Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 3 contracts
Samples: Loan Agreement (Extra Space Storage Inc.), Loan Agreement (Extra Space Storage Inc.), Loan Agreement (Extra Space Storage Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects applicable Individual Property for such purpose and to take all such action thereon and with respect to the Projects applicable Individual Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe applicable Individual Property, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.312.3; provided, however, that Borrower shall not be liable under such indemnification to the extent such losses, expenses, damages, claims and causes of action result substantially and materially from Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.312.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 3 contracts
Samples: Loan Agreement (Equity Inns Inc), Loan Agreement (Equity Inns Inc), Loan Agreement (Equity Inns Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Loan Agreement (Cedar Income Fund LTD /Md/), Loan Agreement (Griffin Land & Nurseries Inc)
Lender’s Right to Perform the Obligations. If Borrower or any Subsidiary shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower or any Subsidiary and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Borrower (on its own behalf and of behalf of the Subsidiaries) agrees that Lender may (but shall not be obligated to) make such payment or perform such act for the account of Borrower or the applicable Subsidiary and at the expense of Borrower, and shall have the right to enter upon the Projects for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Loan Agreement (Extra Space Storage Inc.), Loan Agreement (Extra Space Storage Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any a Project, Lender may do so in reliance on any xxxxbill, statement xxatement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect a Project, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to abatx xxx discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs, or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, INCLUDING THOSE ARISING FROM THE JOINT, CONCURRENT, OR COMPARATIVE NEGLIGENCE OF LENDER, EXCEPT AS A RESULT OF LENDER'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Loan Agreement (American Retirement Corp), Loan Agreement (American Retirement Corp)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so upon consultation with Borrower and in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall consult with Borrower but shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Project, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Xxxxxx’s gross negligence or willful misconduct. All sums paid by Lender Xxxxxx pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Term Loan Agreement (Wheeler Real Estate Investment Trust, Inc.), Term Loan Agreement (Cedar Realty Trust, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbranceLien, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees' fees and disbursements, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except to the extent caused by Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Strategic Realty Trust, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Loan Agreement (Campus Crest Communities, Inc.), Loan Agreement (Campus Crest Communities, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lienLien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees' fees and disbursements, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except to the extent caused by Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 2 contracts
Samples: Loan Agreement (Cornerstone Core Properties REIT, Inc.), Loan Agreement (Cornerstone Core Properties REIT, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall shall, subject to the provisions of the Timeshare Declaration and Governmental Requirements and subject to any other Person's prior right to cure provided Lender has received notice that such Person has elected to cure, have the right to enter upon the Projects Timeshare Project for such purpose and to take all such action thereon and with respect to the Projects Timeshare Project as it may reasonably deem necessary or appropriate. If Subject to the foregoing, if Lender shall elect to pay any sum due with reference to any the Timeshare Project, Lender may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental authority Goverxxxxtal Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance Advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, 8.3 and all other sums expended by Lender to which it shall be entitled to be indemnifiedindemnified under this Agreement, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such sure payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental governmexxxx authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects any Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectrequired by the Loan Documents, Lender may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental governmexxxx authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments hereunder to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (Winston Hotels Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse the Administrative Agent or any Lender may have because of such Event of Default, Lender the Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of BorrowerBorrower (including, without limitation, Administrative Agent's reimbursements to GECC and/or Lenders of any sums paid by reason of a default by Borrower under the Interest Rate Protection Agreement, including, without limitation, any such reimbursement for Swap Reimbursement Obligations and Swap Guaranty Fees), and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender the Administrative Agent shall elect to pay any sum due with reference to any the Project, Lender the Administrative Agent may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender the Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Project, the Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify Lender for indemnify, defend and hold the Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees' fees and disbursements, incurred or accruing by reason of any acts performed by the Administrative Agent or any Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of the Administrative Agent and any Lender, except as a result and to the extent of the Administrative Agent's or any Lender's gross negligence or willful misconduct. All sums paid by Lender the Administrative Agent pursuant to this Section 10.3, and all other sums expended by the Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender the Administrative Agent upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbranceLien, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees' fees and disbursements, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except to the extent caused by Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower or Operating Lessee shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower or Operating Lessee and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of BorrowerBorrower and Operating Lessee, and shall have the right to enter upon the Projects for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any a Project, Lender may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental governmenxxx authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect a Project, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to abate the discharge of any Hazardous Materials or remove the Hazardoux Xxxerials. Borrower and Operating Lessee, jointly and severally, shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs, or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If any Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon any Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of BorrowerBorrowers, and shall have the right to enter upon the Projects Mortgaged Property for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe Mortgaged Property, Lender may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental goxxxxmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Without limiting the generality of the foregoing, Lender may take immediate possession of the Mortgaged Property, as well as all other security to which title is held by any Borrower as is necessary to fully complete the Project, and appoint a receiver, as a matter of strict right without regard to the solvency of any Borrower, for the purpose of preserving the Mortgaged Property, preventing waste, and to protect all rights accruing to Lender by virtue of this Agreement and of the Loan Documents, and expressly to make any and all further improvements, whether on-site or off-site, as may be determined by Lender for the purpose of completing the development and construction of the Project. Additionally, if any Hazardous Materials affect or threaten to affect the Mortgaged Property, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to abate the discharge of any Hazardous Materials or remove xxx Hazardous Materials. Borrowers shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions additions' to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower Borrowers to Lender upon not later than thirty (30) days after demand.
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Lender’s Right to Perform the Obligations. If any Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while upon the occurrence of any Event of Default exists(following any required notice from the Administrative Agent to the Borrowers and following the expiration of any applicable cure period), and without further notice to or demand upon any Borrower and without waiving or releasing any other right, remedy or recourse the Administrative Agent or any Lender may have because of such Event of Default, Lender the Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrowerthe Borrowers, and shall have the right to enter upon the Projects Properties for such purpose and to take all such action thereon and with respect to the Projects Properties as it may deem necessary or appropriateappropriate and to take all other action it may deem necessary or appropriate with respect to any Event of Default. If Lender the Administrative Agent shall so elect to pay any sum due with reference to any ProjectIndividual Property or with reference to any Event of Default (following any required notice from the Administrative Agent to the Borrowers and following the expiration of any applicable cure period), Lender the Administrative Agent may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any such payments to protect the security intended to be created by the Loan Documents, Lender the Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, after the occurrence of an Event of Default (following any required notice from the Administrative Agent to the Borrowers and following the expiration of any applicable cure period), if any Hazardous Materials affect or threaten to affect any Individual Property, the Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to axxxx the discharge of any Hazardous Materials or remove the Hazardous Materials as required by Environmental Laws. Each Borrower shall indemnify Lender for indemnify, defend and hold the Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable out-of-pocket attorneys’ fees, costs and expenses incurred or accruing by reason of any acts performed by the Administrative Agent or any Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender the Administrative Agent pursuant to this Section 10.3, and all other sums expended by the Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the highest Default Rate then applicable to any Type of Loan from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower the Borrowers to Lender the Administrative Agent upon demand.
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Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
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Lender’s Right to Perform the Obligations. If any Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while upon the occurrence of any Event of Default exists(following any required notice from the Administrative Agent to the Borrowers and following the expiration of any applicable cure period), and without further notice to or demand upon any Borrower and without waiving or releasing any other right, remedy or recourse the Administrative Agent or any Lender may have because of such Event of Default, Lender the Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrowerthe Borrowers, and shall have the right to enter upon the Projects Properties for such purpose and to take all such action thereon and with respect to the Projects Properties as it may deem necessary or appropriateappropriate and to take all other action it may deem necessary or appropriate with respect to any Event of Default. If Lender the Administrative Agent shall so elect to pay any sum due with reference to any ProjectIndividual Property or with reference to any Event of Default (following any required notice from the Administrative Agent to the Borrowers and following the expiration of any applicable cure period), Lender the Administrative Agent may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any such payments to protect the security intended to be created by the Loan Documents, Lender the Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, after the occurrence of an Event of Default (following any required notice from the Administrative Agent to the Borrowers and following the expiration of any applicable cure period), if any Hazardous Materials affect or threaten to affect any Individual Property, the Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials as required by Environmental Laws. Each Borrower shall indemnify Lender for indemnify, defend and hold the Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable out-of-pocket attorneys’ fees, costs and expenses incurred or accruing by reason of any acts performed by the Administrative Agent or any Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender the Administrative Agent pursuant to this Section 10.3, . and all other sums expended by the Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the highest Default Rate then applicable to any Type of Loan from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower the Borrowers to Lender the Administrative Agent upon demand.
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Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects any Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any such Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this INCURRED OR ACCRUING BY REASON OF ANY ACTS PERFORMED BY LENDER PURSUANT TO THE PROVISIONS OF THIS Section 10.311.3, INCLUDING THOSE ARISING FROM THE JOINT, CONCURRENT, OR COMPARATIVE NEGLIGENCE OF LENDER, EXCEPT AS A RESULT OF LENDER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (KBS Strategic Opportunity REIT, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbill, statement or assessment procured pxxxxred from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, subject to Section 4.3(6) hereof, if any Hazardous Materials affect or threaten to affect the Project, Lender may (but shall not be obligated to) give such notices and take such actions as it deems reasonably necessary or advisable in order to abate the discharge of any Hazaxxxxx Materials or remove the Hazardous Materials. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All reasonable sums paid by Lender pursuant to this Section 10.3, and all other reasonable sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (Angeles Partners Xi)
Lender’s Right to Perform the Obligations. If Borrower shall fail, ----------------------------------------- refuse or neglect to make any payment or perform any act required by the Loan Documents, then while Lender at any Event of Default exists, time thereafter and without in any circumstance where Lender determines that an emergency exists with simultaneous or prompt notice thereafter to or demand upon Borrower and in other circumstances with notice to Borrower and Borrowers' failure to cure such failure, refusal or neglect within thirty (30) days of such notice, and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Defaultsame, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Land and Improvements for such purpose and to take all such action thereon and with respect to the Projects Trust Property as it may deem necessary or appropriateappropriate and Borrower hereby irrevocably constitutes and appoints Lender as its attorney-in-fact, which appointment shall be deemed coupled with an interest, to take the actions described in this paragraph. If Lender shall elect to pay any sum statement, invoice, tax xxxx or other sums due with reference to any Projectthe Trust Property, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3Paragraph 9.15 or pursuant to any other provision in the Loan Documents, except those due to Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3Paragraph 9.15, and together with all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate (as defined in the Note) from the date of such payment or expenditure until paidexpenditure, shall constitute advances on and additions to the LoanIndebtedness, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand. Prior payment by Lender shall not be a condition precedent to the obligations of Borrower under this indemnity.
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Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable out-of-pocket attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (Winston Hotels Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while at any Event of Default existstime thereafter, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Defaultsame, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Property and Improvements for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum Imposition or other sums due with reference to any Projectthe Mortgaged Property, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3Paragraph 9.7 or by reason of any other provision in the Loan Documents. All sums paid by Lender pursuant to this Section 10.3Paragraph 9.7, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate (as defined in the Note) from the date of such payment or expenditure until paidexpenditure, shall constitute additions to the LoanIndebtedness, shall be secured by the liens, security titles, security interests and rights created by the Loan Documents and shall be paid by Borrower to Lender upon demand.
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Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Premises for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe Mortgaged Property, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Substances affect or threaten to affect the Premises, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Substances or remove the Hazardous Substances. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against, and be responsible for, any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.310.2, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 10.2 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paidshall be deemed to be an Advance by Lender, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Premises for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe Mortgaged Property, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Substances affect or threaten to affect the Premises, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to axxxx the discharge of any Hazardous Substances or remove the Hazardous Substances to the extent required by applicable Environmental Laws. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against, and be responsible for, any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.310.2, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 10.2 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paidshall be deemed to be an Advance by Lender, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (Douglas Emmett Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbill, statement xxatement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Borrower’s premises for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projecthereunder, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.38.2, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 8.2 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so upon consultation with Borrower and in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall consult with Borrower but shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Project, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or US_ACTIVE\123288794\V-8 willful misconduct. All sums paid by Lender Xxxxxx pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Term Loan Agreement (Wheeler Real Estate Investment Trust, Inc.)
Lender’s Right to Perform the Obligations. If Borrower the Borrowers shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower the Borrowers and without waiving or releasing any other right, remedy or recourse the Administrative Agent or any Lender may have because of such Event of Default, Lender the Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrowerthe Borrowers, and shall have the right to enter upon the Projects for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender the Administrative Agent shall elect to pay any sum due with reference to any Projectthe Projects, Lender the Administrative Agent may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender the Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower Additionally, if any Hazardous Materials affect or threaten to affect any Project, the Administrative Agent may (but shall indemnify Lender for not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. The Borrowers shall indemnify, defend and hold the Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by the Administrative Agent or any Lender pursuant to the provisions of this Section 10.3SECTION 10.03, including those arising from the joint, concurrent, or comparative negligence of the Administrative Agent and any Lender, except as a result of the Administrative Agent's or any Lender's gross negligence or willful misconduct. All sums paid by Lender the Administrative Agent pursuant to this Section 10.3SECTION 10.03, and all other sums expended by the Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender the Administrative Agent upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.37.4, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.37.4, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Mortgage Modification Agreement (Acadia Realty Trust)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan DocumentsDocuments to which it is a party, then while any Event of Default exists, and without on days written notice (which may be delivered via e-mail, U.S. mail or overnight courier) to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of DefaultDefault under this Master Loan Agreement, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of BorrowerBorrower and interest on such payment shall accumulate from the date of the advance at the Default Rate until such advance is paid, and shall have the right to enter upon the Projects Facility for such purpose and to take all such action thereon and with respect to the Projects Facility as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe Facility, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by this Master Loan Agreement and the Loan DocumentsDeed of Trust, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lienLien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Facility, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials; provided, however, that the use and storage of reasonable quantities of office supplies, cleaning and maintenance materials and pest control products shall not be deemed to “affect” the Facility in a manner entitling Lender to act so long as such use and storage is executed safely and in compliance with applicable law. Borrower shall indemnify indemnify, defend and hold Lender for and Authority harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3Section, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Anything to the contrary herein or elsewhere notwithstanding, Lender pursuant to this Section 10.3may cease or suspend any and all performance required of Lender herein or under any of the other Loan Documents upon and during the continuance of any breach or default, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon upon and at any time after the occurrence of any Event of Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demandhereunder.
Appears in 1 contract
Samples: Master Loan Agreement
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make Advances to make such payment or perform such act for the account of and at the expense of Borroweract, and shall have the right to enter upon the Projects Premises for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Project, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance Advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against, and be responsible for, any and all actual out-of-pocket losses, liabilities, claims, damages, expenses, damagesobligations, claims and causes penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable out-of-pocket attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.310.2, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender's gross negligence or willful misconduct. All sums paid In no event shall Borrower be responsible for any unforeseeable consequential, punitive, exemplary, special or treble damages unless such consequential, punitive, exemplary, special or treble damages are incurred by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured claims brought by the Loan Documents and shall be paid by Borrower to Lender upon demandthird parties.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Administrative Agent or any Lender may have because of such Event of Default, Lender Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Portfolio or any portion thereof for such purpose and to take all such action thereon and with respect to the Projects Portfolio or any portion thereof as it may deem necessary or appropriate. If Lender Administrative Agent shall elect to pay any sum due with reference to the Portfolio or any Projectportion thereof, Lender Administrative Agent may do so in reliance on any xxxxbill, statement xxatement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Portfolio or any portion thereof, Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to abatx xxx discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify Lender for indemnify, defend and hold Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Administrative Agent or any Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Administrative Agent or any Lender, except as a result of Administrative Agent's or any Lender's gross negligence or willful misconduct. All sums paid by Lender Administrative Agent pursuant to this Section 10.3, and all other sums expended by Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender Administrative Agent upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, except to the extent caused by or arising out of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then then, while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe Projects, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs, or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.39.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.39.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (Emeritus Corp\wa\)
Lender’s Right to Perform the Obligations. If Borrower shall ----------------------------------------- fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse the Administrative Agent or any Lender may have because of such Event of Default, Lender the Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects any Project for such purpose and to take all such action thereon and with respect to the Projects such Project as it may deem necessary or appropriate. If Lender the Administrative Agent shall elect to pay any sum due with reference to any a Project, Lender the Administrative Agent may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender the Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect any Project, the Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify Lender for indemnify, defend and hold the Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by the Administrative Agent or any Lender pursuant to the provisions of this Section ------- 10.3, including those arising from the joint, concurrent, or comparative ---- negligence of the Administrative Agent and any Lender, except as a result of the Administrative Agent's or any Lender's gross negligence or willful misconduct. All sums paid by Lender the Administrative Agent pursuant to this Section 10.3, and all ------------ other sums expended by the Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender the Administrative Agent upon demand.
Appears in 1 contract
Samples: Loan Agreement (Center Trust Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while at any Event of Default existstime thereafter, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Defaultsame, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Property and Improvements for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum Imposition or other sums due with reference to any Projectthe Mortgaged Property, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3Paragraph 9.7 or by reason of any other provision in the Loan Documents. All sums paid by Lender pursuant to this Section 10.3Paragraph 9.7, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate (as defined in the Note) from the date of such payment or expenditure until paidexpenditure, shall constitute additions to the LoanIndebtedness, shall be secured by the liens, security titles, security interests and rights created by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so upon consultation with Borrower and in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall consult with Borrower but shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Project, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Term Loan Agreement (Wheeler Real Estate Investment Trust, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental governmenxxx authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.3. All sums paid by Lender pursuant to this Section 10.3, and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
Appears in 1 contract
Samples: Loan Agreement (Equity Inns Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender the Lenders may have because of such Event of Default, Lender the Lenders may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Borrower’s premises for such purpose and to take all such action thereon and with respect to the Projects as it may deem necessary or appropriate. If Lender the Lenders shall elect to pay any sum due with reference to any Projecthereunder, Lender the Lenders may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender the Lenders shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify Lender for indemnify, defend and hold the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender the Lenders pursuant to the provisions of this Section 10.37.2, including those arising from the joint, concurrent, or comparative negligence of the Lenders, except as a result of the Lenders’ gross negligence or willful misconduct. All sums paid by Lender the Lenders pursuant to this Section 10.3, 7.2 and all other sums expended by Lender the Lenders to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender the Lenders upon demand.
Appears in 1 contract
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Project for such purpose and to take all such action thereon and with respect to the Projects Project as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any the Project, Lender may do so in reliance on any xxxxbxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbranceLien, claim or charge before making an advance for the purpose of preventing or removing the same. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ feesfees and disbursements, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.311.3, including those arising from the joint, concurrent, or comparative negligence of Lender, except to the extent caused by Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 11.3 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand.
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Samples: Loan Agreement (Bluerock Residential Growth REIT, Inc.)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse the Administrative Agent or any Lender may have because of such Event of Default, Lender the Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects any Project for such purpose and to take all such action thereon and with respect to the Projects such Project as it may deem necessary or appropriate. If Lender the Administrative Agent shall elect to pay any sum due with reference to any a Project, Lender the Administrative Agent may do so in reliance on any xxxxbill, statement or assessment procured from the appropriate governmental governmexxxx authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender the Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect any Project, the Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to abate the discharge of any Hazardous Materials or remove the Hazardoxx Xxterials. Borrower shall indemnify Lender for indemnify, defend and hold the Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ ' fees, incurred or accruing by reason of any acts performed by the Administrative Agent or any Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of the Administrative Agent and any Lender, except as a result of the Administrative Agent's or any Lender's gross negligence or willful misconduct. All sums paid by Lender the Administrative Agent pursuant to this Section 10.3, and all other sums expended by the Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender the Administrative Agent upon demand.
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Samples: Loan Agreement (Center Trust Inc)
Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Administrative Agent or any Lender may have because of such Event of Default, Lender Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Portfolio or any portion thereof for such purpose and to take all such action thereon and with respect to the Projects Portfolio or any portion thereof as it may deem necessary or appropriate. If Lender Administrative Agent shall elect to pay any sum due with reference to the Portfolio or any Projectportion thereof, Lender Administrative Agent may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Materials affect or threaten to affect the Portfolio or any portion thereof, Administrative Agent may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Materials or remove the Hazardous Materials. Borrower shall indemnify Lender for indemnify, defend and hold Administrative Agent and the Lenders harmless from and against any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Administrative Agent or any Lender pursuant to the provisions of this Section 10.3, including those arising from the joint, concurrent, or comparative negligence of Administrative Agent or any Lender, except as a result of Administrative Agent’s or any Lender’s gross negligence or willful misconduct. All sums paid by Lender Administrative Agent pursuant to this Section 10.3, and all other sums expended by Administrative Agent or any Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paid, shall constitute additions to the LoanLoans, shall be secured by the Loan Documents and shall be paid by Borrower to Lender Administrative Agent upon demand.
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Lender’s Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be obligated to) make Advances to make such payment or perform such act for the account of and at the expense of Borrower, and shall have the right to enter upon the Projects Premises for such purpose and to take all such action thereon and with respect to the Projects Mortgaged Property as it may deem necessary or appropriate. If Lender shall elect to pay any sum due with reference to any Projectthe Mortgaged Property, Lender may do so in reliance on any xxxx, statement or assessment procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance Advance for the purpose of preventing or removing the same. Additionally, if any Hazardous Substances affect or threaten to affect the Premises, Lender may (but shall not be obligated to) give such notices and take such actions as it deems necessary or advisable in order to xxxxx the discharge of any Hazardous Substances or remove the Hazardous Substances. Borrower shall indemnify indemnify, defend and hold Lender for harmless from and against, and be responsible for, any and all losses, expensesliabilities, claims, damages, claims and causes expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of actionany kind or nature whatsoever, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Lender pursuant to the provisions of this Section 10.310.2, including those arising from the joint, concurrent, or comparative negligence of Lender, except as a result of Lender’s gross negligence or willful misconduct. All sums paid by Lender pursuant to this Section 10.3, 10.2 and all other sums expended by Lender to which it shall be entitled to be indemnified, together with interest thereon at the Default Rate from the date of such payment or expenditure until paidshall be deemed to be an Advance by Lender, shall constitute additions to the Loan, shall be secured by the Loan Documents and shall be paid by Borrower to Lender upon demand. All Advances shall bear interest at the Default Rate from the date that each such Advance or expense is made or incurred to the date of repayment. Borrower shall pay or reimburse Lender within five (5) Business Days after written demand for any and all Advances made pursuant to this Agreement, including for all interest thereon.
Appears in 1 contract
Samples: Loan Agreement (Kilroy Realty, L.P.)