monetary obligation which arises under <br />this Leasehold Deed of Trust, and does not cure that failure within 30 days following written <br />notice from Beneficiary or Trustee; <br />C. If Truster's interest in the Property or any part thereof is voluntarily or <br />involuntarily sold, transferred, leased, encumbered, or otherwise conveyed in violation of <br />Section 7.4 hereof or if any other Transfer occurs in violation of the Loan Agreement; <br />d. Trustor fails to maintain the insurance coverage required under the <br />City Documents or otherwise fails to comply with the requirements of Section 7.8 hereof and <br />Trustor fails to cure such default within the time specified in Section 10.1(d) of the Loan <br />Agreement; <br />e. Subject to Trustor's right to contest such charges as provided herein, <br />Trustor fails to pay taxes or assessments due on the Land or the Improvements or fails to pay <br />any other charge that may result in a lien on the Land or the Improvements, and Trustor fails <br />to cure such default within ten (10) days. <br />f. Any representation or warranty of Trustor contained in or made in <br />connection with the execution and delivery of this Leasehold Deed of Trust or in any <br />certificate or statement furnished pursuant hereto or in any other City Document proves to <br />have been false or misleading in any material adverse respect when made, subject to the <br />notice and cure provisions in Section 10(g) of the Loan Agreement. <br />g. 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 <br />("Bankruptcy Law"), Trustor or any general partner thereof (i) commences a voluntary case <br />or proceeding; (ii) consents to the entry of an order for relief against Trustor or any general <br />partner thereof in an involuntary case; (iii) consents to the appointment of a trustee, receiver, <br />assignee, liquidator or similar official for Trustor or any general partner thereof; (iv) makes <br />an assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its <br />debts as they become due. <br />h. If a court of competent jurisdiction enters an order or decree under any <br />Bankruptcy Law that (i) is for relief against Trustor or any general partner thereof in an <br />involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or similar official for <br />Trustor or any general partner thereof or substantially all of such entity's assets, (iii) orders <br />the liquidation of Trustor or any general partner thereof, or (iv) issues or levies a judgment, <br />writ, warrant of attachment or similar process against the Property or the Project, and in each <br />case the order or decree is not released, vacated, dismissed or fully bonded within 60 days <br />after its issuance. <br />144\259\1892893.2 13 <br />