Common use of Right to Complete Construction Clause in Contracts

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 and during the continuance of a an Event of Event of Default hereunder, the Administrative Agent, on behalf of the Lenders and with the prior consent of the Required Lenders, shall have the right, in person or by agent, in addition to all other rights and remedies available to the Administrative Agent under this Agreement, Agreement and the other Loan Documents, to the fullest extent permitted by law, to take possession of the Mortgaged Property Miami Jai-Alai Facility and perform any and all work and labor necessary to complete the Improvements and the acquisition and installation of the Proton System Miami Jai-Alai Facility substantially in accordance with the Plans and Specifications and the Building Interface Document (with such modifications as shall be deemed appropriate by the Administrative Agent), and employ watchmen to protect the Mortgaged Property Miami Jai-Alai Facility from injury, all as described in this Section 7.02. All reasonable sums so expended by the Administrative Agent or any Lender shall be deemed to have been paid to the Borrower and constitute Obligations. Effective upon the occurrence and during the continuance of a an Event of Default, each of Holdings and the Borrower hereby constitutes and appoints the Administrative Agent its true and lawful attorney‑in‑factattorney in fact, with full power of substitution, to so complete the Improvements Miami Jai-Alai Facility in the name of Holdings or the Borrower. Each of Holdings and the Borrower hereby empowers said attorney to: (a) use any funds of Holdings or the Borrower, including any funds which may remain undisbursed hereunder for the purpose of so completing the Miami Jai-Alai Facility; (b) make such additions, changes and corrections in the Plans and Specifications or as the Building Interface Document as Administrative Agent deems appropriate; (c) employ such contractors, subcontractors, 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 PropertyMiami Jai-Alai Facility, or as may be necessary or desirable for such Completion completion of the Miami Jai-Alai Facility or for clearance of title; (e) execute all applications and certificates in the name of Holdings or the 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 Miami Jai-Alai Facility or the construction of the Improvements Miami Jai-Alai Facility 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 Holdings or the Borrower might do on its sole discretionown behalf. 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 and during the continuance of a Default hereunder, Administrative Agent, on behalf of the Lenders, Lender shall have the right, in person or by agent, in addition to all other rights and remedies available to Administrative Agent Lender under this Agreement, the other Loan Documents and the Required Third Party 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 AgentLender), 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 Lender its true and lawful attorney‑in‑factattorney-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 FacilityImprovements; (b) make such additions, changes and corrections in the Plans and Specifications or the Building Interface Document as Administrative Agent Lender deems appropriate; (c) employ such contractors, subcontractors, 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 completion of the Facility Improvements 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 Borrower might do on its sole discretionown behalf. 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 and during the continuance of a Default hereunderan Event of Default, Administrative Agent, on behalf of the Lenders, CoBank shall have the right, in person or by agent, in addition to all other rights and remedies available to Administrative Agent CoBank hereunder or under this Agreement, the other Loan Documents, to the fullest extent permitted by lawacting on its own or through agents of its choice, to take enter into possession of the Mortgaged Property all Construction Premises and Unit Under Construction Premises and perform any and all work and labor necessary according to complete the Improvements and the acquisition and installation of the Proton System substantially in accordance with the Plans and Specifications and for the Building Interface Document (with such modifications as shall be deemed appropriate by Administrative Agent)Units being constructed thereon, and employ watchmen to protect the Mortgaged Property Construction Premises and Unit Under Construction Premises from injury. All reasonable sums so expended by Administrative Agent or any Lender CoBank shall be deemed to have been paid to to, or on behalf of, Borrower and constitute Obligationsshall be part of the indebtedness evidenced by the Construction Loan Note and secured by the Collateral. Effective upon such a default, Borrower hereby assigns to CoBank, absolutely and not merely as security, all of Borrower's interest in contracts then in existence relating to the construction of the Units (including without limitation the Construction Contracts for all Units being constructed), but this assignment shall not be deemed to impose upon CoBank any of Borrower's obligations under any such contract. Upon the occurrence and during the continuance of a an Event of Default, Borrower hereby constitutes and appoints Administrative Agent its CoBank as Borrower's true and lawful attorney‑in‑factattorney-in-fact, with full power of substitution, to so complete the Improvements Units being constructed on all Construction Premises and Unit Under Construction Premises 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 attorney-in-fact 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.follows:

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 If Lender takes possession of the Mortgaged Property and perform Property, it may take any and all actions necessary in its judgment to complete construction of the Improvements, including, but not limited to, making changes in the Plans and Specifications, work, or materials and entering into, modifying or terminating any contractual arrangements, subject to Lender's right at any time to discontinue any work and labor necessary without liability. If Lender elects to complete the Improvements, it will not assume any liability to Borrower or to any other person for completing the Improvements and or for the acquisition and installation manner or quality of construction 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)Improvements, and employ watchmen to protect the Mortgaged Property from injuryBorrower expressly waives any such liability. All reasonable sums so expended by Administrative Agent or any Borrower irrevocably appoints 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 as its true and lawful attorney‑in‑factattorney-in-fact, with full power of substitution, to so complete the Improvements Improvements, at Lender's option, either in the Borrower's name of Borroweror in its own name. Borrower hereby empowers said attorney to: (a) use In any funds of Borrowerevent, including any funds which may remain undisbursed hereunder for the purpose of so all sums expended by Lender in 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 will be considered to have been disbursed to Borrower and take will be secured by the collateral for the Loan. Any such action and require such performance as it deems necessary under any bond or guaranty sums that cause the principal amount 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 the Loan to exceed the face amount of attorney, which shall the Note will be deemed considered to be a power coupled with an interestadditional Loan to Borrower, canbearing interest at the Note rate and being secured by the collateral. For these purposes, Borrower assigns to Lender all of its right, title and interest in and to the Project Documents; however, Lender will not be revokedhave any obligation under the Project Documents unless Lender expressly hereafter agrees to assume such obligations in writing. Lender will have the right to exercise any rights of Borrower under the Project Documents upon the occurrence of an Event of Default. All rights, powers, and remedies of Lender under this Agreement are cumulative and alternative, and are in addition to all rights which Lender may have under applicable law.

Right to Complete Construction. Upon In addition to the rights set forth in Section 9.2, upon the occurrence and during the continuance of a Default hereunderan Event of Default, Administrative Agent, on behalf of the Lenders, Agent shall have the right, in person or by agent, in addition right 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 enter into 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)Specifications, and employ watchmen to protect the Mortgaged Property and Improvements from injury. All reasonable sums so expended by Administrative Agent or any Lender shall be deemed to have been paid to Borrower and constitute Obligationssecured by the Deed of Trust. Effective upon the occurrence and during the continuance such an Event of a Default, Borrower hereby assigns to Administrative Agent all of Borrower’s interest in all Contracts, but this assignment shall not, in the absence of an affirmative written assumption of such Contracts by Administrative Agent, be deemed to impose upon Administrative Agent any of Borrower’s obligations under any such Contract. Borrower constitutes and appoints Administrative Agent its true and lawful attorney‑in‑factattorney-in-fact, with full power of substitution, to so complete the Improvements in the name of Borrower. Borrower hereby empowers said such attorney to: to (a) use any funds of Borrower, including any funds which may remain undisbursed hereunder under this Agreement, for the purpose of so completing the FacilityImprovements; (b) make such additions, changes changes, and corrections in the Plans and Specifications or the Building Interface Document as Administrative Agent deems appropriatedesirable to complete the Improvements in an economically sound manner; (c) employ such contractors, subcontractors, agents, architects architects, and inspectors as shall be required for said purposes; (d) pay, settle settle, or compromise all existing bills and claims which may be liens against the Mortgaged PropertyProperty or Improvements, or as may be necessary or desirable for such Completion the completion of the Facility Improvements 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 Borrower deems necessary under any bond or guaranty of completion; and (g) do any and every act which Administrative Agent shall determine Borrower might do in its sole discretionown behalf. It is further understood and agreed that this This power of attorney, which shall be deemed to be a power coupled with an interest, cannot be revoked. Borrower assigns and quitclaims to Administrative Agent all sums undisbursed under the Loan effective as of the date of any Event of Default.