Right to Complete Construction Clause Samples
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Right to Complete Construction. Upon the occurrence and during the continuance of a Default hereunder, Administrative Agent, on behalf of the Lenders, shall have the right, in person or by agent, in addition to all other rights and remedies available to Administrative Agent under this Agreement, the other Loan Documents, to the fullest extent permitted by law, to take possession of the Mortgaged Property and perform any and all work and labor necessary to complete the Improvements and the acquisition and installation of the Proton System substantially in accordance with the Plans and Specifications and the Building Interface Document (with such modifications as shall be deemed appropriate by Administrative Agent), and employ watchmen to protect the Mortgaged Property from injury. All reasonable sums so expended by Administrative Agent or any Lender shall be deemed to have been paid to Borrower and constitute Obligations. Effective upon the occurrence and during the continuance of a Default, Borrower hereby constitutes and appoints Administrative Agent its true and lawful attorney‑in‑fact, with full power of substitution, to so complete the Improvements in the name of Borrower. Borrower hereby empowers said attorney to: (a) use any funds of Borrower, including any funds which may remain undisbursed hereunder for the purpose of so completing the Facility; (b) make such additions, changes and corrections in the Plans and Specifications or the Building Interface Document as Administrative Agent deems appropriate; (c) employ such contractors, agents, architects and inspectors as shall be required for said purposes; (d) pay, settle or compromise all existing bills and claims which may be liens against the Mortgaged Property, or as may be necessary or desirable for such Completion of the Facility or for clearance of title; (e) execute all applications and certificates in the name of Borrower which may be required by any of the contract documents; (f) prosecute and defend all actions or proceedings in connection with the Mortgaged Property or the construction of the Improvements and take such action and require such performance as it deems necessary under any bond or guaranty of completion; and (g) do any and every act which Administrative Agent shall determine in its sole discretion. It is further understood and agreed that this power of attorney, which shall be deemed to be a power coupled with an interest, cannot be revoked.
Right to Complete Construction. Upon the occurrence of an Event of Default, Lender shall have the right, in addition to such other rights and remedies available to Lender hereunder or under the Note or the Security Documents or any other Loan Documents to enter into possession of the Property, to take over and complete the Improvements substantially in accordance with the Plans and Specifications, to employ security personnel to protect the Property and the Improvements and, for that purpose, to make disbursements directly from the Account and all amounts so disbursed shall be deemed to have been disbursed to Borrower under this Loan Agreement. Any contracts entered into or indebtedness incurred in the reasonable and necessary exercise of such right may be executed in the name of Borrower upon ten (10) Business Days’ written notice to Borrower setting forth the basis of Lender’s belief that such execution is necessary. Lender is hereby authorized and irrevocably appointed attorney in fact to sign Borrower’s name to such contracts and incur such obligations and upon five (5) Business Days’ written notice to Borrower to enforce any contracts or agreements therefor made by or on behalf of Borrower and to do any and all things reasonably necessary or proper to complete the work of construction. In no event shall Lender be required to expend its own funds to complete the Improvements if the undrawn portion of the Loan is insufficient, but Lender may, at its option, expend funds. If any funds are so expended, they shall be paid to Lender by Borrower on demand together with interest at the Default Rate.