Common use of Conditions for Benefit of Lender Clause in Contracts

Conditions for Benefit of Lender. All conditions precedent to the obligation of Lender to make any Advance are imposed solely for the benefit of Lender and may be waived in by Lender in writing only as to one or more Advances in Lender’s sole and absolute discretion without waiving them as to others, and no other party may require satisfaction of any condition precedent or be entitled to assume that Lender will refuse to make any Advance in the absence of strict compliance with these conditions precedent. All requirements of this Agreement may be waived by Lender in writing only, in whole or in part, at any time. Borrower shall have no right to rely on any investigations, inspections, or reviews preformed by Lender pursuant to the terms of this Agreement or any other procedures employed by Lender under the terms of this Agreement. All such investigations, inspections, or reviews preformed by Lender pursuant to the terms of this Agreement or any other procedures employed by Lender under the terms of this Agreement are solely for the Lender’s own protection. Borrower acknowledges and agrees that Borrower has sole responsibility for constructing the Homes and paying for work done and materials furnished in their construction and that Borrower has solely, on Borrower’s own behalf, selected or approved each contractor, each subcontractor, each materialman, and each supplier and that Lender has no responsibility for any such persons or entities or for the quality of their materials or workmanship.