Application of Capital Improvement Funds. Upon the occurrence of an Event of Default, Lender, at its option, may withdraw the Capital Improvement Funds from the Capital Improvements Account and apply the Capital Improvement Funds to completion of the Capital Work or to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender's right to withdraw and apply the Capital Improvement Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Appears in 9 contracts
Samples: Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc)
