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therewith, shall be secured hereby and shall be , without demand, <br /> immediately repaid by the GRANTOR to the GRANTEE with interest <br /> thereon at the rate then applicable to the unpaid balances of <br /> principal as set forth in the Note. The GRANTEE shall be the <br /> sole judge of the legality, validity and priority of any such <br /> tax, lien, assessment , charge , claim and premium; of the necessity <br /> for any such actions and of the amount necessary to be paid in <br /> satisfaction thereof. The GRANTEE is hereby empowered to enter <br /> and to authorize others to enter upon the Mortgaged Property <br /> or any part thereof for the purpose of performing or observing <br /> any such defaulted covenant , condition or term, without thereby <br /> becoming liable to the GRANTOR or any person in possession holding <br /> under the GRANTOR. <br /> The term Event of Default , wherever used in this Mortgage , <br /> shall mean any one or more of the following events : <br /> (a) Failure by the GRANTOR to pay as and when due and <br /> payable any installment of principal , interest <br /> or escrow deposit ; or <br /> 1W (b) Failure by the GRANTOR to observe any other covenant , <br /> condition or agreement of this Mortgage or of the <br /> Note ; or <br /> (c) The filing by the GRANTOR of a voluntary petition <br /> in bankruptcy or the GRANTOR' S adjudication as <br /> a bankrupt or insolvent , or the filing by the <br /> GRANTOR of any petition or answer seeking or <br /> acquiescing in any reorganization, arrangement , <br /> composition, readjustment , liquidation, dissolution <br /> or similar relief for itself under any present <br /> or future federal , state or other statute , law <br /> or regulation relating to bankruptcy, insolvency <br /> or other relief for debtors , or the GRANTOR' S <br /> seeking or consenting to or acquiescence in the <br /> appointment of any trustee , receiver or liquidator <br /> of the GRANTOR or of all or any substantial part <br /> of the Mortgaged Property or of any or all of the <br /> rents , revenues , issues , earnings , profits or <br /> income thereof , or the making of any general <br /> assignment for the benefit of creditors or the <br /> admission in writing of its inability to pay its <br /> debts generally as they become due ; or <br /> (d) The entry by a court of competent jurisdiction <br /> of any order , judgment or decree approving a <br /> petition filed against the GRANTOR seeking any <br /> reorganization, arrangement , composition, readjustment , <br /> liquidation, dissolution or similar relief under <br /> any present or future federal , state or other <br /> statute , law or regulation relating to bankruptcy, <br /> insolvency, or other relief for debtors , which <br /> order, judgment or decree remains unvacated and <br /> unstayed for an aggregate of sixty (b0) days <br /> (whether or not consecutive) from the date of <br /> entry thereof , or the appointment of any trustee , <br /> receiver or liquidator of the GRANTnR nr of all <br />