Common use of Remedies Conferred Upon Lender Clause in Contracts

Remedies Conferred Upon Lender. Upon the happening and during the continuance of any Event of Default, Lender may pursue any one or more of the following remedies concurrently or successively, it being the intent hereof that none of such remedies shall be to the exclusion of any other: (a) Take possession of the Projects, or any of them, and do anything which is necessary or appropriate in its sole judgment to fulfill the obligations of Borrowers under this Agreement and the other Loan Documents, including either the right to avail itself of and procure performance of existing contracts or let any contracts with the same contractors or others. Without restricting the generality of the foregoing and for the purposes aforesaid, each Borrower hereby appoints and constitutes Lender its lawful attorney-in-fact with full power of substitution in its Project to pay, settle or compromise all existing bills and claims, which may, be liens or security interests, or to avoid such bills and claims becoming liens against such Project; to execute all applications and certificates in the name of each Borrower prosecute and defend all actions or proceedings in connection with the Improvements or the Projects; to take action and require such performance as it deems necessary under any of the bonds to be furnished hereunder and to make settlements and compromises with the surety or sureties thereunder, and in connection therewith, to execute instruments of release and satisfaction; and to do any and every act which any Borrower might do in its own behalf; it being understood and agreed that this power of attorney shall be a power coupled with an interest and cannot be revoked; (b) Declare the Note to be immediately due and payable; (c) Use and apply any monies or letters of credit deposited by any Borrower or Guarantor with Lender, regardless of the purposes for which the same was deposited, to cure any such default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; (d) Exercise or pursue any other remedy or cause of action permitted under this Agreement or any other Loan Documents, or conferred upon Lender by operation of Law. Notwithstanding the foregoing, upon the occurrence of any Event of Default under Section 14(h), all amounts evidenced by the Note shall automatically become due and payable, without any presentment, demand, protest or notice of any kind to Borrowers.

Remedies Conferred Upon Lender. Upon the happening and during the continuance occurrence of any Event of Default, Lender may pursue any one or more of the following remedies concurrently or successively, it being the intent hereof that none of such remedies shall be to the exclusion of any other: (a) Take possession of the Projects, or any of them, Project and complete the Construction and do anything which is necessary or appropriate in its sole judgment to fulfill the obligations of Borrowers Borrower under this Agreement and the other Loan Documents, including either the right to avail itself of and procure performance of existing contracts or let any contracts with the same contractors or others. Without restricting the generality of the foregoing and for the purposes aforesaid, each Borrower hereby appoints and constitutes Lender its lawful attorney-in-fact with full power of substitution in its the Project to complete the Construction in the name of Borrower; to use unadvanced funds remaining under the Note or which may be reserved, escrowed or set aside for any purposes hereunder at any time, or to advance funds in excess of the face amount of the Note, to complete the Construction; to make changes in the Plans and Specifications which shall be necessary or desirable to complete the Construction in substantially the manner contemplated by the Plans and Specifications; to retain or employ new general contractors, subcontractors, architects, engineers and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims, which may, may be liens or security interests, or to avoid such bills and claims becoming liens against such the Project; to execute all applications and certificates in the name of each Borrower prosecute and defend all actions or proceedings in connection with the Improvements or the ProjectsProject; to take action and require such performance as it deems necessary under any of the bonds Bonds to be furnished hereunder and to make settlements and compromises with the surety or sureties thereunder, and in connection therewith, to execute instruments of release and satisfaction; and to do any and every act which any the Borrower might do in its own behalf; it being understood and agreed that this power of attorney shall be a power coupled with an interest and cannot be revoked; (b) Withhold further disbursement of the proceeds of the Loan and/or terminate Lender's obligations to make further disbursements hereunder; (c) Declare the Note to be immediately due and payable; (cd) Use and apply any monies or letters of credit deposited by any Borrower or Guarantor with Lender, regardless of the purposes for which the same was deposited, to cure any such default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; (de) Take control of the Owner's Contingency; and (f) Exercise or pursue any other remedy or cause of action permitted under this Agreement or any other Loan Documents, or conferred upon Lender by operation of Law. Notwithstanding the foregoing, upon the occurrence of any Event of Default under Section 14(h)19.1(h) with respect to Borrower, all amounts evidenced by the --------------- Note shall automatically become due and payable, without any presentment, demand, protest or notice of any kind to BorrowersBorrower.

Remedies Conferred Upon Lender. Upon the happening and during the continuance occurrence of any Event of Default, Lender may shall, in addition to all remedies conferred upon Lender by law and by the terms of the Note, Mortgage and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies concurrently or successively, it being the intent hereof that none of all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other: (a) Take possession of and operate the ProjectsProject, collect all Rent and other revenues from the Project, whether or not Lender shall take possession, make entry or engage in any of themother activity with respect to the Project, and do anything any and every act which is necessary or appropriate Borrower might do in its sole judgment to fulfill the obligations of Borrowers under this Agreement and the other Loan Documentsown behalf, including either the right to avail itself of and procure performance of existing contracts or let any contracts with the same contractors or others. Without restricting the generality of the foregoing and for the purposes aforesaidand, each Borrower hereby irrevocably appoints and constitutes Lender its lawful attorney-in-fact fact, with full power of substitution in its Project to payfor the purposes aforesaid, settle or compromise all existing bills and claims, which may, be liens or security interests, or to avoid such bills and claims becoming liens against such Project; to execute all applications and certificates in the name of each Borrower prosecute and defend all actions or proceedings in connection with the Improvements or the Projects; to take action and require such performance as it deems necessary under any of the bonds to be furnished hereunder and to make settlements and compromises with the surety or sureties thereunder, and in connection therewith, to execute instruments of release and satisfaction; and to do any and every act which any Borrower might do in its own behalf; it being understood and agreed that this the foregoing power of attorney shall be a power coupled with an interest and cannot be revoked. (b) Withhold further disbursement, if any, of the proceeds of the Loan; (bc) Declare the Note to be immediately due and payable; (cd) Use and apply any monies or letters of credit deposited by any Borrower or Guarantor with Lender, regardless of the purposes purpose for which the same was deposited, to cure any such default Event of Default or to apply on account of any indebtedness under this Agreement Obligations which is due and owing to Lender; (de) Accrue and/or collect interest at the Default Rate on the outstanding balance of the Loan and all amounts due or payable under this Agreement or under the Loan Documents without the responsibility to accelerate the Loan, such interest to accrue and be adjusted in accordance with Section 3.5 hereof; and (f) Exercise or pursue any other right or remedy or cause of action permitted under this Agreement or any of the other Loan Documents, Documents or conferred upon Lender by operation of Law. Notwithstanding the foregoing, upon the occurrence of any Event of Default under Section 14(h), all amounts evidenced by the Note shall automatically become due and payable, without any presentment, demand, protest or notice of any kind to Borrowerslaw.

Remedies Conferred Upon Lender. Upon the happening and during the continuance occurrence of any ------------------------------ Event of Default, Lender may shall, in addition to all remedies conferred upon Lender by Law and by the terms of the Note, Mortgage and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies concurrently or successively, it being the intent hereof that none of all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other: (a) Take possession of and operate the ProjectsProject, collect all Rent and other revenues from the Project, whether or not Lender shall take possession, make entry or engage in any of themother activity with respect to the Project, and do anything any and every act which is necessary or appropriate Borrower might do in its sole judgment to fulfill the obligations of Borrowers under this Agreement and the other Loan Documentsown behalf, including either the right to avail itself of and procure performance of existing contracts or let any contracts with the same contractors or others. Without restricting the generality of the foregoing and for the purposes aforesaidand, each Borrower hereby irrevocably appoints and constitutes Lender its lawful attorney-in-fact fact, with full power of substitution in its Project to payfor the purposes aforesaid, settle or compromise all existing bills and claims, which may, be liens or security interests, or to avoid such bills and claims becoming liens against such Project; to execute all applications and certificates in the name of each Borrower prosecute and defend all actions or proceedings in connection with the Improvements or the Projects; to take action and require such performance as it deems necessary under any of the bonds to be furnished hereunder and to make settlements and compromises with the surety or sureties thereunder, and in connection therewith, to execute instruments of release and satisfaction; and to do any and every act which any Borrower might do in its own behalf; it being understood and agreed that this the foregoing power of attorney shall be a power coupled with an interest and cannot be revoked. (b) Withhold further disbursement, if any, of the proceeds of the Loan; (bc) Declare the Note to be immediately due and payable; (cd) Use and apply any monies or letters of credit deposited by any Borrower or Guarantor with Lender, regardless of the purposes purpose for which the same was deposited, to cure any such default Event of Default or to apply on account of any indebtedness under this Agreement Obligations which is due and owing to Lender;; and (de) Exercise or pursue any other right or remedy or cause of action permitted under this Agreement or any of the other Loan Documents, Documents or conferred upon Lender by operation of Law. Notwithstanding the foregoing, upon the occurrence of any Event of Default under Section 14(h), all amounts evidenced by the Note shall automatically become due and payable, without any presentment, demand, protest or notice of any kind to Borrowers.

Remedies Conferred Upon Lender. Upon the happening and during the continuance occurrence of any Event of Default, Lender may shall, in addition to all remedies conferred upon Lender by law or in equity and by the terms of the Note, Deed of Trust and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies concurrently or successively, it being the intent hereof that none of all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other: (a) Take possession of Complete the Projects, or any of themConstruction, and do anything which take any other action whatever which, in Lender's sole judgment, is necessary or appropriate in its sole judgment to fulfill the covenants, agreements and obligations of Borrowers Borrower under this Agreement and the other Loan Documents, including either the right to (x) avail itself of and procure performance of existing contracts or and subcontracts, including the General Contracts, and (y) let any contracts with the same contractors and subcontractors or othersothers and to employ watchmen to protect the Improvements from injury. Without restricting the generality of the foregoing foregoing, and for the purposes purpose aforesaid, each Borrower hereby appoints and constitutes Lender its lawful attorney-in-attorney in fact with full power of substitution in its Project the Improvements, and agrees that Lender shall be entitled to pay(i) complete the Construction, settle (ii) use unadvanced funds remaining in the Loan or compromise all existing bills which may be reserved, escrowed or set aside for any purpose whatever at any time, to complete the Construction, (iii) advance funds, in excess of the face amount of the Note, to complete the Construction, (iv) make changes in the Plans and claimsSpecifications which shall be necessary to or desirable to complete the Construction in substantially the manner contemplated by the Plans and Specifications, which may(v) retain or employ such new general contractors, subcontractors, architects, engineers, environmental consultants and inspectors as may be liens or security interestsrequired for said purposes, or to avoid such bills and claims becoming liens against such Project; to (vi) execute all applications and certificates in which may be required by any of the name of each Borrower Loan Documents, (vii) prosecute and defend all actions or proceedings in connection connected with or relating to the Improvements or the Projects; to take action and require such performance as it deems necessary under any of the bonds to be furnished hereunder and to make settlements and compromises with the surety or sureties thereunderImprovements, and in connection therewith, to execute instruments of release and satisfaction; and to (vii) do any and every act which any the Borrower might do in its own behalf; it being understood and agreed that this the foregoing power of attorney shall be a power coupled with an interest and cannot be revoked; (b) Withhold further disbursement of the proceeds of the Loan; and 18 (c) Declare the Note to be immediately due and payable; (c) Use and apply any monies or letters of credit deposited by any Borrower or Guarantor with Lender, regardless of the purposes for which the same was deposited, to cure any such default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; (d) Exercise or pursue any other remedy or cause of action permitted under this Agreement or any other Loan Documents, or conferred upon Lender by operation of Law. Notwithstanding the foregoing, upon the occurrence of any Event of Default under Section 14(h), all amounts evidenced by the Note shall automatically become due and payable, without any presentment, demand, protest or notice of any kind to Borrowers.

Remedies Conferred Upon Lender. Upon the happening and during the continuance occurrence of any Event of Default, Lender may pursue any one or more of the following remedies concurrently or successively, it being the intent hereof that none of such remedies shall be to the exclusion of any other: (a) Take possession of the Projects, or any of them, Project and complete the Construction and do anything which is necessary or appropriate in its sole judgment to fulfill the obligations of Borrowers Borrower under this Agreement and the other Loan Documents, including either the right to avail itself of and procure performance of existing contracts or let any contracts with the same contractors or others. Without restricting the generality of the foregoing and for the purposes aforesaid, each Borrower hereby appoints and constitutes Lender its lawful attorney-in-fact with full power of substitution in its Project the Project: to complete the Construction in the name of Borrower; to use unadvanced funds remaining under the Note or which may be reserved, escrowed or set aside for any purposes hereunder at any time, or to advance funds in excess of the face amount of the Note; to complete the Construction; to make changes in the Plans and Specifications which shall be necessary or desirable to complete the Construction in substantially the manner contemplated by the Plans and Specifications; to retain or employ general contractors, subcontractors, architects, engineers and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims, which may, are or may be liens or security interestsinterests against the Land, Improvements or Project, or to avoid such bills and claims becoming liens against such the Land, Improvements or Project, or as may be necessary for the completion of the Improvements or the clearance of title to the Land, Improvements or Project; to execute all applications and certificates in the name of each Borrower which may be necessary to prosecute and defend all actions or proceedings in connection with the Land, Improvements or Project or which may be required under or by any contract pertaining to the ProjectsLand, Improvements or Project; to take action and require such performance as it deems necessary under any of the bonds Bonds to be furnished hereunder and to make settlements and compromises with the surety or sureties thereunder, and in connection therewith, to execute instruments of release and satisfaction; and to do any and every act which any the Borrower might do in its own behalf; it being understood and agreed that this power of attorney shall be a power coupled with an interest and cannot be revoked; (b) Withhold further disbursement of the proceeds of the Loan and/or terminate Lender’s obligations to make further disbursements hereunder; (c) Declare the Note to be immediately due and payable; (cd) Use and apply any monies or letters of credit deposited by any Borrower or Guarantor with Lender, regardless of the purposes for which the same was deposited, to cure any such default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender;; and (de) Exercise or pursue any other remedy or cause of action permitted under this Agreement or any other Loan Documents, including the Deed of Trust, or conferred upon Lender by operation of Law, including foreclosure of the Deed of Trust. Notwithstanding the foregoing, upon the occurrence of any Event of Default under Section 14(h)13.1(h) with respect to Borrower, all amounts evidenced by the Note shall automatically become due and payable, without any presentment, demand, protest or notice of any kind to BorrowersBorrower.