Common use of Authority to File Notices Clause in Contracts

Authority to File Notices. Borrower irrevocably appoints Bank as its attorney-in-fact, with full power of substitution, to file for record, at Borrower’s cost and expense and in Borrower’s name, any notices of completion, notices of cessation of labor, or any other notices that Bank in its reasonable discretion may consider necessary or desirable to protect its security, if Borrower fails to do so. The appointment granted in this Section shall be deemed to be a power coupled with an interest.

Appears in 2 contracts

Samples: Construction Loan Agreement (Summit Hotel OP, LP), Construction Loan Agreement (Summit Hotel Properties LLC)

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Authority to File Notices. The Borrower irrevocably appoints the Bank as its attorney-in-fact, with full power of substitution, to file for record, at the Borrower’s 's cost and expense and in the Borrower’s 's name, any notices of completion, notices of cessation of labor, or any other notices that the Bank in at its reasonable sole discretion may consider necessary or desirable to protect its security, if the Borrower fails to do so. The appointment granted in this Section shall be deemed to be a power coupled with an interestso after demand by the Bank.

Appears in 1 contract

Samples: Loan Agreement (Newmark Homes Corp)

Authority to File Notices. The Borrower irrevocably appoints the Bank as its attorney-in-fact, with full power of substitution, to file for record, at the Borrower’s 's cost and expense and in the Borrower’s 's name, any notices of completion, notices of cessation of labor, or any other notices that the Bank in its reasonable discretion may consider considers necessary or desirable to protect its security, if Borrower fails to do so. The appointment granted in this Section shall be deemed to be a power coupled with an interestthe Collateral.

Appears in 1 contract

Samples: Loan Agreement (Interstate Hotels Corp)

Authority to File Notices. Borrower irrevocably appoints Bank as its attorney-in-fact, with full power of substitution, to file for record, at Borrower’s 's cost and expense and in Borrower’s 's name, any notices of completion, notices of cessation of labor, or any other notices that Bank in its reasonable sole discretion may consider necessary or desirable to protect its security, if Borrower fails to do so. The appointment granted in this Section 7.7 shall be deemed to be a power coupled with an interest.

Appears in 1 contract

Samples: Master Revolving Line of Credit Construction Loan Agreement (Zenith National Insurance Corp)

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Authority to File Notices. Borrower irrevocably appoints Bank as its attorney-in-fact, with full power of substitution, to file for record, at Borrower’s 's cost and expense and in Borrower’s 's name, any notices of completion, notices of cessation of labor, or any other notices that Bank in its reasonable discretion may consider necessary or desirable to protect its security, if Borrower fails to do so. The appointment granted in this Section shall be deemed to be a power coupled with an interestso within three (3) days after Bank's written request.

Appears in 1 contract

Samples: Construction Loan Agreement (Newmark Homes Corp)

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