Common use of Entry Upon Premises Clause in Contracts

Entry Upon Premises. After the occurrence and during the continuation of any Event of Default of which the Borrower has received notice and failed to cure within any applicable grace or cure period, which in the Significant Bondholder’s, the Financial Monitor’s, and the Servicer’s judgment may interfere with completion of any improvement or rehabilitation of the Project, the Servicer or any rehabilitation consultant or other independent contractor of the Significant Bondholder’s, Financial Monitor’s, and the Servicer’s selection shall have the right and is hereby given a license, in addition to and without limiting any other rights or remedies afforded by the Notes, Mortgage or the other provisions hereof, or other documents executed in connection with the Loan to enter the premises and perform any and all work and labor necessary to complete any improvement or rehabilitation of the Project, subject to the rights of tenants. All sums advanced hereunder and any other amounts expended by the Significant Bondholder, the Financial Monitor, and the Servicer (none of which parties shall be under or have any obligation whatsoever to advance or expend any amounts whether available hereunder or otherwise) to complete any improvement or rehabilitation of the Project shall be deemed to have been advanced to the Borrower and shall be secured by the Mortgage, as applicable.

Entry Upon Premises. After the occurrence and during the continuation of any Event of Default of which the Borrower has received notice and failed to cure within any applicable grace or cure period, which in the Significant Bondholder’s, the Financial Monitor’s, and the Servicer’s judgment may interfere with completion of any improvement or rehabilitation of the Project, the Servicer or any rehabilitation consultant or other independent contractor of the Significant Bondholder’s, Financial Monitor’s, and the Servicer’s selection shall have the right and is hereby given a license, in addition to and without limiting any other rights or remedies afforded by the Notes, Mortgage or the other provisions hereof, or other documents executed in connection with the Loan to enter the premises and perform any and all work and labor necessary to complete any improvement or rehabilitation of the Project, subject to the rights of tenants. All sums advanced hereunder and any other amounts expended by the Significant Bondholder, the Financial Monitor, and the Servicer (none of which parties shall be under or have any obligation whatsoever to advance or expend any amounts whether available hereunder or otherwise) to complete any improvement or rehabilitation of the Project shall be deemed to have been advanced to the Borrower and shall be secured by the Mortgage, as applicable.applicable.‌