Possession and Completion. To take possession of the Site and the Project, remove all employees, contractors and agents of Trustor therefrom, complete or attempt to complete the work of construction, and market, sell or lease the Site and the Project.
Possession and Completion. (i) To disburse and directly apply the proceeds of any Disbursement under the Loan to the satisfaction of any of Borrower’s obligations hereunder. Any Disbursement by Lender for such purpose shall be part of the Loan and shall be secured by the Mortgages, except a Disbursement of a Borrower’s Deposit. Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower’s Deposit for payment of costs of construction of the Properties, expenses incident to the Loan and each Property, costs of completion of all necessary off-site development of each Property, and the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds of the Loan and Borrower’s Deposit to Lender for such purposes. Lender may disburse and incur such expenses as Lender deems necessary for the completion of construction of the Properties and to preserve each Property and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgages, and payable to Lender upon demand. Lender may disburse any portion of any Disbursement at any time, and from time to time, to persons other than Borrower for the purposes specified herein irrespective of the provisions of Paragraph 5 hereof, including without limitation, to general contractors, subcontractors, laborers, material suppliers, or to hire an escrow firm to make such Disbursements, and the amount of Disbursements to which Borrower shall thereafter be entitled shall be correspondingly reduced.
(ii) Without limiting the provisions of subparagraph (i) above, Lender may also take possession of the Properties and perform all work and labor necessary to complete the work of construction, in which event such expenditures (except to the extent made from funds of Borrower) shall be deemed Disbursements under the Note, and any expenditures in excess of the total amount advanced under the Loan shall be deemed an additional Disbursement to Borrower, payable on demand and bearing interest at the rate specified in the Note. In addition, Borrower shall pay Lender a supervision fee at the current market rate, but not to exceed fifteen percent (15%) of the cost of such completion, for supervision of construction. Such additional Disbursement and the supervision fee is secured by the Mortgages and all other agreements securing the performance of Borrower’s obligations under this Loan Agreement and the other Loan Instr...
Possession and Completion. 37 7.1.2 Plans. . . . . . . . . . . . . . . . . . . . . . . 37 7.1.3 Employment of Others.. . . . . . . . . . . . . . . 37 7.1.4 Security Guards. . . . . . . . . . . . . . . . . . 37 7.1.5 Compromise Claims. . . . . . . . . . . . . . . . . 38 7.1.6 Legal Proceedings. . . . . . . . . . . . . . . . . 38 7.1.7 Other Acts.. . . . . . . . . . . . . . . . . . . . 38
Possession and Completion. To take possession of the Land and the Project, remove all employees, contractors and agents of Trustor therefrom, complete or attempt to complete the work of construction, and market, sell or lease the Land and the Project.
Possession and Completion. 36 7.1.2 Plans........................................................... 36 7.1.3 Employment of Others............................................ 36 7.1.4 Security Guards................................................. 36 7.1.5 Compromise Claims............................................... 36 7.1.6 Legal Proceedings............................................... 37 7.1.7 Other Acts...................................................... 37
Possession and Completion. To take possession of the Leased Premises and the Project, remove all employees, contractors and agents of Trustor therefrom, complete or attempt to complete the work of construction, and market, sell or lease the Leased Premises and the Project.
Possession and Completion. 46 7.1.2 Plans............................................................... 46 7.1.3
Possession and Completion. To take possession of the Land and Las Vegas Showboat, remove all employees, contractors and agents of Trustor therefrom, complete or attempt to complete the work of construction, and market, sell or lease the Land and the Las Vegas Showboat.
Possession and Completion. To take possession of the Land and Atlantic City Showboat, remove all employees, contractors and agents of Mortgagor therefrom and market, sell, assign or lease the Mortgaged Property and the Atlantic City Showboat.
Possession and Completion. To take possession of the Property and Improvements, remove all employees, contractors, and agents of Borrower, to complete or attempt to complete the work of construction, and to market, sell, or lease the Property and Improvements.
