Common use of Segregation of Loan Proceeds Clause in Contracts

Segregation of Loan Proceeds. Lender shall, at its option, be entitled to segregate and earmark sufficient proceeds of the Loan for the purpose of paying all sums due or to become due Lender under this Agreement, including but not limited to, reasonable fees, interest, and all out-of-pocket expenses incurred relative to this Agreement and the Loan. Lender shall also be entitled to advance such proceeds to itself in payment of such sums as they become due and payable, all without further order or consent of the Borrower. Lender shall give Borrower notice of any such action.