Common use of OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER Clause in Contracts

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Improvements are not completed in the manner required by the Loan Agreement, or if construction of the Improvements should cease or be halted prior to completion and such cessation or halt constitutes a Default (as defined in the Loan Agreement), Guarantor shall, promptly upon demand of Lender: (a) diligently proceed to complete construction of the Improvements at Guarantor’s sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished in connection with the construction of the Improvements; (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with the construction of the Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completion. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds required by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Improvements Renovations are not completed Completed in the manner and within the time required by the Loan Agreement, or if if, prior to the expiration of the time limits for said Completion set forth in the Loan Agreement, construction of the Improvements Renovations should cease or be halted prior to completion Completion and such cessation or halt constitutes a Default (as defined in the Loan Agreement), Guarantor shall, promptly upon demand of Lender: (a) diligently proceed to complete construction of the Improvements Renovations at Guarantor’s 's sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished in connection with the construction of the ImprovementsRenovations; and (c) release and discharge all claims of stop notices, mechanic’s 's liens, materialman’s 's liens and equitable liens that may arise in connection with the construction of the Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completionRenovations. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan DocumentsAgreement) for the purposes of completing the Improvements Renovations and fulfilling Guarantor’s 's other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s 's Funds required by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Improvements are Required PIP is not completed Completed in the manner and within the time required by the Loan Agreement, or if construction of the Improvements should cease or be halted prior to completion Agreement and such cessation or halt constitutes a Default (as defined in the Loan No. 1015498 Franchise Agreement), Guarantor shall, promptly upon demand of Lender: (a) diligently proceed to complete construction of the Improvements Required PIP at Guarantor’s 's sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished in connection with the construction of the ImprovementsRequired PIP; and (c) release and discharge all claims of stop notices, mechanic’s 's liens, materialman’s 's liens and equitable liens that may arise in connection with the construction of the Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completionRequired PIP. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan DocumentsAgreement) for the purposes of completing the Improvements Required PIP and fulfilling Guarantor’s 's other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) upon there being no continuing default by Guarantor under this Guaranty; and Guarantor’s concurrent funding of fifty percent (y50%) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds required of the costs of the Required PIP as and when contemplated by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Improvements are Project is not commenced and completed in the manner and within the time required by the Loan Agreement, or if if, prior to the expiration of the time limits for Completion set forth in the Loan Agreement, construction of the Improvements Project should cease or be halted prior to completion Completion and such the cessation or halt constitutes a Default (as defined in the Loan Agreement)an Event of Default, Guarantor shall, promptly upon demand of LenderOHCS: (a) diligently proceed to complete construction of the Improvements Project at Guarantor’s sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished in connection with the construction of the ImprovementsProject; (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens, construction liens and equitable liens that may arise in connection with the construction of the Improvements; and (d) pay to Lender OHCS the amount of any loss or damage incurred by Lender OHCS as a result of any delay in the completion Completion of construction of the Improvements Project beyond the time specified in the Loan Agreement for such completionCompletion. Without in any way limiting the above obligations of Guarantor, Lender OHCS shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Improvements Project and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender OHCS to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (xa) there being no continuing default by any Guarantor under this Guaranty; and (yb) Borrower (and/or Guarantor) having provided sufficient other funding to Lender all Borrower’s Funds required by the terms and conditions satisfaction of the Loan AgreementOHCS to complete Project construction/rehabilitation.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Improvements are not commenced and completed in the manner and within the time required by the Loan Agreement, or if if, prior to the expiration of the time limits for said completion set forth in the Loan Agreement, construction of the Improvements should cease or be halted prior to completion and such cessation or halt constitutes a Default (as defined in the Loan Agreement), Guarantor shall, promptly upon subject to its right to undisbursed Loan proceeds provided below, within ten (10) Business Days of demand of Lender: (a) diligently proceed to complete complete, or cause to be completed, construction of the Improvements at Guarantor’s sole cost and expense; (b) subject to the contest rights of Borrower set forth in the Loan Agreement, fully pay and discharge all claims for labor performed for, and material and services furnished in connection with the construction of the Improvements; and (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens related claims, affidavits or notices that may arise in connection with the construction of the Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completion. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan DocumentsDocuments to the extent Guarantor and/or Borrower can satisfy the same and notwithstanding that Borrower defaults in completing the Improvements pursuant to the Loan Agreement)) for the purposes of completing the Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds then required by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If Unless otherwise approved by Lender, if the Improvements are Project is not commenced and completed in the manner and within the time required by the Loan Agreement, or if if, prior to the expiration of the time limits for Completion set forth in the Loan Agreement, construction of the Improvements Project should cease or be halted prior to completion Completion and such the cessation or halt constitutes a Default (as defined in the Loan Agreement)an Event of Default, Guarantor shall, promptly upon demand of LenderOHCS: (a) diligently proceed to complete construction of the Improvements Project at Guarantor’s sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished in connection with the construction of the ImprovementsProject; (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens, construction liens and equitable liens that may arise in connection with the construction of the Improvements; and (d) pay to Lender OHCS the amount of any loss or damage incurred by Lender OHCS as a result of any delay in the completion of construction of the Improvements Completion beyond the time specified in the Loan Agreement for such completionCompletion. Without in any way limiting the above obligations of Guarantor, Lender OHCS shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Improvements Project and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender OHCS to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (xa) there being no continuing default by any Guarantor under this Guaranty; and (yb) Borrower (and/or Guarantor) having provided sufficient other funding to Lender all Borrower’s Funds required by the terms and conditions satisfaction of the Loan AgreementOHCS to complete Project [construction/rehabilitation].

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If (i) the Improvements with respect to the Loan are not commenced by the Commencement Date or completed on or before the Completion Date and constructed in the manner required by the Loan Agreement, or if (ii) construction of the such Improvements should cease or be halted abandoned prior to completion and Completion for such cessation or halt period of time that constitutes a an Event of Default (as defined in under the Loan Agreement), or (iii) any Event of Default under the Loan Agreement should otherwise exist with respect to the design, construction, permitting, or repair of the Improvements, or in the payment for labor, materials, and specially fabricated materials to be incorporated into the Improvements, as reasonably determined by Lender, then Guarantor shallwill, promptly upon written demand of Lender: (aA) diligently proceed to complete construction of the Improvements at Guarantor’s sole cost to Completion, and expensein connection therewith, Lender shall continue to fund Advances to Guarantor pursuant to the terms of the Loan Agreement and the other Loan Documents; provided, however, that prior to any such Advance after Guarantor commences performance of the Guaranteed Obligations Guarantor shall cure, or cause to be cured, all Exhibit 10.4 existing Events of Default with respect to the design, construction, permitting, or repair of the Improvements, or in the payment for labor, materials, and specially fabricated materials to be incorporated into the Improvements, as reasonably determined by Lender; provided, however, that if such cure cannot reasonably be accomplished prior to the requested date of such Advance, then Borrower shall commence such cure and shall diligently pursue the same to completion; (bB) fully pay and discharge all claims for labor performed and material and services furnished in connection with the design, supply, construction or installation of the Improvements; and (cC) release and discharge or bond all claims of stop notices, mechanic’s liens, materialman’s construction liens and equitable liens that may arise in connection with the design, supply, construction or installation of the Improvements; and . (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completion. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds required by the terms and conditions of the Loan Agreement.)

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Improvements are not commenced and completed in the manner and within the time required by the Loan Agreement, or if if, prior to the expiration of the time limits for said completion set forth in the Loan Agreement, construction of the Improvements should cease or be halted prior to completion and such cessation or halt constitutes a Default (as defined in the Loan Agreement), Guarantor shall, promptly upon subject to its right to undisbursed Loan proceeds provided below, within ten (10) Business Days of demand of Lender: (a) diligently proceed to complete complete, or cause to be completed, construction of the Improvements at Guarantor’s sole cost and expense; (b) subject to the contest rights of Borrower set forth in the Loan Agreement, fully pay and discharge all claims for labor performed for, and material and services furnished in connection with the construction of the Improvements; and (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens related claims, affidavits or notices that may arise in connection with the construction of the Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completion. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan DocumentsDocuments to the extent Guarantor and/or Borrower can satisfy the same and notwithstanding that Borrower defaults in completing the Improvements pursuant to the Loan Agreement) for the purposes of completing the Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds then required by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If the Construction Improvements are not commenced and completed in the manner and within the time required by the Loan Agreement (after any applicable notices and lapse of any applicable cure period), or if, prior to the expiration of the time limits for said completion set forth in the Loan Agreement, or if construction of the Construction Improvements should cease or be halted prior to completion and such cessation or halt constitutes a Default (as defined in the Loan Agreement) (after any applicable notices and lapse of any applicable cure period), Guarantor shall, promptly upon demand of Lender: (a) diligently proceed to complete construction of the Construction Improvements at Guarantor’s sole cost and expense; (b) fully pay and discharge all claims for labor performed and material (including specially fabricated materials) and services furnished in connection with the construction of the Construction Improvements; (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens or related claims, affidavits or notices that may arise in connection with the construction of the Construction Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Construction Improvements beyond the time specified in the Loan Agreement for such completion, which amount shall include, but not be limited to (i) interest on the principal amount outstanding under the Loan for any period of such delay which precedes the transfer of title to the Property to Lender; and (ii) the reasonable rental value of the completed Construction Improvements during any period of the delay in completion that Lender is the owner of the Property. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan DocumentsAgreement) for the purposes of completing the Construction Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default beyond any applicable notice and cure periods by Guarantor under this Guaranty; and (y) the applicable Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds required by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If (i) the Improvements with respect to the Loan are not commenced by the Commencement Date or completed on or before the Completion Date and constructed in the manner required by the Loan Agreement, or if (ii) construction of the such Improvements should cease or be halted abandoned prior to completion and Completion for such cessation or halt period of time that constitutes a an Event of Default (as defined in under the Loan Agreement), or (iii) any Event of Default under the Loan Agreement should otherwise exist with respect to the design, construction, permitting, or repair of the Improvements, or in the payment for labor, materials, and specially fabricated materials to be incorporated into the Improvements, as reasonably determined by Lender, then Guarantor shallwill, promptly upon written demand of Lender: (aA) diligently proceed to complete construction of the Improvements at Guarantor’s sole cost to Completion, and expensein connection therewith, Lender shall continue to fund Advances to Guarantor pursuant to the terms of the Loan Agreement and the other Loan Documents; provided, however, that prior to any such Advance after Guarantor commences performance of the Guaranteed Obligations Guarantor shall cure, or cause to be cured, all Exhibit 10.4 existing Events of Default with respect to the design, construction, permitting, or repair of the Improvements, or in the payment for labor, materials, and specially fabricated materials to be incorporated into the Improvements, as reasonably determined by Lender; provided, however, that if such cure cannot reasonably be accomplished prior to the requested date of such Advance, then Borrower shall commence such cure and shall diligently pursue the same to completion; (bB) fully pay and discharge all claims for labor performed and material and services furnished in connection with the design, supply, construction or installation of the Improvements; and (cC) release and discharge or bond all claims of stop notices, mechanic’s liens, materialman’s construction liens and equitable liens that may arise in connection with the design, supply, construction or installation of the Improvements; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completion. Without in any way limiting the above obligations of Guarantor, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds required by the terms and conditions of the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If Subject in all respects to the last paragraph of Section 1 hereof, if the Expansion Improvements are not completed Completed in the manner and within the time required by the Loan Agreement, or if if, prior to the expiration of the time limits for said Completion set forth in the Loan Agreement, construction of the Expansion Improvements should cease or be halted prior to completion Completion and such cessation or halt constitutes a Default (as defined in the Loan Agreement)Default, Guarantor shall, promptly upon demand of LenderAdministrative Agent: (a) diligently proceed Loan No.: 1013851 to complete Complete construction of the Expansion Improvements at Guarantor’s sole cost and expense; (b) fully pay and discharge all claims for labor performed and material and services furnished (including soft costs and hard costs) in connection with the construction of the ImprovementsExpansion Improvements in accordance with the Loan Agreement; (c) release and discharge all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with the construction of the Expansion Improvements; and (d) pay to Lender Administrative Agent the interest on the principal amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in outstanding under the Loan Agreement for any period of such completiondelay which precedes the transfer of title to the Property to Administrative Agent. Without in any way limiting Subject to the above obligations further provisions of Guarantorthis Section 7, Lender Administrative Agent shall make the undisbursed Loan Expansion Tranche funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Expansion Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender Administrative Agent to make such undisbursed Loan Expansion Tranche funds available to Guarantor in accordance with the disbursement procedures and subject to the disbursement conditions set forth in the Loan Agreement (provided that the condition in Section 3.2(b) of the Loan Agreement shall not be a condition to disbursement hereunder) is expressly conditioned upon: (x) there being no continuing default Default by Guarantor under this Guaranty; and (y) Borrower (Borrower, Operating Lessee and/or Guarantor) Guarantor having provided deposited with Administrative Agent all sums required to Lender all be deposited into Borrower’s Funds required by the terms and conditions of Account in accordance with the Loan Agreement.

OBLIGATIONS OF GUARANTOR UPON DEFAULT BY BORROWER. If (i) the Improvements with respect to the Loan are not commenced by the Commencement Date or completed on or before the Completion Date and constructed in the manner required by the Loan Agreement, or if (ii) construction of the such Improvements should cease or be halted abandoned prior to completion and Completion for such cessation or halt period of time that constitutes a an Event of Default (as defined in under the Loan Agreement), or (iii) any Event of Default under the Loan Agreement should otherwise exist with respect to the design, construction, permitting, or repair of the Improvements, or in the payment for labor, materials, and specially fabricated materials to be incorporated into the Improvements, as reasonably determined by Lender, then Guarantor shallwill, promptly upon written demand of Lender: (aA) diligently proceed to complete construction of the Improvements at Guarantor’s sole cost to Completion, and expensein connection therewith, Lender shall continue to fund Advances to Guarantor pursuant to the terms of the Loan Agreement and the other Loan Documents; provided, however, that prior to any such Advance after Guarantor commences performance of the Guaranteed Obligations Guarantor shall cure, or cause to be cured, all existing Events of Default with respect to the design, construction, permitting, or repair of the Improvements, or in the payment for labor, materials, and specially fabricated materials to be incorporated into the Improvements, as reasonably determined by Lender; (bB) fully pay and discharge all claims for labor performed and material and services furnished in connection with the design, supply, construction or installation of the Improvements; and (cC) release and discharge or bond all claims of stop notices, mechanic’s liens, materialman’s construction liens and equitable liens that may arise in connection with the design, supply, construction or installation of the Improvements. 641933; and (d) pay to Lender the amount of any loss or damage incurred by Lender as a result of any delay in the completion of construction of the Improvements beyond the time specified in the Loan Agreement for such completion. Without in any way limiting the above obligations of GuarantorMiami-Dade County, Lender shall make the undisbursed Loan funds available to Guarantor (pursuant to the terms and conditions of the Loan Documents) for the purposes of completing the Improvements and fulfilling Guarantor’s other obligations under this Guaranty; provided, however, that the obligation of Lender to make such undisbursed Loan funds available to Guarantor is expressly conditioned upon: (x) there being no continuing default by Guarantor under this Guaranty; and (y) Borrower (and/or Guarantor) having provided to Lender all Borrower’s Funds required by the terms and conditions of the Loan Agreement.Florida