Common use of Possession of Project Clause in Contracts

Possession of Project. Enter into possession of the Project and perform any and all work and labor necessary to complete the Project substantially according to the Construction Contract and the Plans and Specifications or to operate, maintain and repair the Project, and all sums expended by Lender in so doing, together with interest on such total amount at the Default Rate, shall be repaid by Borrower to Lender upon demand and shall be secured by the Credit Documents, notwithstanding that such expenditures may, together with amounts advanced under this Agreement, exceed the amount of the Total Construction Loan Commitment.

Possession of Project. Enter into possession of the Project in accordance with applicable Legal Requirements and perform any and all work and labor necessary to complete the Project substantially according to the Construction Contract and the Plans and Specifications or to operate, operate and maintain and repair the Project, and all sums expended by Lender in so doing, together with interest on such total amount at the Default Rate, shall be repaid by Borrower to Lender upon demand and shall be secured by the Credit Documents, notwithstanding that such expenditures may, together with amounts advanced under this Agreement, exceed the aggregate amount of the Total Construction Loan Commitment.

Possession of Project. Enter into possession of the Project and perform any and all work and labor necessary to complete the Project substantially according to the Construction Contract and the Plans and Specifications or to operate, operate and maintain and repair the Project, and all sums expended by Lender Agent in so doing, together with interest on such total amount at the Default Rate, shall be repaid by Borrower to Lender Agent upon demand and shall be secured by the Credit Documents, notwithstanding that such expenditures may, together with amounts advanced under this Agreement, exceed the amount of the Total Construction Loan Commitment.

Possession of Project. Enter Subject to compliance with all applicable Governmental Rules, enter into possession of the Project and perform or cause to be performed any and all work and labor necessary to complete the Project substantially according to the Construction Contract operate and the Plans and Specifications or to operate, maintain and repair the Project, and all sums expended by Lender in so doing, together with interest on such total amount at the Default Rate, shall be repaid by Borrower to Lender upon demand and shall be secured by the Credit Financing Documents, notwithstanding that such expenditures may, together with amounts advanced under this Agreement, exceed the amount of the Total Construction Loan CommitmentCommitments.

Possession of Project. Enter into possession of the any Project and perform or cause to be performed any and all work and labor necessary to complete the such Project substantially according to the Construction Contract Contracts and the Plans and Specifications or to operate, operate and maintain and repair the such Project, and all sums expended by Lender Administrative Agent in so doing, together with interest on such total amount at the Default Rate, shall be repaid by Borrower to Lender Administrative Agent upon demand and shall be secured by the Credit Financing Documents, notwithstanding that such expenditures may, together with amounts advanced under this Agreement, exceed the amount of the Total Construction Loan Commitment.