Common use of Lender’s Right to Complete Clause in Contracts

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 sums shall be treated as advances of the Project Loan for all purposes or as demand obligations of Borrower, bearing interest at the non-default interest rate provided in the Project Loan Note plus 4% from the date of payment by Lender to the date of repayment by Borrower. All of the foregoing amounts, including interest, shall be deemed to constitute advances under this Agreement, be evidenced by the Project Loan Note and secured by the Security Documents. Upon the occurrence of any Lease Event of Default or a default by Lessee under the Completion Guaranty, the rights, powers and privileges provided in this subsection and all other remedies available to Lender under this Agreement or by statute or by rule of law may be exercised by Lender at any time and from time to time whether or not the Project Loan shall be due and payable, and whether or not Lender shall have instituted any foreclosure or other action for the enforcement of the Security Documents or the Project Loan Note.

Lender’s Right to Complete. Upon the occurrence and during the continuance of any Lease Event of Default or a default by Lessee under the Completion GuaranteeDefault, in addition to any other remedies which Lender Lenders may have pursuant to the Project Loan Documents, or as provided by statute or rule of law, Lender Agent may enter upon the Land Leased Premises and construct, equip and complete the Improvements Borrower's Work in accordance with the Borrower Construction Plans and Specifications with such changes in the Borrower Construction Plans and Specifications as Lender Lenders may from time to time and in their sole discretion deem appropriate, all at the risk, cost and expense of Borrower. Lender Lenders shall have the right at any and all times to discontinue any work commenced by it in respect of the Improvements Borrower's Work or to change any course of action undertaken by it and shall not be bound to Borrower by any limitations or requirements of time whether set forth in this Agreement or otherwise. Lender Lenders 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 Borrower's Work or the construction of the Improvements Borrower's Work 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 ImprovementsBorrower's Work, all in the sole and absolute discretion of LenderLenders. In connection with any construction of the Improvements Borrower's Work undertaken by Lender Lenders pursuant to the provisions of this subsection, Lender Lenders 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 ImprovementsBorrower's Work, (ii) pay, settle or compromise all bills or claims which may become Liens against the PropertyLeased Premises, or any part of the PropertyLeased Premises, or which have been or may be incurred in any manner in connection with the construction, completion and equipping of the Improvements Borrower's Work or for the discharge of Liens or defects in the title of the PropertyLeased Premises, or any part of the PropertyLeased Premises, and (iii) take such other action (including the employment of watchmen to protect the PropertyLeased Premises) or refrain from acting under this Agreement, as Lender Lenders may in its their sole and absolute discretion from time to time determine without any limitation whatsoever. Borrower shall be liable to reimburse Lender Lenders for all sums paid or incurred for the construction, completion and equipping of the ImprovementsBorrower's Work, whether such sums shall be paid or incurred pursuant to the provisions of this subsection or otherwise. At Lender's Lenders' option, all such sums shall be treated as advances of the Project Loan hereunder for all purposes or as demand obligations of Borrower, bearing interest at the non-default interest rate provided in the Project Loan Note this Agreement plus 4% from the date of payment by Lender Lenders to the date of repayment by Borrower. All of the foregoing amounts, including interest, shall be deemed to constitute advances under this Agreement, be evidenced by the Project Loan Note and secured by the Security Documents. Upon the occurrence and during the continuance of any Lease Event of Default or a default by Lessee under the Completion GuarantyDefault, the rights, powers and privileges provided in this subsection and all other remedies available to Lender Lenders under this Agreement or by statute or by rule of law may be exercised by Lender Lenders at any time and from time to time whether or not the Project Loan shall be due and payable, and whether or not Lender Lenders shall have instituted any foreclosure or other action for the enforcement of the Security Documents or the Project Loan Note.

Lender’s Right to Complete. Upon the occurrence of any Lease Event of Default or a default by Lessee under the Completion Guarantee, in In addition to any other rights and remedies which Lender may have under this Agreement and the other Loan Documents or pursuant to law or equity, and without limitation thereof, after the Project Loan Documents, or as provided by statute or rule occurrence and during the continuance of lawany Event of Default, Lender may enter upon the Land Premises and constructinto possession of the Premises and any other Property (and exclude Borrower, equip Manager and any other persons therefrom) and complete the construction of the Required Improvements substantially in accordance with the Plans and Specifications Plans, with such changes in the Plans and Specifications therein as Lender may from time to time deem appropriate, all at the sole risk, cost and expense of BorrowerBorrower and Manager. Lender shall have the right right, at any and all times times, in its discretion to discontinue any work commenced by it in Lender with respect to the construction of the Required 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 herein or otherwiseotherwise after the occurrence and during the continuance of any Event of Default. Lender shall have the right and power, power (but shall not be obligated, ) to assume Borrower's interest all or any portion of the obligations of Borrower or Manager under any contract made by or on behalf of Borrower in any way relating to the Improvements or the construction of the Improvements all Construction Documents as Lender may elect 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 BorrowerBorrower or Manager, whether or not previously incorporated into the Improvements, all in the sole and absolute discretion of LenderPremises. In connection with any portion of the construction of the Required Improvements undertaken by Lender pursuant to the provisions of this subsectionSection 8.4, Lender may (i) engage builders, contractors, architects, engineers and others for the purpose of furnishing labor, materials and equipment in connection with elect to do any construction or all 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 sums shall be treated as advances of the Project Loan for all purposes or as demand obligations of Borrower, bearing interest at the non-default interest rate provided in the Project Loan Note plus 4% from the date of payment by Lender to the date of repayment by Borrower. All of the foregoing amounts, including interest, shall be deemed to constitute advances under this Agreement, be evidenced by the Project Loan Note and secured by the Security Documents. Upon the occurrence of any Lease Event of Default or a default by Lessee under the Completion Guaranty, the rights, powers and privileges provided in this subsection and all other remedies available to Lender under this Agreement or by statute or by rule of law may be exercised by Lender at any time and from time to time whether or not the Project Loan shall be due and payable, and whether or not Lender shall have instituted any foreclosure or other action for the enforcement of the Security Documents or the Project Loan Note.following: