Lender’s Right to Complete Sample Clauses

Lender’s Right to Complete. Upon the occurrence of any Lease Event of Default or a default by Lessee under the Completion Guarantee, in addition to any other remedies which Lender may have pursuant to the Project Loan Documents, or as provided by statute or rule of law, Lender may enter upon the Land and construct, equip and complete the Improvements in accordance with the Plans and Specifications with such changes in the Plans and Specifications as Lender may from time to time deem appropriate, all at the risk, cost and expense of Borrower. Lender shall have the right at any and all times to discontinue any work commenced by it in respect of the Improvements or to change any course of action undertaken by it and shall not be bound by any limitations or requirements of time whether set forth in this Agreement or otherwise. Lender shall have the right and power, but shall not be obligated, to assume Borrower's interest under any contract made by or on behalf of Borrower in any way relating to the Improvements or the construction of the Improvements and to take over and use all or any part or parts of the labor, materials, supplies and equipment contracted for by or on behalf of Borrower, whether or not previously incorporated into the Improvements, all in the sole and absolute discretion of Lender. In connection with any construction of the Improvements undertaken by Lender pursuant to the provisions of this subsection, Lender may (i) engage builders, contractors, architects, engineers and others for the purpose of furnishing labor, materials and equipment in connection with any construction of the Improvements, (ii) pay, settle or compromise all bills or claims which may become Liens against the Property, or any part of the Property, or which have been or may be incurred in any manner in connection with the construction, completion and equipping of the Improvements or for the discharge of Liens or defects in the title of the Property, or any part of the Property, and (iii) take such other action (including the employment of watchmen to protect the Property) or refrain from acting under this Agreement, as Lender may in its sole and absolute discretion from time to time determine without any limitation whatsoever. Borrower shall be liable to reimburse Lender for all sums paid or incurred for the construction, completion and equipping of the Improvements, whether such sums shall be paid or incurred pursuant to the provisions of this subsection or otherwise. At Lender's option, all such ...
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Lender’s Right to Complete. In the event of a default by Owner under any loan agreement with lender, the unperformed part of this Agreement will be performed by Consultant for the benefit and at the expense of lender, should lender so elect, provided that there is no significant interruption in the performance of Consultant’s services and all obligations of Owner to Consultant are paid or performed by lender or appropriate accommodations are agreed between Consultant and lender.
Sample 1Sample 2
Lender’s Right to Complete. In the event of a default by Owner under its construction loan agreement with its construction lender, the unperformed part of the Contract Documents will be performed by Contractor for the benefit and at the expense of the lender, should the lender so elect.
Sample 1Sample 2
Lender’s Right to Complete. In the event Lender determines in its sole discretion that (a) a Repair is not completed by the Completion Date, (b) a Repair, Replacement or Tenant Improvement is not being performed in a workmanlike or timely manner or has not been completed in a workmanlike or timely manner, or (c) Borrower has failed to commence any Additional Repairs or Additional Replacements within thirty (30) days after written request by Lender, Lender shall have the option to withhold disbursements for such unsatisfactory Repair, Replacement or Tenant Improvement, as the case may, proceed under existing contracts or contract with third parties to complete such Repair, Replacement or Tenant Improvement, as the case may be, and apply the funds remaining in the Completion/Repair Escrow Account, the Replacement Reserve Escrow Account or the Tenant Improvements and Leasing Commissions Reserve Escrow Account, as applicable, toward the labor and materials necessary to make or complete such Repair, Replacement or Tenant Improvement, as the case may be, in each case without providing any prior notice to Borrower, and to exercise any and all other remedies available to Lender upon an Event of Default pursuant to this Article 7.
Sample 1
Lender’s Right to Complete. Subject to the force majeure provision in the next paragraph, if Borrower at any time prior to the completion of the Improvements abandons the same, ceases work thereon for a period of more than twenty (20) days, fails to complete the erection of the Improvements strictly in accordance with the Plans and Specifications, except as to changes approved by Lender, makes material changes in the Plans and Specifications without first securing written approval of the Lender in accordance with Section 6 of this Agreement, fails to enforce any default by Tenant under the Lease, or otherwise fails to comply with the terms of this Agreement or the Mortgage, any such failure shall be a default hereunder and Lender shall have the right, but not the obligation, to complete the Improvements and the Liens granted under the Mortgage shall secure all amounts incurred by Lender in connection with such completion. Such amounts, together with an overhead and oversight fee of fifteen percent (15%) thereof, shall be due and owing from Borrower to Lender and (together with other amounts owing to Lender under the Loan and this Agreement) shall be fully secured by the Liens. In the event of Borrower’s default, Lender may terminate this Agreement, and/or the Lender, at its option, at any time thereafter, may enter into possession of the Property and perform any and all work and labor necessary to complete the Improvements; all sums so expended by the Lender, together with an overhead and oversight fee of fifteen percent (15%) thereof, shall be deemed advanced to Borrower and secured by the Mortgage.
Sample 1
Lender’s Right to Complete. In the event of a default by Owner under its loan agreement, the unperformed part of this Agreement will be performed by Design/Builder for the benefit and at the expense of Owner's lender, should the lender so elect, provided that there is no interruption in the prosecution of the Work and all obligations of Owner to Design/Builder are paid or performed including payment of progress payments pending at the time of said default. If there are any delays or interruptions as a result of the lender assuming the obligations of Owner for any part of this Agreement, any additional cost involved and any changes in completion or occupancy dates necessitated by such delays or interruptions shall be subject to negotiation between the parties. As further consideration of this Agreement Design/Builder agrees to execute immediately upon request by Owner the Subordination Agreement attached hereto as Exhibit G. ---------
Sample 1
Lender’s Right to Complete. (a) Upon the occurrence of any Event of Default (and the expiration of any applicable cure period) of the character described in Section 7.1 which would give Lender the right under this Agreement to refrain from making any further Advance or Disbursement hereunder, Lender, at its sole option (whether or not it exercised any rights under Section 7.2) but without any obligation upon Lender to do so, may at any time thereafter (1) disburse the proceeds of the Loans or any part thereof, or if necessary, sums in excess of the Loans, to the general contractor, any subcontractor or any person furnishing labor or material in the construction of the Project for the account of Borrower, and the sums so paid or advanced shall for the purposes of this Agreement, be deemed to have been advanced to Borrower pursuant to the provisions hereof; and (2) take possession of the Property together with all materials, equipment and improvements thereon whether affixed to the realty or not, and Lender shall have the right but shall be under no obligation to perform any and all work and labor necessary to complete the Project substantially according to the Financial Projections and may employ watchmen or take any action it may deem necessary to protect them from depredation or injury.
Sample 1
AutoNDA by SimpleDocs
Lender’s Right to Complete 
Sample 1

Related to Lender’s Right to Complete

  • Lender's Right to Cure If any Condominium Default shall occur and be continuing, or if any party to any Condominium Property Document asserts that a Condominium Default has occurred (whether or not the Borrowers question or deny such assertion), then, subject to the terms and conditions of the applicable Condominium Property Documents, after notice to the Condominium Borrower, Lender upon five (5) Business Days' prior written notice to the Borrowers, unless Lender reasonably determines that a shorter period (or no period) of notice is necessary to protect Lender's interest in the Ground Lease, may (but shall not be obligated to) take any action that Lender deems reasonably necessary to cure such Condominium Default, including, without limitation, (i) performance or attempted performance of the Borrowers' obligations under the applicable Condominium Property Documents, (ii) curing or attempting to cure any actual or purported Condominium Default, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the Condominium Property for any or all of such purposes. Upon Lender's request, the Condominium Borrower shall submit satisfactory evidence of payment or performance of any of its obligations under each of the Condominium Property Documents. Lender may pay and expend such sums of money as Lender in its sole discretion deems necessary or desirable for any such purpose, and the Borrowers shall pay to Lender within five (5) Business Days of the written demand of Lender all such sums so paid or expended by Lender pursuant to this Section 5.26, together with interest thereon from the date of expenditure at the Default Rate.

  • Borrower’s Right to Cure Notwithstanding anything to the contrary contained in Section 8.01, for purposes of determining whether an Event of Default has occurred under any financial covenant set forth in Section 7.11, any equity contribution (in the form of Qualified Capital Stock or other equity having terms reasonably acceptable to the Administrative Agent) made to Holdings after the last day of any Fiscal Quarter and on or prior to the day that is seven (7) Business Days after the day on which financial statements are required to be delivered for that Fiscal Quarter will, at the request of Holdings by delivery to the Administrative Agent of a notice that it intends to exercise the cure rights under this Section 8.04 and referencing that it is a notice of intent to cure under this Section 8.04 (a “Notice of Intent to Cure”), be included in the calculation of Consolidated EBITDA for the purposes of determining compliance with the financial covenants set forth in Section 7.11 at the end of such Fiscal Quarter and any subsequent period that includes such Fiscal Quarter (any such equity contribution, a “Specified Equity Contribution”); provided that (a) Holdings shall not be permitted to so request that a Specified Equity Contribution be included in the calculation of Consolidated EBITDA with respect to any Fiscal Quarter unless, after giving effect to such requested Specified Equity Contribution, there will be a period of at least two (2) consecutive Fiscal Quarters in the Relevant Four Fiscal Quarter Period in which no Specified Equity Contribution has been made, (b) no more than two (2) Specified Equity Contributions may be made in the Relevant Four Fiscal Quarter Period, (c) no more than four (4) Specified Equity Contributions may be made in the aggregate during the term of this Agreement, (d) the amount of the Specified Equity Contribution shall be no greater than the amount required to cause Holdings to be in compliance with the financial covenants set forth in Section 7.11 for the Relevant Four Fiscal Quarter Period, (e) except for calculations of Excess Cash Flow for the purposes of Section 2.05(b)(i) only (in which case, Specified Equity Contributions will be included in the calculation of Excess Cash Flow for the Fiscal Year during which the Fiscal Quarter giving rise to the respective Specified Equity Contribution occurred), all Specified Equity Contributions will be disregarded for all other purposes under the Loan Documents (including, without limitation, calculating Consolidated EBITDA for purposes of determining basket levels, Retained Excess Cash Flow Amount, Applicable Fee Rate, Applicable Rate, Consolidated Total Lease Adjusted Leverage Ratio and other items governed by reference to Consolidated EBITDA, and for purposes of the Restricted Payment covenant in Section 7.06(f) and the Investment covenant in Section 7.03(o)), (f) the proceeds of all Specified Equity Contributions will be contributed to the Borrower as proceeds of Qualified Capital Stock or other equity having terms reasonably acceptable to the Administrative Agent, (g) if the proceeds of the Specified Equity Contribution are used to repay Indebtedness, such Indebtedness shall not be deemed to have been repaid for purposes of calculating any financial covenant set forth in Section 7.11 or for purposes of calculating the Consolidated Total Lease Adjusted Leverage Ratio, in each case for the Relevant Four Fiscal Quarter Period, and (h) upon the Administrative Agent’s receipt of a Notice of Intent to Cure, until the fifteenth Business Day after the day on which financial statements are required to be delivered for that Fiscal Quarter to which such Notice of Intent to Cure relates, none of the Administrative Agent or any Lender shall exercise the right to accelerate the Loans or terminate the Commitments and none of the Administrative Agent, or any other Lender or Secured Party shall exercise any right to foreclose on or take possession of the Collateral solely on the basis of an Event of Default having occurred and being continuing under Section 7.11, but shall not be restricted from doing any of the foregoing with respect to any other Event of Default and each other Default or Event of Default that may exist at such time shall continue to exist and shall not be affected by the exercise of the cure of rights hereunder; provided, that until timely receipt of the Specified Equity Contribution, an Event of Default shall be deemed to exist for all other purposes of the Loan Documents.

  • Landlord’s Right to Cure If Landlord breaches any of its obligations under this Lease, Tenant shall notify Landlord in writing and shall take no action respecting such breach so long as Landlord promptly begins to cure the breach and diligently pursues such cure to its completion. Landlord may cure any default by Tenant; any expenses incurred shall become Additional Rent due from Tenant on demand by Landlord.

  • Lender’s Right to Perform If any Loan Party fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Mortgages and the other Collateral Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure.

  • LENDER'S RIGHTS Upon default, Lender may declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount.

  • LESSOR'S RIGHT TO CURE If the Lessee shall fail to make any payment, or to perform any act required to be made or performed under this Lease and to cure the same within the relevant time periods provided in Section 16.1, the Lessor, after five (5) Business Days' prior notice to the Lessee (except in an emergency when such shorter notice shall be given as is reasonable under the circumstances), and without waiving or releasing any obligation or Event of Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of the Lessee, and may, to the extent permitted by law, enter upon the Leased Property for such purpose and take all such action thereon as, in the Lessor's opinion, may be necessary or appropriate therefor. No such entry shall be deemed an eviction of the Lessee. All sums so paid by the Lessor and all costs and expenses (including, without limitation, reasonable attorneys' fees and expenses, in each case, to the extent permitted by law) so incurred shall be paid by the Lessee to the Lessor on demand as an Additional Charge. The obligations of the Lessee and rights of the Lessor contained in this Article shall survive the expiration or earlier termination of this Lease.

  • Landlord’s Right to Enter Landlord and its agents shall have the right to enter the Leased Premises during normal business hours after giving Tenant reasonable notice and subject to Tenant’s reasonable security measures for the purpose of (i) inspecting the same; (ii) showing the Leased Premises to prospective purchasers, mortgagees or tenants; (iii) making necessary alterations, additions or repairs; and (iv) performing any of Tenant’s obligations when Tenant has failed to do so. Landlord shall have the right to enter the Leased Premises during normal business hours (or as otherwise agreed), subject to Tenant’s reasonable security measures, for purposes of supplying any maintenance or services agreed to be supplied by Landlord. Landlord shall have the right to enter the Outside Areas during normal business hours for purposes of (i) inspecting the exterior of the Building and the Outside Areas; (ii) posting notices of nonresponsibility (and for such purposes Tenant shall provide Landlord at least thirty days’ prior written notice of any work to be performed on the Leased Premises); and (iii) supplying any services to be provided by Landlord. Any entry into the Leased Premises or the Outside Areas obtained by Landlord in accordance with this paragraph shall not under any circumstances be construed or deemed to be a forcible or unlawful entry into, or a detainer of, the Leased Premises, or an eviction, actual or constructive of Tenant from the Leased Premises or any portion thereof.

  • Lenders Rights and Remedies Subject to my right to notice of default and right to cure the default(s), to the extent required by law, if an Event of Default occurs, Lender has the following rights and remedies (“Rights and Remedies”), subject to applicable law:

  • LANDLORD'S RIGHT TO INSPECT Tenant shall permit Landlord and its authorized representatives to inspect the Leased Property, or any portion thereof, during usual business hours upon not less than forty-eight (48) hours’ notice and to make such repairs as Landlord is permitted or required to make pursuant to the terms of this Agreement, provided that any inspection or repair by Landlord or its representatives will not unreasonably interfere with Tenant’s use and operation of the Leased Property and further provided that in the event of an emergency, as determined by Landlord in its reasonable discretion, prior Notice shall not be necessary.

Time is Money Join Law Insider Premium to draft better contracts faster.