Common use of Advancements Clause in Contracts

Advancements. If any of the BORROWERS fails to perform any of its agreements or covenants contained in this AGREEMENT or if any of the BORROWERS fails to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, the LENDER may make advances to perform the same on behalf of such BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDER with interest to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWERS shall repay on demand all sums so advanced on any BORROWERS behalf, plus all expenses or costs incurred by the LENDER, including reasonable legal fees, with interest thereon at the highest rate authorized in the NOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER upon the occurrence of an EVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the LENDER to perform any action or make any advancement on behalf of any or all of the BORROWERS and is intended to be for the sole benefit and protection of the LENDER.

Advancements. If any of the BORROWERS MORTGAGOR fails to perform any of its agreements or the covenants contained in this AGREEMENT MORTGAGE or if in any of the BORROWERS fails MORTGAGEE DOCUMENT, or to protect or preserve the COLLATERAL SECURED PROPERTY or the status and priority priorities of the liens and security interest of interests established or evidenced by the LENDER in the COLLATERALMORTGAGEE DOCUMENTS, the LENDER MORTGAGEES, after five (5) calendar days advance notice to the MORTGAGOR, may make advances to perform the same on behalf of the MORTGAGOR for such BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERALpurposes, and all sums so advanced shall immediately upon advance advancement become a lien and security interest upon the SECURED PROPERTY and shall be secured by this MORTGAGE. The contrary notwithstanding, if in the MORTGAGEES' reasonable discretion, the value or security of the SECURED PROPERTY, or the status or the priority of the MORTGAGEES' liens and security interests granted thereon, is in this AGREEMENTimmediate peril, and the MORTGAGEES shall become part of the principal amount owed be required to provide only one (1) calendar day advance notice to the LENDER with interest MORTGAGOR prior to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTSmaking such advances. The BORROWERS MORTGAGOR shall repay on demand all sums so advanced on any BORROWERS the MORTGAGOR'S behalf, plus all any reasonable expenses or costs incurred by the LENDERMORTGAGEES, including without limitation reasonable legal attorney=s fees, with interest thereon at the highest rate authorized in the NOTEof fifteen percent (15%) per annum. The provisions of this Section shall not be construed to prevent the institution of the foreclosure or other rights and remedies of the LENDER MORTGAGEES upon the occurrence of an EVENT OF DEFAULT. The contrary notwithstanding, the authorization contained in this Section is not intended to shall impose any no duty or obligation on the LENDER MORTGAGEES to perform any action or make any advancement on behalf of any or all of the BORROWERS MORTGAGOR and is intended to be for the sole benefit and protection of the LENDERMORTGAGEES.

Advancements. If any of the BORROWERS fails fail to perform any of its their agreements or covenants contained in this AGREEMENT or if any of the BORROWERS fails fail to protect or preserve the COLLATERAL or the status and priority of the security interest interests of the LENDER SECURED PARTIES in the COLLATERAL, the LENDER AGENT for the account of the LENDERS may make advances to perform the same on behalf of such BORROWER the BORROWERS to protect or preserve the COLLATERAL or the status and priority of the security interest interests of the LENDER SECURED PARTIES in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDER LENDERS with interest to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTSBASE RATE plus four hundred (400) BASIS POINTS. The BORROWERS shall repay on demand all sums so advanced on any BORROWERS the BORROWERS’ behalf, plus all expenses or costs incurred by the LENDERAGENT, on account of the LENDERS, including reasonable legal fees, with interest thereon at the highest rate authorized in the NOTEthereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER AGENT upon the occurrence of an EVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the LENDER AGENT to perform any action or make any advancement on behalf of any or all of the BORROWERS and is intended to be for the sole benefit and protection of the LENDERLENDERS.

Advancements. If any of the BORROWERS BORROWER fails to perform any of its agreements or covenants contained in this AGREEMENT or if any of the BORROWERS BORROWER fails to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, the LENDER may make advances to perform the same on behalf of such the BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDER with interest to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWERS BORROWER shall repay on demand all sums so advanced on any BORROWERS the BORROWER'S behalf, plus all expenses or costs incurred by the LENDER, including reasonable legal fees, with interest thereon at the highest rate authorized in the NOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER upon the occurrence of an EVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the LENDER to perform any action or make any advancement on behalf of any or all of the BORROWERS and is intended to be for the sole benefit and protection of the LENDER.