Common use of Performance by Bank Clause in Contracts

Performance by Bank. If Borrower at any time fails to perform or observe any of the foregoing covenants contained in this Article VI or elsewhere herein, and if such failure shall continue for a period of ten calendar days after Bank gives Borrower written notice thereof (or in the case of the agreements contained in Sections 6.14 and 6.16, immediately upon the occurrence of such failure, without notice or lapse of time), Bank may, but need not, perform or observe such covenant or covenants on behalf and in the name, place and stead of Borrower (or, at Bank’s option, in Bank’s name) and may, but need not, take any and all other actions which Bank may reasonably deem necessary to cure or correct such failure (including the payment of taxes, the satisfaction of Liens, the performance of obligations owed to Account Debtors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments); and Borrower shall thereupon pay to Bank on demand the amount of all monies expended and all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Bank in connection with or as a result of the performance or observance of such agreements or the taking of such action by Bank, together with interest thereon from the date expended or incurred at the Default Rate applicable to Line of Credit Advances. To facilitate Bank’s performance or observance of such covenants of Borrower, Borrower hereby irrevocably appoints Bank, or Bank’s delegate, acting alone, as Borrower’s attorney in fact (which appointment is coupled with an interest) with the right (but not the duty) from time to time to create, prepare, complete, execute, deliver, endorse or file in the name and on behalf of Borrower any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed by Borrower under this Section 6.34.

Performance by Bank. If Should any covenant, duty, or agreement of Borrower at any time fails fail to perform or observe any be performed in accordance with the terms of the foregoing covenants contained in this Article VI or elsewhere herein, and if such failure shall continue for a period of ten calendar days after Bank gives Borrower written notice thereof (or in the case of the agreements contained in Sections 6.14 and 6.16, immediately upon the occurrence of such failure, without notice or lapse of time)Loan Documents, Bank may, but need notat its option, perform perform, or observe attempt to perform, such covenant covenant, duty or covenants agreement on behalf and in the nameof Borrower. In such event, place and stead of Borrower (or, at Bank’s option, in Bank’s name) and may, but need not, take any and all other actions which Bank may reasonably deem necessary to cure or correct such failure (including the payment of taxes, the satisfaction of Liens, the performance of obligations owed to Account Debtors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments); and Borrower shall thereupon pay to Bank on demand the any amount of all monies expended and all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Bank in connection with or as a result of the such performance or observance of such agreements or the taking of such action by Bankattempted performance, together with interest thereon at the Default Interest Rate from the date expended or incurred at the Default Rate applicable to Line of Credit Advances. To facilitate Bank’s performance or observance of such covenants expenditure by Bank until paid. Notwithstanding the foregoing, it is expressly understood that Bank does not assume and shall never have any liability or responsibility for the performance of any duties of Borrower hereunder. Without limiting the generality of the foregoing, upon the occurrence of an Event of Default, Bank shall have the Right, in addition to any other Right of Bank, but not the obligation, in its own name or in the name of Borrower, to enter into possession of the Property; and to employ security personnel and other safeguards to protect the Property. Borrower hereby irrevocably appoints BankBank as the attorney-in-fact of Borrower with full power of substitution, and in the name of Borrower if Bank elects to do so, upon the occurrence of an Event of Default, to (a) use such sums as are necessary, including any proceeds of the Loan, (b) endorse the name of Borrower on any checks or drafts representing proceeds of the insurance policies required hereunder, or Bank’s delegateother checks or instruments payable to Borrower with respect to the Property, acting alone(c) do every act with respect to the alteration of the Improvements which Borrower may do, as Borrower’s and (d) prosecute or defend any action or proceeding incident to the Property. The power-of-attorney in fact (which appointment granted hereby is a power coupled with an interest) with , is irrevocable and shall not terminate upon disability of the right (but not principal. Bank shall have no obligation to undertake any of the duty) from time foregoing actions, and if Bank should do so, it shall have no liability to time to create, prepare, complete, execute, deliver, endorse Borrower for the sufficiency or file in the name and on behalf adequacy of Borrower any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed such actions taken by Borrower under this Section 6.34Bank.

Performance by Bank. If Borrower at any time fails to perform or observe any of the foregoing covenants contained in this Article VI or elsewhere herein, and if such failure shall continue for a period of ten calendar days after Bank gives Borrower written notice thereof (or in the case of the agreements agreement contained in Sections 6.14 and Section 6.16, immediately upon the occurrence of such failure, without notice or lapse of time), Bank may, but need not, perform or observe such covenant or covenants on behalf and in the name, place and stead of Borrower (or, at Bank’s option, in Bank’s name) and may, but need not, take any and all other actions which Bank may reasonably deem necessary to cure or correct such failure (including the payment of taxes, the satisfaction of Liens, the performance of obligations owed to Account Debtors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments); and Borrower shall thereupon pay to Bank on within fifteen (15) days after written demand the amount of all monies expended and all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Bank in connection with or as a result of the performance or observance of such agreements or the taking of such action by Bank, together with interest thereon from the date expended or incurred at the Default Rate applicable to Line of Credit AdvancesRate. To facilitate Bank’s performance or observance of such covenants of Borrower, Borrower hereby irrevocably appoints Bank, or Bank’s delegate, acting alone, as Borrower’s attorney in fact (which appointment is coupled with an interest) with the right (but not the duty) from time to time to create, prepare, complete, execute, deliver, endorse or file in the name and on behalf of Borrower any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed by Borrower under this Section 6.346.10.

Performance by Bank. If Should any covenant, duty, or agreement of Borrower at any time fails fail to perform or observe any be performed in accordance with the terms of the foregoing covenants contained in this Article VI or elsewhere herein, and if such failure shall continue for a period of ten calendar days after Bank gives Borrower written notice thereof (or in the case of the agreements contained in Sections 6.14 and 6.16, immediately upon the occurrence of such failure, without notice or lapse of time)Loan Documents, Bank may, but need notat its option, perform perform, or observe attempt to perform, such covenant covenant, duty or covenants agreement on behalf and in the nameof Borrower. In such event, place and stead of Borrower (or, at Bank’s option, in Bank’s name) and may, but need not, take any and all other actions which Bank may reasonably deem necessary to cure or correct such failure (including the payment of taxes, the satisfaction of Liens, the performance of obligations owed to Account Debtors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments); and Borrower shall thereupon pay to Bank on demand the any amount of all monies expended and all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Bank in connection with or as a result of the such performance or observance of such agreements or the taking of such action by Bankattempted performance, together with interest thereon at the Default Interest Rate from the date expended or incurred at the Default Rate applicable to Line of Credit Advances. To facilitate Bank’s performance or observance of such covenants expenditure by Bank until paid. Notwithstanding the foregoing, it is expressly understood that Bank does not assume and shall never have any liability or responsibility for the performance of Borrowerany duties of Borrower hereunder. Without limiting the generality of the foregoing, upon the occurrence of an Event of Default, Bank shall have the Right, in addition to any other Right of Bank, but not the obligation, in its own name or in the name of Xxxxxxxx, to enter into possession of the Property; and to employ security personnel and other safeguards to protect the Property. Borrower hereby irrevocably appoints BankBank as the attorney-in-fact of Borrower with full power of substitution, and in the name of Borrower if Bank elects to do so, upon the occurrence of an Event of Default, to (a) use such sums as are necessary, including any proceeds of the Loan, (b) endorse the name of Borrower on any checks or drafts representing proceeds of the insurance policies required hereunder, or Bank’s delegateother checks or instruments payable to Borrower with respect to the Property, acting alone(c) do every act with respect to the alteration of the Improvements which Borrower may do, as Borrower’s and (d) prosecute or defend any action or proceeding incident to the Property. The power-of-attorney in fact (which appointment granted hereby is a power coupled with an interest) with , is irrevocable and shall not terminate upon disability of the right (but not principal. Bank shall have no obligation to undertake any of the duty) from time foregoing actions, and if Bank should do so, it shall have no liability to time to create, prepare, complete, execute, deliver, endorse Borrower for the sufficiency or file in the name and on behalf adequacy of Borrower any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed such actions taken by Borrower under this Section 6.34Bank.

Performance by Bank. If Should any covenant, duty, or agreement of Borrower at any time fails fail to perform or observe any be performed in accordance with the terms of the foregoing covenants contained in this Article VI or elsewhere herein, and if such failure shall continue for a period of ten calendar days after Bank gives Borrower written notice thereof (or in the case of the agreements contained in Sections 6.14 and 6.16, immediately upon the occurrence of such failure, without notice or lapse of time)Loan Documents, Bank may, but need notat its option, perform perform, or observe attempt to perform, such covenant covenant, duty or covenants agreement on behalf and in the nameof Borrower. In such event, place and stead of Borrower (or, at Bank’s option, in Bank’s name) and may, but need not, take any and all other actions which Bank may reasonably deem necessary to cure or correct such failure (including the payment of taxes, the satisfaction of Liens, the performance of obligations owed to Account Debtors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments); and Borrower shall thereupon pay to Bank on demand the any amount of all monies expended and all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Bank in connection with or as a result of the such performance or observance of such agreements or the taking of such action by Bankattempted performance, together with interest thereon at the Maximum Rate from the date expended or incurred at the Default Rate applicable to Line of Credit Advances. To facilitate Bank’s performance or observance of such covenants expenditure by Bank until paid. Notwithstanding the foregoing, it is expressly understood that Bank does not assume and shall never have any liability or responsibility for the performance of any duties of Borrower hereunder. Without limiting the generality of the foregoing, upon the occurrence of an Event of Default, Bank shall have the Right, in addition to any other Right of Bank, but not the obligation, in its own name or in the name of Borrower, to enter into possession of the Mortgaged Property; to perform all work necessary to satisfy the requirements of any Lease, if applicable; and to employ watchmen and other safeguards to protect the Mortgaged Property. Borrower hereby irrevocably appoints BankBank as the attorney-in-fact of Borrower with full power of substitution, and in the name of Borrower if Bank elects to do so, upon the occurrence of an Event of Default, to (a) use such sums as are necessary, including any proceeds of the Loan to perform all work necessary to satisfy the Legal Requirements and the requirements of any Lease, if applicable, (b) endorse the name of Borrower on any checks or drafts representing proceeds of the insurance policies required hereunder, or Bank’s delegateother checks or instruments payable to Borrower with respect to the Mortgaged Property, acting alone(c) do every act with respect to the Mortgaged Property which Borrower may do, as Borrower’s and (d) prosecute or defend any action or proceeding incident to the Mortgaged Property. The power-of-attorney in fact (which appointment granted hereby is a power coupled with an interest) with , is irrevocable and shall not terminate upon disability of the right (but not principal. Bank shall have no obligation to undertake any of the duty) from time foregoing actions, and if Bank should do so, it shall have no liability to time to create, prepare, complete, execute, deliver, endorse Borrower for the sufficiency or file in the name and on behalf adequacy of Borrower any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed such actions taken by Borrower under this Section 6.34Bank.