RIGHTS OF ACCESS AND INSPECTION. Borrower shall cause Mortgagor to permit agents, representatives and employees of Lender to inspect the Project and the installation of the Project or any part thereof during reasonable business hours upon reasonable advance notice. Without limiting the foregoing, Lender shall also be permitted access to the Project in order to examine, copy and audit Mortgagor’s books and records (including as part of any audit performed pursuant to Section 12(e) hereof) and any plans, drawings contracts, books or records relating to the Project. Borrower shall, to the extent within its control, cause any contractors or subcontractors to cooperate with Lender or its agents in connection with any inspection. Lender is under no duty to visit or observe the Project or to examine any books or records. Any site visit, observation or examination by Lender shall be solely for the purpose of protecting Lender’s security and preserving Lender’s rights under the Loan Documents. Neither Borrower, Senior Mezz Borrower or Mortgagor nor any other party is entitled to rely on any site visit, observation or testing by Lender or its agents or representatives. Lender owes no duty of care to protect Borrower, Mortgagor, Senior Mezz Borrower or any other party against, or to inform Borrower or any other party of, any adverse condition affecting the Project, including any defects in the design or construction of any improvements on the Property or the presence of any Hazardous Materials on the Property. So long as no Event of Default has occurred and is continuing, Lender shall give Borrower, Senior Mezz Borrower and Mortgagor reasonable prior notice of its intent to enter the Project.
Appears in 2 contracts
Samples: Junior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Junior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
RIGHTS OF ACCESS AND INSPECTION. Borrower Borrowers shall cause Mortgagor to permit agents, representatives and employees of Lender to inspect the Project and the installation of the Project or any part thereof during reasonable business hours upon reasonable advance notice. Without limiting the foregoing, Lender shall also be permitted access to the Project in order to examine, copy and audit Mortgagor’s books and records (including as part of any audit performed pursuant to Section 12(e) hereof) and any plans, drawings contracts, books or records relating to the Project. Borrower shall, to the extent within its control, Borrowers shall cause any contractors or subcontractors to cooperate with Lender or its agents in connection with any inspection. Lender is under no duty to visit or observe the Project or to examine any books or records. Any site visit, observation or examination by Lender shall be solely for the purpose of protecting Lender’s security and preserving Lender’s rights under the Loan Documents. Neither BorrowerBorrowers, Senior Mezz Borrower or Mortgagor nor any other party is entitled to rely on any site visit, observation or testing by Lender or its agents or representatives. Lender owes no duty of care to protect BorrowerBorrowers, Mortgagor, Senior Mezz Borrower Mortgagor or any other party against, or to inform Borrower Borrowers or any other party of, any adverse condition affecting the Project, including any defects in the design or construction of any improvements on the Property or the presence of any Hazardous Materials on the PropertyProperty (but excluding any damage or harm caused by Lender or its agents). So long as no Event of Default has occurred and is continuing, Lender shall give Borrower, Senior Mezz Borrower Borrowers and Mortgagor reasonable prior notice of its intent to enter the Project.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
RIGHTS OF ACCESS AND INSPECTION. Borrower shall cause Mortgagor to permit agents, representatives and employees of Lender to inspect the Project and the installation of the Project or any part thereof during reasonable business hours upon reasonable advance notice. Without limiting the foregoing, Lender shall also be permitted access to the Project in order to examine, copy and audit Mortgagor’s books and records (including as part of any audit performed pursuant to Section 12(e) hereof) and any plans, drawings contracts, books or records relating to the Project. Borrower shall, to the extent within its control, cause any contractors or subcontractors to cooperate with Lender or its agents in connection with any inspection. Lender is under no duty to visit or observe the Project or to examine any books or records. Any site visit, observation or examination by Lender shall be solely for the purpose of protecting Lender’s security and preserving Lender’s rights under the Loan Documents. Neither Borrower, Senior Mezz Borrower or Mortgagor nor any other party is entitled to rely on any site visit, observation or testing by Lender or its agents or representatives. Lender owes no duty of care to protect Borrower, Mortgagor, Senior Mezz Borrower Mortgagor or any other party against, or to inform Borrower or any other party of, any adverse condition affecting the Project, including any defects in the design or construction of any improvements on the Property or the presence of any Hazardous Materials on the Property. So long as no Event of Default has occurred and is continuing, Lender shall give Borrower, Senior Mezz Borrower and Mortgagor reasonable prior notice of its intent to enter the Project.
Appears in 2 contracts
Samples: Senior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Senior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
RIGHTS OF ACCESS AND INSPECTION. Borrower shall cause Mortgagor to permit agents, representatives and employees of Lender to inspect the Project Land and the installation of the Project or any part thereof during reasonable business hours upon reasonable advance notice. Without limiting the foregoing, Lender shall also be permitted access to the Project in order to examine, copy and audit Mortgagor’s books and records (including as part of any audit performed pursuant to Section 12(e12(f) hereof) and any plans, drawings drawings, contracts, books or records relating to the Project. Borrower shall, to the extent within its control, cause any contractors or subcontractors to cooperate with Lender or its agents in connection with any inspection. Lender is under no duty to visit or observe the Project or to examine any books or records. Any site visit, observation or examination by Lender shall be solely for the purpose of protecting Lender’s security and preserving Lender’s rights under the Loan Documents. Neither Borrower, Senior Mezz Borrower or Mortgagor nor any other party is entitled to rely on any site visit, observation or testing by Lender or its agents or representatives. Lender owes no duty of care to protect Borrower, Mortgagor, Senior Mezz Borrower Mortgagor or any other party against, or to inform Borrower or any other party of, any adverse condition affecting the Project, including any defects in the design or construction of any improvements on the Property Land or the presence of any Hazardous Materials on the PropertyLand. So long as no Event of Default has occurred and is continuing, Lender shall give Borrower, Senior Mezz Borrower and Mortgagor reasonable prior notice of its intent to enter the Project.
Appears in 1 contract
Samples: Senior Mezzanine Loan Agreement (Behringer Harvard Multifamily Reit I Inc)