Additional Guaranty of Performance Sample Clauses

Additional Guaranty of Performance. Additionally, each Guarantor hereby, jointly and severally with the other Guarantors, unconditionally guarantees to the Administrative Agent for the ratable benefit of itself and the Lenders, and their respective permitted successors, endorsees, transferees and assigns, the timely performance of all other obligations of Borrower under the Loan Agreement and the other Loan Documents, including, without limiting the generality of the foregoing, that: (i) the Improvements will be constructed upon the Land in accordance with this Agreement and the Plans; and (ii) the Improvements will be completed and ready for occupancy, including delivery of any certificates required by Applicable Law, the Loan Agreement and the other Loan Documents, on or before the date required in the Loan Agreement and the other Loan Documents. In the event the foregoing conditions are not complied with in any respect whatsoever, the Guarantors hereby agree to (i) assume all responsibility for the completion of the Improvements and, at the Guarantors' own cost and expense, to cause the Improvements to be fully completed in accordance with the Plans and in accordance with the Loan Agreement and the other Loan Documents; (ii) pay all bills in connection with the construction of the Improvements; and (iii) indemnify and hold the Administrative Agent and the Lenders harmless from any and all loss, cost, liability or expense that the Administrative Agent or the Lenders may suffer by reason of any such event (except with respect to the willful misconduct or the gross negligence of the Administrative Agent or the Lenders). The Administrative Agent shall accept performance by the Guarantors of the Borrower's obligations under the Loan Agreement and the other Loan Documents, and so long as all of said obligations are being performed by the Borrower or the Guarantors, the Administrative Agent will make the proceeds of the Construction Loan Advances available under the terms of the Loan Agreement. If, after the occurrence of a Default or Event of Default, the Required Lenders are not satisfied with the progress of construction by the Borrower and/or the Guarantors, the Administrative Agent shall, if required by the Required Lenders, and on behalf of Lenders, after first having given notice to the Guarantors at the address and in the manner set forth in Section 12.1 of the Loan Agreement, complete the Improvements either before or after commencement of foreclosure proceedings or before or after any ...