DISBURSEMENT OF INTEREST RESERVE. The Borrower hereby irrevocably authorizes and directs the Lender to apply the Interest Reserve or so much thereof as is necessary and available so as to pay to the Lender the regular monthly instalments of interest due and coming due under the Loan at any time and from time to time, and otherwise in accordance with the “Interest Reserve” provisions of the Commitment and, at the Lender’s option, subject to all customary title sub- searches and other due diligence required by the Lender in connection with each such advance. Except as provided in this paragraph, nothing herein shall obligate the Lender to utilize or apply the Interest Reserve for payment of any amount owing in connection with the Loan, the Loan Documents, the Property or any other mortgage, charge, lien or encumbrance thereof.
Appears in 10 contracts
Samples: Assignment and Agreement of Interest, Assignment and Agreement of Interest, Assignment and Agreement of Interest
