Common use of During Construction Clause in Contracts

During Construction. (a) Lender will have the right to take over and cause the Project to be completed and, for that purpose, make disbursements from the undisbursed Loan funds. Any contract entered into or indebtedness incurred on the exercise of such right may be exercised by Xxxxxx in the name of Xxxxxxxx, and Xxxxxx is hereby irrevocably appointed attorney-in-fact (the appointment being coupled with an interest) to enter into the contract, incur such obligations, enforce contracts or loan agreements theretofore made by or on behalf of Borrower, and to do any and all things necessary or proper to complete the work of construction, including the signing of Xxxxxxxx’s name to such contracts and documents as may be deemed necessary by counsel for Xxxxxx. In no event will Lender be required to use its own funds to complete the Project if undisbursed Loan funds are insufficient, but Lender may, at its option, advance such funds. Any funds so advanced will be payable to Lender by Borrower on demand together with interest thereon at the Default Rate and will be secured by the Trust Deed. (b) Lender will have the right to suspend or terminate its obligation to make further disbursement of Loan proceeds.

During Construction. (a) Lender Beneficiary will have the right to take over and cause the Project to be completed and, for that purpose, make disbursements from the undisbursed Loan funds. Any contract entered into or indebtedness incurred on the exercise of such right may be exercised by Xxxxxx Beneficiary in the name of XxxxxxxxGrantor, and Xxxxxx Beneficiary is hereby irrevocably appointed attorney-in-in- fact (the appointment being coupled with an interest) to enter into the contract, incur such obligations, enforce contracts or loan agreements theretofore made by or on behalf of BorrowerGrantor, and to do any and all things necessary or proper to complete the work of construction, including the signing of XxxxxxxxXxxxxxx’s name to such contracts and documents as may be deemed necessary by counsel for XxxxxxBeneficiary. In no event will Lender Beneficiary be required to use its own funds to complete the Project if undisbursed Loan funds are insufficient, but Lender Beneficiary may, at its option, advance such funds. Any funds so advanced will be payable to Lender Beneficiary by Borrower Grantor on demand together with interest thereon at the Default Rate under the Note and will be secured by the this Trust Deed. (b) Lender Beneficiary will have the right to suspend or terminate its obligation to make further disbursement of Loan proceeds.

During Construction. (a) Lender 6.15.1. Beneficiary will have the right to take over and cause the Project to be completed and, for that purpose, make disbursements from the undisbursed Loan funds. Any contract entered into or indebtedness incurred on the exercise of such right may be exercised by Xxxxxx Beneficiary in the name of XxxxxxxxGrantor, and Xxxxxx Beneficiary is hereby irrevocably appointed attorney-in-fact (the appointment being coupled with an interest) to enter into the contract, incur such obligations, enforce contracts or loan agreements theretofore made by or on behalf of BorrowerGrantor, and to do any and all things necessary or proper to complete the work of construction, including the signing of XxxxxxxxXxxxxxx’s name to such contracts and documents as may be deemed necessary by counsel for XxxxxxBeneficiary. In no event will Lender Beneficiary be required to use its own funds to complete the Project if undisbursed Loan funds are insufficient, but Lender Beneficiary may, at its option, advance such funds. Any funds so advanced will be payable to Lender Beneficiary by Borrower Grantor on demand together with interest thereon at the Default Rate under the Note and will be secured by the this Trust Deed. (b) Lender 6.15.2. Beneficiary will have the right to suspend or terminate its obligation to make further disbursement of Loan proceeds.

During Construction. (a) Lender will have the right to take over and cause the Project to be completed and, for that purpose, make disbursements from the undisbursed Loan funds. Any contract entered into or indebtedness incurred on the exercise of such right may be exercised by Xxxxxx in the name of Xxxxxxxx, and Xxxxxx is hereby irrevocably appointed attorney-in-fact (the appointment being coupled with an interest) to enter into the contract, incur such obligations, enforce contracts or loan agreements theretofore made by or on behalf of Borrower, and to do any and all things necessary or proper to complete the work of construction, including the signing of Xxxxxxxx’s name to such contracts and documents as may be deemed necessary by counsel for Xxxxxx. In no event will Lender be required to use its own funds to complete the Project if undisbursed Loan funds are insufficient, but Lender may, at its option, advance such funds. Any funds so advanced will be payable to Lender by Borrower on demand together with interest thereon at the Default Rate and will shall be secured by the Trust Deed. (b) Lender will have the right to suspend or terminate its obligation to make further disbursement of Loan proceeds.