Common use of Completion of the Improvements Clause in Contracts

Completion of the Improvements. Administrative Agent and Lenders shall have the right, upon the occurrence of a Default or an Event of Default, in addition to any rights or remedies available to any of them under this Loan Agreement and all other Loan Documents, to enter into possession of the Collateral and perform any and all work and labor necessary to complete the Improvements in accordance with the Plans. All amounts so expended by Administrative Agent or any Lender shall be deemed to have been disbursed to Borrower as Loan proceeds and secured by the Mortgage. For this purpose, Borrower hereby constitutes and appoints (which appointment is coupled with an interest and is therefore irrevocable) Administrative Agent as Borrower’s true and lawful attorney-in-fact, with full power of substitution to complete the Improvements in the name of Borrower, and hereby empowers Administrative Agent, acting as Borrower’s attorney-in-fact, as follows: to use any funds of Borrower, including any balance which may be held in escrow, any Borrower’s Deposit and any funds which may remain unadvanced under the Note, for the purpose of completing the Improvements; to make such additions and changes and corrections in the Plans which shall be necessary or desirable to complete the Improvements; to continue, amend, or terminate all or any existing Construction Contracts or subcontracts; to employ such contractors, subcontractors, agents, design professionals and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims which are or may be payable with respect to any Construction Contract, Property Contract, or Operating Contract, may be or become Liens, or may be necessary or desirable for the Completion of the Improvements or the clearing of title; to execute all applications, certificates, and other documents in the name of Borrower which may be required by any Construction Contract, Property Contract, or Operating Contract; and to do any and every act with respect to the construction of the Improvements which Borrower could do in Borrower’s own behalf. Administrative Agent, acting as Borrower’s attorney-in-fact, shall also have power to prosecute and defend all actions or proceedings in connection with the Collateral and to take such action and require such performance as is deemed necessary. In no event shall Administrative Agent have any obligation to take any action pursuant to its rights as attorney-in-fact. The power of attorney under this Section shall terminate upon payment of the Obligations in full or upon foreclosure (or conveyance in lieu of foreclosure) of all of the Collateral. Administrative Agent shall incur no liability if any action taken by it as attorney-in-fact as permitted above shall prove to be inadequate, invalid, or in poor judgment, so long as Administrative Agent did not act with gross negligence or willful misconduct. Borrower agrees to indemnify and hold harmless Administrative Agent from and against any loss, cost, liability, or expense (including reasonable attorneys’ fees) incurred in connection with any such action (excluding Administrative Agent’s gross negligence or willful wrongful act). The foregoing indemnity shall apply with respect to matters which in whole or in part are caused by or arise out of the negligence (but not gross negligence) (whether sole, comparative, or contributory) of Administrative Agent, but shall not apply to matters to the extent such matters are caused by or arise out of the gross negligence or willful wrongful act of Administrative Agent.

Completion of the Improvements. Administrative Agent and Lenders shall have the rightLender may, upon the occurrence of a Default or of, an Event of DefaultDefault and during the continuation thereof, in addition to any rights or remedies available to any of them it hereunder or under this Loan Agreement and all the other Loan Documents, to enter into possession of the Collateral Mortgaged Property and perform any and all work and labor necessary to complete the Improvements in accordance with the Plans. All amounts so expended by Administrative Agent or any Lender shall be under this Section 6.4 are deemed to have been disbursed to Borrower as Loan proceeds and secured by the MortgageDeed of Trust. For this purpose, Borrower hereby constitutes and appoints (which appointment is coupled with an interest and is therefore irrevocable) Administrative Agent Lender as Borrower’s true and lawful attorney-in-fact, with full power of substitution to complete the Improvements in the name of Borrower, and hereby . Borrower empowers Administrative AgentLender, acting as Borrower’s attorney-in-fact, as follows: to use any funds of Borrower, including including, without limitation, any balance which that may be held in escrow, any Borrower’s Deposit Deposit, and any funds which that may remain unadvanced under the Note, this Agreement for the purpose of completing the ImprovementsImprovements in the manner called for by the Plans; to make such additions and changes those additions, changes, and corrections in the Plans which shall be that are necessary or desirable to complete the ImprovementsImprovements in the manner contemplated by the Plans; to continue, amend, or terminate all or continue any existing Construction Contracts or subcontracts; to employ such contractors, subcontractors, agents, design professionals professionals, and inspectors as shall be that are required for said those purposes; to pay, settle settle, or compromise all existing bills and claims which that are or may be payable with respect to any Construction Contract, Property Contract, or Operating Contract, may be or become Liens, or that may be necessary or desirable for the Completion of the Improvements work or the clearing of title; to execute all applications, certificates, the applications and other documents certificates in the name of Borrower which that may be required by any Construction Contract, Property Contract, or Operating Contract; and to do any and perform every act with respect to the construction of the Improvements which that Borrower could do in on Borrower’s own behalf. Administrative AgentLender, acting as Borrower’s attorney-in-fact, shall also have power to may prosecute and defend all actions or proceedings in connection with the Collateral Mortgaged Property and to take such action and require such performance as is deemed necessary. In no event shall Administrative Agent have any obligation to take any action pursuant to its rights as attorney-in-fact. The power of attorney under this Section shall terminate upon payment of the Obligations in full or upon foreclosure (or conveyance in lieu of foreclosure) of all of the Collateral. Administrative Agent shall incur no liability if and require any action taken by it as attorney-in-fact as permitted above shall prove to be inadequate, invalid, or in poor judgment, so long as Administrative Agent did not act with gross negligence or willful misconduct. Borrower agrees to indemnify and hold harmless Administrative Agent from and against any loss, cost, liability, or expense (including reasonable attorneys’ fees) incurred in connection with any such action (excluding Administrative Agent’s gross negligence or willful wrongful act). The foregoing indemnity shall apply with respect to matters which in whole or in part are caused by or arise out of the negligence (but not gross negligence) (whether sole, comparative, or contributory) of Administrative Agent, but shall not apply to matters to the extent such matters are caused by or arise out of the gross negligence or willful wrongful act of Administrative Agentperformance that is deemed necessary.

Completion of the Improvements. Administrative Agent and Lenders Lender shall have the right, upon the occurrence of a Default or and during the continuance of an Event of Default, in addition to any rights or remedies available to any of them it under this Loan Agreement and all other Loan Documents, to enter into possession of the Collateral Mortgaged Property and perform any and all work and labor necessary to complete the Improvements in accordance with the Plans. All amounts so expended by Administrative Agent or any Lender shall be deemed to have been disbursed to Borrower as Loan proceeds and secured by the MortgageDeed of Trust. For this purpose, Borrower hereby constitutes and appoints (which appointment is coupled with an interest and is therefore irrevocable) Administrative Agent Lender as Borrower’s 's true and lawful attorney-in-fact, with full power of substitution to complete the Improvements in the name of Borrower, and hereby empowers Administrative AgentLender, acting as Borrower’s 's attorney-in-fact, as follows: to use any funds of Borrower, including any balance which may be held in escrow, any Borrower’s 's Deposit and any funds which may remain unadvanced under the Notehereunder, for the purpose of completing the ImprovementsImprovements in the manner called for by the Plans; to make such additions and changes and corrections in the Plans which shall be necessary or desirable to complete the ImprovementsImprovements in the manner contemplated by the Plans; to continue, amend, or terminate continue all or any existing Construction Contracts or subcontracts; to employ such contractors, subcontractors, agents, design professionals and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims which are or may be payable with respect to any Construction Contract, Property Contract, or Operating Contract, may be or become Liensliens, or may be necessary or desirable for the Completion completion of the Improvements work or the clearing of title; to execute all applications, certificates, the applications and other documents certificates in the name of Borrower which may be required by any Construction Contract, Property Contract, or Operating Contractconstruction contract; and to do any and every act with respect to the construction of the Improvements which Borrower could do in Borrower’s 's own behalf. Administrative AgentLender, acting as Borrower’s 's attorney-in-fact, shall also have power in such an event to prosecute and defend all actions or proceedings in connection with the Collateral Mortgaged Property and to take such action and require such performance as is deemed necessary. In no event shall Administrative Agent have any obligation to take any action pursuant to its rights as attorney-in-fact. The power of attorney under this Section shall terminate upon payment of the Obligations in full or upon foreclosure (or conveyance in lieu of foreclosure) of all of the Collateral. Administrative Agent shall incur no liability if any action taken by it as attorney-in-fact as permitted above shall prove to be inadequate, invalid, or in poor judgment, so long as Administrative Agent did not act with gross negligence or willful misconduct. Borrower agrees to indemnify and hold harmless Administrative Agent from and against any loss, cost, liability, or expense (including reasonable attorneys’ fees) incurred in connection with any such action (excluding Administrative Agent’s gross negligence or willful wrongful act). The foregoing indemnity shall apply with respect to matters which in whole or in part are caused by or arise out of the negligence (but not gross negligence) (whether sole, comparative, or contributory) of Administrative Agent, but shall not apply to matters to the extent such matters are caused by or arise out of the gross negligence or willful wrongful act of Administrative Agent.