Common use of Completion of Project by Lender Clause in Contracts

Completion of Project by Lender. In addition, in case of the occurrence of an Event of Default specified in Section 6.1 hereof, or any Event of Default caused by, or which results in, the Borrower’s failure, for any reason, to continue with construction of the Project as required by this Agreement, then the Lender may (but shall not be obligated to), in addition to, or in concert with, the other remedies referred to above, take over and complete construction of the Project in accordance with the Plans, with such changes therein as the Lender may, in its discretion, deem appropriate, all at the risk, cost and expense of the Borrower. The Lender may assume or reject any contracts entered into by the Borrower in connection with the Project, may enter into additional or different contracts for work, services, labor and materials required, in the judgment of the Lender, to complete the Project, and may pay, compromise and settle all claims in connection with the Project. All sums, including reasonable attorneys’ fees, and charges or fees for supervision and inspection of the construction and for any other necessary or desirable purpose in the discretion of the Lender expended by the Lender in completing or attempting to complete the Project (whether aggregating more, or less, than the face amount of the Note), shall be deemed Advances made by the Lender to the Borrower hereunder, and the Borrower shall be liable to the Lender, on demand, for the repayment of such sums, together with interest on such sums from the date of their expenditure at the rates provided herein. The Lender may, in its discretion, at any time abandon work on the Project, after having commenced such work, and may recommence such work at any time, it being understood that nothing in this Section 6.4 shall impose any obligation on the Lender either to complete or not to complete the Project. For the purpose of carrying out the provisions of this Section, the Borrower irrevocably appoints the Lender its attorney-in-fact, with full power of substitution, to execute and deliver all such documents, to pay and receive such funds, and to take such action as may be necessary, in the judgment of the Lender, to complete the Project. This power of attorney is coupled with an interest and is irrevocable. The Lender, however, shall have no obligation to undertake any of the foregoing, and, if the Lender does undertake any of the same, it shall have no liability for the adequacy, sufficiency or completion thereof.

Completion of Project by Lender. In addition, in case of the occurrence of an Event of Default specified in Section 6.1 hereof, or any Event of Default caused by, or which results in, the Borrower’s failure, for any reason, to continue with the completion of the construction of the Project Improvements as required by this Agreement, then the Lender may (but shall not be obligated to), in addition to, or in concert with, the other remedies referred to above, take over and complete such construction of the Project work in accordance with the Plans, with such changes therein as the Lender may, in its discretion, deem appropriate, all at the risk, cost and expense of the Borrower. The Lender may assume or reject any contracts entered into by the Borrower in connection with the Project, may enter into additional or different contracts for work, services, labor and materials required, in the judgment of the Lender, to complete the Project, and may pay, compromise and settle all claims in connection with the Projectconstruction of the Improvements. All sums, including reasonable attorneys’ fees, and charges or fees for supervision and inspection of the construction of the Improvements and for any other necessary or desirable purpose in the discretion of the Lender expended by the Lender in completing or attempting to complete the Project construction of the Improvements (whether aggregating more, or less, than the aggregate face amount of the Note), shall be deemed Advances made by the Lender to the Borrower hereunder, and the Borrower shall be liable to the Lender, on demand, for the repayment payment of such sums, together with interest on such sums from the date of their expenditure at the rates provided herein. The Lender may, in its discretion, at any time abandon work on the Project, after having commenced such work, and may recommence such work at any time, it being understood that nothing in this Section 6.4 shall impose any obligation on the Lender either to complete or not to complete the Projectconstruction of the Improvements. For the purpose of carrying out the provisions of this Section, the Borrower irrevocably appoints the Lender its attorney-in-fact, with full power of substitution, to execute and deliver all such documents, to pay and receive such funds, and to take such action as may be necessary, in the judgment of the Lender, to complete the Project. This power of attorney is coupled with an interest and is irrevocable. The Lender, however, shall have no obligation to undertake any of the foregoing, and, if the Lender does undertake any of the same, it shall have no liability for the adequacy, sufficiency or completion thereof.

Completion of Project by Lender. In addition, in case of the occurrence of if an Event of Default specified in Section 6.1 hereof, or any Event of Default caused by, or which results in, occurs prior to the Borrower’s failure, for any reason, to continue with construction completion of the Project as required by this AgreementImprovements, then the Lender may (but shall not be obligated to), in addition to, or in concert with, the other remedies referred to above, take over and complete such construction of the Project work in accordance with the Plans, with such changes therein as the Lender may, in its discretion, deem appropriate, all at the risk, cost and expense of the Borrower. The Lender may assume or reject any contracts entered into by the Borrower in connection with the Project, may enter into additional or different contracts for work, services, labor and materials required, in the judgment of the Lender, to complete the Project, and may pay, compromise and settle all claims in connection with the Projectconstruction work with respect to the Improvements. All sums, including reasonable attorneys’ fees, and charges or fees for supervision and inspection of the construction work with respect to the Improvements and for any other necessary or desirable purpose in the discretion of the Lender expended by the Lender in completing or attempting to complete the Project construction work with respect to the Improvements (whether aggregating more, or less, than the aggregate face amount of the Note), shall be deemed additional Advances made by the Lender to the Borrower hereunder, and the Borrower shall be liable to the Lender, on demand, for the repayment payment of such sums, together with interest on such sums from the date of their expenditure at the rates provided herein. The Lender may, in its discretion, at any time abandon work on the Project, after having commenced such work, and may recommence such work at any time, it being understood that nothing in this Section 6.4 shall impose any obligation on the Lender either to complete or not to complete the Projectconstruction of the Improvements. For the purpose purpose, of carrying out the provisions of this Section, the Borrower irrevocably appoints the Lender its attorney-in-fact, with full power of substitution, to execute and deliver all such documents, to pay and receive such funds, and to take such action as may be necessary, in the judgment of the Lender, to complete the Project. This power of attorney is coupled with an interest and is irrevocable. The Lender, however, shall have no obligation to undertake any of the foregoing, and, if the Lender does undertake any of the same, it shall have no liability for the adequacy, sufficiency or completion thereof.