Common use of Take Over Construction Clause in Contracts

Take Over Construction. If construction of the Project is not completed, Lender may, but shall not be obligated to, take over and complete the construction of the Project in accordance with Plans and Specifications approved by Lender with such changes as Lender may, in its reasonable discretion, deem appropriate, all at the risk and expense of the Borrower. Lender may assume or reject any contracts entered into by the Borrower in connection with the Project and Lender may enter into additional or different contracts for services, labor and for materials necessary, in the discretion of Lender, to complete the Project. Lender may pay, compromise and settle all claims in connection with the Project. All reasonable sums, including reasonable attorney fees, charges and fees for supervision and inspection of the construction, and for any other necessary purpose in the sole discretion of Lender, expended by Lender in completing the Project shall be deemed advances made by Lender to the Borrower, and the Borrower shall be liable to Lender for the repayment of such sums, together with interest on such amounts from the date of their expenditure at the default rate specified in the Note. Lender may, in its discretion, at any time, abandon work on the Project after having commenced such work and may recommence such work at any time, it being understood that nothing in this Section shall impose any obligation on Lender to complete the Project. For the purpose of carrying out the provisions of this Section, the Borrower irrevocably appoints Lender as its attorney-in-fact, with full power of substitution, to execute and deliver all such documents, pay and receive such funds, and take such action as may be necessary in the judgment of Lender to complete the Project.