Common use of Direct Disbursement and Application by Lender Clause in Contracts

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s obligations hereunder. Any Advance by Lender for such purpose shall be part of the Loan and shall be secured by the Mortgage and Assignment of Rents. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents and payable to Lender upon demand. Lender may disburse any portion of any Advance to persons other than Borrower for the purposes specified in this Section 4.11, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence After 10 days’ notice to Borrower of an Event of Default and during the continuance thereofits intent to do so, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance Draw to the satisfaction of any of Borrower’s obligations hereunderhereunder or under any of the other Loan Documents. Any Advance Draw by Lender for such purpose shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsLoan Documents. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunderhereunder or under any of the other Loan Documents. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property, and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents Loan Documents and payable to Lender upon demandLender. Lender may disburse any portion of any Advance Draw at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.114.11 irrespective of the provisions of Section 2.03 hereof, and the amount of Advances Draws to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s 's obligations hereunder. Any Advance by Lender for such purpose purpose, except from the Borrower's Deposit, shall be part of the Loan and shall be secured by the Mortgage and Assignment Security Instruments. Lender shall notify Borrower in writing of Rentsany disbursements made directly by Lender; provided, however, Lender shall have no liability to Borrower for failure to deliver such notice. Borrower hereby authorizes Lender to hold, use, disburse, and apply the proceeds of the Loan and the Borrower’s 's Deposit for payment of the costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunderthe Obligation. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s 's Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property, and any other security for the Loan, and all such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents Security Instruments, and payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section SECTION 4.11, irrespective of the provisions of SECTION 2.03 hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence and during the continuance of an Event of Default and during Default, or any event or condition which, with the continuance thereofgiving of notice and/or passing of time, would constitute an Event of Default, Lender shall have the tire right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s obligations hereunder. Any Advance by Lender for such purpose purpose, shall be part of the Loan and shall be secured by the Mortgage Loan Documents. Upon the occurrence and Assignment during the continuance of Rents. an Event of Default, Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and proceeds of the Borrower’s Borrower Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and proceeds of the Borrower’s Borrower Deposit to Lender for such purposes. During Upon the existence occurrence and during the continuance of an Event of Default, Lender may advance and incur such expenses hereunder as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property, and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage Loan Documents, and Assignment of Rents and be payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.114.09 irrespective of the provisions of Section 2.03 hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereofwhich continues beyond any applicable cure period, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of the Loan and/or Escrow, including any Advance Advance, to the satisfaction of any of Borrower’s obligations hereunder. Any Advance by Lender for such purpose shall be part of under the Loan and shall be secured by Documents, the Mortgage and Assignment of RentsConstruction Contract, and/or the Architectural Contract. Borrower hereby authorizes Lender to hold, use, disburse, disburse and apply the Loan and the Escrow to satisfy any of Borrower’s Deposit for payment of costs of construction of the New Improvements, expenses incident to obligations under the Loan and Documents, the PropertyConstruction Contract, and and/or the payment or performance of any obligation of Borrower hereunderArchitectural Contract. Borrower hereby assigns and pledges the proceeds of the Loan Escrow and the Borrower’s Deposit grants therein a security interest to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Commercial Land and Improvements, and any other security for the LoanCollateral, and such expenses, even though in excess expenses shall be proper expenses available to be paid out of the amount of the Loan, shall be secured by the Mortgage Loan and Assignment of Rents and payable to Lender upon demandEscrow. Lender may disburse any portion of any Advance at anytime, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11irrespective of any other provision hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance the Loan to the satisfaction of any of Borrower’s obligations hereunderunder the Note (which are delinquent or in Default), including the payment of interest as accrued on the Note. Any Advance under the Line of Credit by Lender for such purpose purpose, shall be part of the Loan Indebtedness and shall be secured by the Mortgage and Assignment Security Instruments. After the occurrence of Rents. an Event of Default, Borrower hereby authorizes Lender to hold, use, disburse, and apply Advances under the Loan and the Borrower’s Deposit for payment Line of costs of construction of the New Improvements, Credit to expenses incident to this Agreement and the Loan and the PropertyDocuments, including accrued interest, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit Line of Credit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises and any other security for the Loannecessary, and such expenses, even though in excess of the amount of the LoanLine of Credit Amount, shall be secured by the Mortgage and Assignment of Rents Security Instruments, and payable to Lender upon demand. Lender may disburse any portion of any Advance under the Line of Credit at any time after an Event of Default, to persons other than Borrower for the purposes specified in this Section 4.11, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reducedSection.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s 's obligations hereunderhereunder or under any other of the Loan Instruments. Any Advance by Lender for such purpose purpose. except Borrower's Deposit, shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsLoan Instruments. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s 's Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunderhereunder or under any other of the Loan Instruments. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s 's Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property, the Purchase Agreements (if any), and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents Loan Instruments, and payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11SECTION 4.11 irrespective of the provisions of SECTION 2.3 hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s obligations hereunderunder the Construction Contract. Any Advance by Lender for such purpose shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsMortgage. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the PropertyPremises, and the payment or performance of any obligation of Borrower hereunderunder the Construction Contract. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents and payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon During the occurrence continuance of an Event of Default and during the continuance thereofDefault, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s 's obligations hereunder. Any Advance by Lender for such purpose purpose, shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsSecurity Documents. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s Deposit loan for payment of costs of construction of the New Improvements, expenses incident to the Loan and the PropertyUnits, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit to Lender for such purposes. During the existence continuance of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of to complete construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Units, and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, expenses shall be secured by the Mortgage and Assignment of Rents Security Instruments, and payable to Lender upon demand. During the continuance of an Event of Default, Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.114.8 irrespective of any other provisions of this Agreement, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s 's obligations hereunderhereunder directly to Contractor, the Title Company, and any other person or firm to whom payment is due under this Agreement or any other Loan Documents. Any Advance by Lender for such purpose purpose, except Borrower's Deposit, shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsLoan Documents. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s 's Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises and any other security for including, without limitation, interest on the Loan, any Loan fees owing to Lender, legal fees of Lender's attorneys which are payable by Borrower, and such expensesother sums as may be owing from time to time by Borrower to Lender with respect to the Loan. Such payments may be made, even though at the option of Lender, by (a) debiting or charging Borrower's Loan account in excess the amount of such payments without first disbursing such amounts to Borrower, or (b) advancing all or any part of the amount of such payments to Borrower and then invoicing Borrower therefor. No further direction or authorization from Borrower shall be necessary to warrant such direct Advances and all such Advances shall satisfy PRO TANTO the Loan, obligations of Lender hereunder and shall be secured by the Mortgage and Assignment Loan Documents as fully as if made directly to Borrower. Notwithstanding the other provisions of Rents and payable this paragraph, nothing in this Agreement is intended to Lender be for the benefit of, nor may be enforced by, nor should be relied upon demand. Lender may disburse by, any portion of any Advance to persons person, firm or corporation other than Borrower for the purposes specified in this Section 4.11, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reducedBorrower.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and apply directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s obligations hereunder. Any Advance by Lender for such purpose purpose, except Borrower’s Deposit, shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsLoan Documents. Borrower hereby authorizes Lender to hold, use, disburse, disburse and apply the Loan and the Borrower’s Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, Property and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit and grants therein a security interest to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, expenses shall be secured by the Mortgage and Assignment of Rents Loan Documents and payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11irrespective of any other provision hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s 's obligations hereunderhereunder or under any of the other Loan Instruments, including, without limitation, payments to the Ground Sublessee to cure default or potential default under the Ground Sublease. Any Advance by Lender for such purpose purpose, except Borrower's Deposit, shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsLoan Instruments. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s 's Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunderhereunder or under any of the other Loan Instruments. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s 's Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents Loan Instruments and payable to Lender upon demandLender. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.114.11 irrespective of the provisions of Section 2.3 hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and apply directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s 's obligations hereunder. Any Advance by Lender for such purpose purpose, except Borrower's Deposit, shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsLoan Documents. Borrower hereby authorizes Lender to hold, use, disburse, disburse and apply the Loan and the Borrower’s 's Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, Property and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s 's Deposit and grants therein a security interest to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property, and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, expenses shall be secured by the Mortgage and Assignment of Rents Loan Documents and payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11irrespective of any other provision hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence of an Event of Default and during the continuance thereof, ; Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s obligations hereunderhereunder or under the construction contract. Any Advance by Lender for such purpose shall be part of the Loan and shall be secured by the Mortgage and Assignment of RentsMortgage. Borrower hereby authorizes Lender to hold, use, disburse, and apply the proceeds of the Loan and the Borrower’s Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the PropertyLand, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower’s Deposit to Lender for such purposes. During the existence of an Event of Default, Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and Assignment of Rents and be payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11, 4.11 irrespective of the provisions of Section 2.03 hereof; and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.

Direct Disbursement and Application by Lender. Upon the occurrence and during the continuance of an Event of Default and during Default, or any event or condition which, with the continuance thereofgiving of notice and/or passing of time, would constitute an Event of Default, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower’s obligations hereunder. Any Advance by Lender for such purpose purpose, shall be part of the Loan and shall be secured by the Mortgage Loan Documents. Upon the occurrence and Assignment during the continuance of Rents. an Event of Default, Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and proceeds of the Borrower’s Borrower Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Property, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and proceeds of the Borrower’s Borrower Deposit to Lender for such purposes. During Upon the existence occurrence and during the continuance of an Event of Default, Lender may advance and incur such expenses hereunder as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises Property, and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage Loan Documents, and Assignment of Rents and be payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.114.09 irrespective of the provisions of Section 2.03 hereof, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.