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secured hereby or any installment thereof, whether principal, interest or otherwise, when and as the same become due and payable, whether at maturity or by acceleration or otherwise; or (b) failure of the Borrower and /or the City to observe or to perform any covenant, condition or agreement to be observed or performed by the Borrower and /or the City pursuant to this Deed of Trust and the other Secured Obligations; (c) the occurrence of any event which, under the terms of the Secured Obligations, shall entitle the Lenders to exercise the rights or remedies thereunder; (d) filing by the Borrower and /or the City of a petition in bankruptcy, or for appointment of a creditor's receive or insolvency, or for reorganization of composition, or if the Borrower and /or the City makes an assignment for the benefit of creditors or to a trustee for creditors, or there occurs an adjudication in bankruptcy or the taking of possession of the Property or any party thereof by a receiver for creditors or the seizure and sale of the Property or any part therof under judicial process or pursuant to any power of sale; (e) any representation or warranty by the Borrower made in this Deed of Trust or in any Secured Obligations is untrue or incomplete in any material respect; (f) the occurrence and continuation of an event of default (however defined) under any of the Secured Obligations to which the Borrower and /or the City is a party; (g) Any material amendment to this Deed of Trust or the Secured Obligations shall have been made without the prior written consent of MBIA; (h) any material provision of any Secured Obligations shall at any time for any reason cease to be valid and binding on the Borrower and /or the City, or shall be declared to be null and void, or the validity or enforceability of any thereof shall be contested by the Borrower and /or the City or any governmental agency or authority (other than the Agency), or if the Borrower and /or the City shall deny that it has any further liability or obligation under the Secured Obligations; or (i) the Lenders shall fail to have a valid and enforceable perfected security interest in or lien on the Property. 5.8 Acceleration and Sale. (a) Acceleration. In the event of any default as set forth in paragraph 5.7 above the Lenders may declare all sums hereby secured immediately due and payable by notice thereof to the Borrower and /or the City or by executing and recording or by causing the Trustee to execute and record a notice of default and election to cause the Property to be sold to satisfy the obligations secured hereby or by the commencement of an appropriate action to foreclose this Deed of Trust or by any other appropriate manner; (b) Sale. After delivery to Trustee of a notice of default and demand for sale and after the expiration of such time and the giving of such notice of default and sale as may then be CHFA 52P.RIDGE.VIEW.1ST 01/06/90.Q02374 -9-