Common use of ADVANCES TO TITLE INSURANCE COMPANY OR TO OTHERS Clause in Contracts

ADVANCES TO TITLE INSURANCE COMPANY OR TO OTHERS. In its sole discretion, following an Event of Default, the Lender may make any or all Advances through the Title Insurance Company and any portion of the Construction Loan so disbursed by the Lender shall be deemed disbursed as of the date on which the Lender makes such disbursement. At its option, the Lender may make Advances of portions of the proceeds of the Construction Loan to any Person to whom the Lender in good faith determines payment is due and any portion of the Construction Loan so disbursed by the Lender shall be deemed disbursed as of the date on which the Lender makes such disbursement. The execution of this Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Construction Loan. No further authorization from the Borrower shall be necessary to warrant such direct Advances and all such Advances shall satisfy pro tanto the obligations of the Lender hereunder and shall be secured by the Mortgage and the other Security Documents as fully as if made directly to the Borrower.

ADVANCES TO TITLE INSURANCE COMPANY OR TO OTHERS. In its sole discretion, following an Event the event that the Agent or the Majority Banks shall determine in the exercise of Defaulttheir business judgment that cause exists to do so, the Lender Agent may make any or all Advances advances through the Title Insurance Company or a recognized construction disbursement service and any portion of the Construction Loan so disbursed by the Lender Agent on behalf of the Banks shall be deemed disbursed as of the date on which the Lender Bank makes such disbursement. At its optionIn the event that the Agent or the Majority Banks shall determine in the exercise of their business judgment that cause exists to do so, the Lender Agent may make Advances advances of portions of the proceeds of the Construction Loan to any Person to whom the Lender Agent or the Majority Banks in good faith determines determine payment is due and any portion of the Construction Loan so disbursed by the Lender Agent on behalf of the Banks shall be deemed disbursed as of the date on which the Lender Agent makes such disbursement. The execution of this Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Construction Loan. No further authorization from the Borrower shall be necessary to warrant such direct Advances advances and all such Advances advances shall satisfy pro tanto the obligations of the Lender Banks hereunder and shall be secured by the Mortgage Security Deed and the other Security Documents as fully as if made directly to the Borrower.