Common use of Possession and Completion Clause in Contracts

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 Instruments. Borrower hereby irrevocably constitutes and appoints Lender its attorney-in-fact, coupled with an interest, with full power of substitution, to complete the construction of the Project, or any part thereof in Borrower’s name or Lender’s name (but with no obligation to do so), and in connection therewith to: (a) use any funds of Borrower to complete the construction; (b) make such additions, changes and corrections in the Plans as Lender deems desirable to complete the Residences or any part thereof in an economically sound manner; (c) discharge, replace or employ such contractors, subcontractors, agents, architects and inspectors as may be deemed necessary for such purposes; (d) make Disbursements directly to any general contractor, subcontractors, laborers, material suppliers, or to hire an escrow firm to make such Disbursements; (e) pay, settle, or compromise bills and claims; (f) execute applications and certificates; (g) employ watchmen to protect the Properties (including personal property located thereon) from damage, injury, or (h) prosecute and defend actions or proceedings in connection with any of the Properties, and (i) do any act which Borrower might do in its own behalf. In no event shall Lender be required to expend its own funds to complete any of the Properties.

Possession and Completion. (i) Cont’d) 4.02 Phased Completion of the Works Section 1 : The Whole of the Basement and Podium Building up to and including Level 6 , and all of the external areas demarcated for the proper functioning of section 1 . To disburse be completed within 638 calendar days From the Date for Possession. Section 2 : All the remaining works. To be completed within 972 calendar days From the Date for Possession. All areas of each respective Section shall be fully furnished and directly apply completed with all furnitures, fittings, equipment etc. and be ready for operation at the proceeds time of any Disbursement under the Loan completion and handover to the satisfaction of any of Borrower’s obligations hereunderEmployer. Any Disbursement by Lender for such purpose The completion time shall be part inclusive of all Sundays and Public Holidays within the Contract Period and also for any periods awaiting permits, approval or consents from all relevant Government Departments required for the execution of the Loan and shall be secured by Works. For the Mortgagespurpose of this Contract, 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 issuance of the Properties, expenses incident to Temporary and/or Full Occupation Permits for the Loan and each Property, costs of completion of all necessary offrespective section or the subsequent Temporary Occupation Permit (as applicable) is a pre-site development of each Property, and requisite for the payment or performance of any obligation of Borrower hereunder. Borrower hereby assigns and pledges the proceeds issuance of the Loan and Borrower’s Deposit to Lender Certificate of Practical Completion for such purposesthe respective Phases of the Works. Lender may disburse and incur such expenses as Lender deems necessary for (See also clause 4.03) After the completion of each phase the Contractor will be required to restrict themselves to the working areas of the remaining phases under construction unless otherwise directed by the Employer’s Representative. The Contractor shall carry out all necessary work arising from completion of the works in the phases and shall procure the same or similar provision in all the domestic subcontracts and supply contracts including : (a) construction of temporary screens or hoardings, installation and relocation of building services work associated with the Properties positioning of the screens etc., providing sufficient temporary lighting and F.S. installation and all necessary safety measures and all other temporary works and measures necessary to preserve each Property obtain the Temporary Occupation Permit including maintaining and any other security removing the same prior to the application for the Loan, and such expenses, even though in excess Full Occupation Permit on completion 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 reducedwhole contract. (iib) Without limiting demolition and re-erection or resiting of site offices, scaffolding, hoardings, storage areas, access routes, etc. to comply with the provisions of subparagraph (i) above, Lender may also take possession requirements 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 Employer 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 Instruments. Borrower hereby irrevocably constitutes and appoints Lender its attorney-in-fact, coupled with an interest, with full power of substitution, to complete the construction of the Project, or any part thereof in Borrower’s name or Lender’s name (but with no obligation to do so), and in connection therewith to: (a) use any funds of Borrower to complete the construction; (b) make such additions, changes and corrections in the Plans as Lender deems desirable to complete the Residences or any part thereof in an economically sound manner; (c) discharge, replace or employ such contractors, subcontractors, agents, architects and inspectors as may be deemed necessary for such purposes; (d) make Disbursements directly to any general contractor, subcontractors, laborers, material suppliers, or to hire an escrow firm to make such Disbursements; (e) pay, settle, or compromise bills and claims; (f) execute applications and certificates; (g) employ watchmen to protect the Properties (including personal property located thereon) from damage, injury, or (h) prosecute and defend actions or proceedings in connection with any of the Properties, and (i) do any act which Borrower might do in its own behalf. In no event shall Lender be required to expend its own funds to complete any of the PropertiesBuilding Authority.