CESSATION OF ADVANCES. Upon the occurrence of an Event of Default, the obligation of Lender to disburse the Loan and the Borrower’s Deposit and all other obligations of Lender hereunder shall, at Lender’s option, immediately terminate.
Appears in 3 contracts
Samples: Disbursement Agreement (Campus Crest Communities, Inc.), Secured Construction Loan Agreement (Campus Crest Communities, Inc.), Construction and Semi Permanent Loan Agreement (Advanced Environmental Recycling Technologies Inc)
CESSATION OF ADVANCES. Upon the occurrence of an Event of Default, the obligation of Lender to disburse the Loan and the Borrower’s Deposit and all other obligations of Lender hereunder shall, at Lender’s 's option, immediately terminate.
Appears in 2 contracts
Samples: Loan Agreement (Capital Senior Living Corp), Loan Agreement (Capital Senior Living Corp)
CESSATION OF ADVANCES. Upon the occurrence and during the continuance of an Event of Default, or any event or condition which, with the giving of notice and/or passing of time, would constitute an Event of Default, the obligation of Lender to disburse the Loan proceeds and proceeds of the Borrower’s Borrower Deposit and all other obligations of Lender hereunder shall, at Lender’s option, immediately terminate.
Appears in 2 contracts
Samples: Construction Loan Agreement (Campus Crest Communities, Inc.), Construction Loan Agreement (Campus Crest Communities, Inc.)
CESSATION OF ADVANCES. Upon the occurrence of an Event of Default, the obligation of Lender to disburse the Loan and the Borrower’s Deposit and all other obligations of Lender hereunder shall, at Lender’s option, immediately terminate.
Appears in 1 contract
Samples: Loan Agreement (Meritage Hospitality Group Inc /Mi/)
CESSATION OF ADVANCES. Upon the occurrence of an Event of a Default, the obligation ---------------------- of Lender to disburse the Loan and the Borrower’s Deposit make any Advance and all other obligations of Lender hereunder and under the Loan Documents shall, at Lender’s 's option, immediately terminate.
Appears in 1 contract
Samples: Non Recourse Loan Agreement (Markwest Hydrocarbon Inc)
CESSATION OF ADVANCES. Upon the occurrence of an Event of Default, after Lender has given the requisite notice and opportunity to cure as provided herein and if Borrower has failed to cure the default, the obligation of Lender to disburse the Loan and the Borrower’s 's Deposit and all other obligations of Lender hereunder shall, at Lender’s 's option, immediately terminate.
Appears in 1 contract
