Common use of Inspection of Files Clause in Contracts

Inspection of Files. Upon notice to the Lender, Development may inspect the files of the Lender relating to the Collateral Enhancement Program, during normal business hours of the Lender. Development will not copy or extract any information from such files unless (a) the information is eligible for protection from disclosure pursuant to applicable federal or state statutes, in which case Development agrees to invoke the confidentiality provisions of the statute or (b) if such information cannot be protected, the consent of the Borrower has been obtained. Notwithstanding the foregoing, this Section is not intended to limit or preclude the ability of Development to exercise its right of subrogation, or to defend itself in any legal action commenced against Development by the Lender or any Borrower.

Inspection of Files. Upon notice to the Lender, Development may inspect the files of the Lender relating to the Collateral Enhancement Program, during normal business hours of the Lender. Development will not copy or extract any information from such files unless (a) the information is eligible for protection from disclosure pursuant to applicable federal or state statutes, in which case Development agrees to invoke the confidentiality provisions of the statute or (b) if such information cannot be protected, the consent of the Borrower has been obtained. Notwithstanding the foregoing, this Section is not intended to limit or preclude the ability of Development to exercise its right of subrogation, to withdraw funds from the Account pursuant to Section 5.7 or to defend itself in any legal action commenced against Development by the Lender or any Borrower.