Execution by Borrower Sample Clauses

Execution by Borrower. If re- quired by State Supplement, the clos- ing agent will require that an affidavit regarding work of improvement, pro- vided by the agency, be completed and executed when a loan is being made to a borrower who already owns the real estate to be mortgaged. This affidavit will be executed by the borrower at closing.

Execution by Borrower. 31 EXHIBITS Exhibit A: Description of the Project LOAN AGREEMENT This LOAN AGREEMENT, dated [ ], 1999, by and between the parties appearing in the cover page hereof,

Execution by Borrower. (a) Borrower is a signatory to this Agreement solely for purposes of (i) consenting to and agreeing to be bound by the provisions of this Agreement, including, without limitation, the application of payment provisions in Article II hereof and application of proceeds provisions of Section 4.4 of this Agreement, (ii) acknowledging and approving the provisions agreed to herein by Manager, and (iii) agreeing to the indemnification provisions of Article V. Borrower agrees and acknowledges that it has no right to enforce any provision of this Agreement. Without limiting the generality of the foregoing, Borrower acknowledges that one of the purposes of this Agreement is to clarify the priorities of payments as among Bank for distribution to Bank, CSDC and Manager with respect to their respective Indebtedness. Borrower irrevocably waives the right to direct the application of any proceeds of Collateral or any other payment in respect of any Indebtedness. Borrower consents and agrees to (i) the sharing and distribution of proceeds realized under the Collateral Documents or otherwise among Bank, CSDC and Manager on the terms and conditions set forth in this Agreement and (ii) the effect such sharing and distribution has on the calculation of the Indebtedness held by Bank, CSDC and Manager and on Borrower's obligations under the applicable Creditor Agreements and Collateral Documents. Borrower further agrees that the Indebtedness which it owes to Bank, CSDC and Manager shall for all purposes be deemed paid (or cash collateralized) only to the extent that proceeds of Collateral or other payments are applied against such Indebtedness. To the extent any application of proceeds of Collateral or other payments to any Indebtedness (the "First Indebtedness") is reversed and reapplied to any other Indebtedness (the "Second Indebtedness"), Borrower agrees that the First Indebtedness shall be reinstated, and the Second Indebtedness shall be deemed paid to the extent such proceeds of Collateral or other payments are applied against such Second Indebtedness. (b) Borrower, Manager, Sonesta, CSDC and Bank further acknowledge that to the extent permitted by law, each will request during the pendency of any bankruptcy proceeding by Borrower or foreclosure pursuant to which a keeper may or must be designated that Manager be appointed to operate the Hotel under the Management Agreement and in connection therewith be allowed to use any funds produced by the Hotel to (i) pay Expenses un...