Common use of Lender’s Rights to Pay and Perform Clause in Contracts

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunder, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence of an Event of Default may make advances directly to the General Contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence of an Event of Default DECLARATION OF MXXXXXX XXXXXXXXXX, EXHIBIT B PAGE 138 Case 2:15-cv-01350-JLR Document 357-2 Filed 06/23/16 Page 118 of 208 may make advances directly to the General Contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Deed of Trust and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance. Notwithstanding anything to the contrary herein, this Section 4.15 shall at all times be subject to and conditioned upon the terms and conditions of any Subordination Documentation.

Lender’s Rights to Pay and Perform. If, If after any required notice, Borrower fails to promptly pay the occurrence of a Default or perform any an Event of the Obligations within Default that is continuing after any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence of an Event of Default may make advances directly to the General Contractorgeneral contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Mortgage and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance.

Lender’s Rights to Pay and Perform. If, after any required notice, the Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, the Lender, without Notice to or demand upon the Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of the Borrower. The Lender may enter upon the Property for that purpose and take all action thereon as the Lender considers necessary or appropriate. At the option of the Lender, following the occurrence of an Event of Default, the Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, the Lender may pay directly from the proceeds of the Loan all interest bills rendered by the Lender in connection with the Loan, and following the occurrence of an Event of Default may make advances directly to the General Contractor, the title insurance company, any Contractor, subcontractor or material supplier, or to any of them jointly. The execution hereof by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from the Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Deed of Trust and shall satisfy the obligations of the Lender hereunder to the extent of the amount of the advance.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations obligations owing or due to any third party in connection with Construction of the Improvements or otherwise related to the transactions contemplated by the Loan Documents within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation such obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence and during the continuance of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence and during the continuance of an Event of Default may make advances directly to the General Contractor, the title insurance company, any subcontractor, sub- subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization to so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance The Loan Amount shall be secured by the Loan Mortgage and other Security Documents and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advancedisbursement.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence of an Event of Default may make advances directly to the General Contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Deed of Trust and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence of an Event of Default may make advances directly to the General Contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Mortgage and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance. All of the foregoing provisions in favor of Lender shall also apply to Bank of America, N.A. or any other holder form time to time of the Bank of America Loan so long as the Bank of America Loan is outstanding.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following the occurrence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following the occurrence of an Event of Default may make advances directly to the General Contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Deed of Trust and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance. Notwithstanding anything to the contrary herein, this Section 4.15 shall at all times be subject to and conditioned upon the terms and conditions of any Subordination Documentation.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers necessary or appropriate. At the option of Lender, following during the occurrence existence of an Event of Default, Lender may apply any undisbursed Loan proceeds to the satisfaction of the conditions of the Loan Documents, irrespective of the allocation of such Loan proceeds in the Budget. Without limiting the generality of the foregoing, Lender may pay directly from the proceeds of the Loan all interest bills rendered by Lender in connection with the Loan, and following during the occurrence existence of an Event of Default may make advances directly to the General Contractor, the title insurance company, any subcontractor or material supplier, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance shall be secured by the Loan Documents Mortgage and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance.

Lender’s Rights to Pay and Perform. If, after any required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods or an Event of Default otherwise occurs hereunderperiods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Upon the occurrence and during the continuance of an Event of Default, Lender may enter upon the Property for that purpose and take all action thereon as Lender reasonably considers necessary or appropriate. At the option of Lender, following the occurrence and during the continuance of an Event of Default, Lender may apply any undisbursed Junior Loan proceeds to the satisfaction of the conditions such Event of the Loan Documents, irrespective of the allocation of such Loan proceeds in the BudgetDefault. Without limiting the generality of the foregoing, following the occurrence and during the continuance of an Event of Default, Lender may pay directly from the undisbursed proceeds of the Junior Loan all interest bills rendered by Lender in connection with the Junior Loan, and following the occurrence of an Event of Default may make advances directly to the General Design/Build Contractor, the title insurance company, any subcontractor or material supplier, the lessor under the Lease, any manager or supplier of the Project, any provider of utility services, or to any of them jointly. The execution hereof by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the undisbursed proceeds of the LoanJunior Loan following the occurrence and during the continuance of an Event of Default. No further direction or authorization from Borrower shall be necessary to warrant such direct advances. Each advance Advance shall be secured by the Loan Documents Mortgages and shall satisfy the obligations of Lender hereunder to the extent of the amount of the advance.