Common use of CONSENT OF DEBTOR Clause in Contracts

CONSENT OF DEBTOR. The Debtor agrees that the moneys loaned may be used to pay any hypothecary or prior claim or any charge whatsoever ranking higher than the hypothecs contemplated in the certificate authorizing the loan, hereinafter called the "certificate", and delivered by La Financière agricole. Should the amounts be insufficient, the Creditor shall be entitled, without restricting his other rights and remedies, to demand repayment of the amounts already disbursed, notwithstanding the term agreed upon. If the Debtor uses the loan to finance construction work on or improvements to the hypothecated immoveable, the portion of the loan used for this purpose may be disbursed, in accordance with the instructions given by La Financière agricole, while the work is being carried out or at the expiry of thirty-five (35) days after the completion of the work. The Debtor shall complete the construction, in accordance with the rules of the trade and the plans and specifications submitted to La Financière agricole, of the building or buildings constructed or to be constructed on the immovable, and take all appropriate measures to ensure that no legal hypothec on the construction adversely affect the rights of the Creditor. Should the Debtor fail in meeting this obligation, the Creditor shall be entitled, without restricting his other rights and remedies, to demand immediate repayment of the loan in capital, interests, costs and accessories. If the Debtor, in the opinion of La Financière agricole or the Creditor, fails to meet these obligations, the Creditor shall also be entitled, without restricting his other rights and remedies, to enter in his stead and place into the contracts and agreements he deems appropriate and to make periodic payments to contractors, suppliers of materials and other parties concerned. The Debtor shall obtain and provide the Creditor, on request, following the procedures determined by La Financière agricole, with a cession of rank of hypothec from any person entitled to claim or to register a legal hypothec on the construction located on the immovable.