Common use of Lenders Rights and Remedies Clause in Contracts

Lenders Rights and Remedies. Subject to my right to notice of default and right to cure the default(s), to the extent required by law, if an Event of Default occurs, Lender has the following rights and remedies (“Rights and Remedies”), subject to applicable law: Declare a Default. Lender may declare the Note, the Security Instrument, or both, in default. Finish the Improvements and Protect the Property. Subject to this Loan Agreement and applicable law, Lender may take possession of the Property. Lender may do every act and thing I or any subsequent owner of the Property might or could do for the protection, construction, repair, operation, maintenance, and leasing of the Property. I authorize Lender, as my attorney-in-fact, to exercise any right I may have in or under the Construction Contract or any Permit. I irrevocably authorize and direct each party to any Permits and Construction Contracts to provide Lender the benefits of the Permits and the Construction Contracts upon Lender’s written notice. I agree that any such party will have the right to rely upon any written notice from Lender without any obligation or right to inquire as to whether an Event of Default actually exists and notwithstanding any notice from me or claim by me to the contrary. I will have no right or claim against any such party for any benefit provided to Lender by such party. If I cure the Event of Default, or if Lender reinstates the Loan in good standing, Lender will give written notice of reinstatement to each such party and authorize each such party to render such benefits to me.

Lenders Rights and Remedies. Subject to my right to notice of default and right to cure the default(s), to the extent required by law, if If an Event of Default occurs, Lender has the following rights and remedies (“Rights and Remedies”), subject to applicable law: ): Declare a Default. Lender may declare the Note, the Security Instrument, or both, in default. Finish the Improvements Construction and Protect the Property. Subject to this Loan Agreement and applicable law, Lender may take possession of the Property. Lender may do every act and thing I Borrower or any subsequent owner of the Property might or could do for the protection, construction, repair, operation, maintenance, maintenance and leasing of the Property. I authorize Borrower authorizes Lender, as my its attorney-in-fact, to exercise any right I Borrower may have in or under the Construction Contract (if any), the Supplier Contracts or any Permit. I Borrower irrevocably authorize authorizes and direct directs each party to any Permits and the Construction Contract (if any) and the Supplier Contracts to provide Lender the benefits of the Permits and the Construction Contract (if any) and the Supplier Contracts upon Lender’s written notice. I agree Borrower agrees that any such party will shall have the right to rely upon any written notice from Lender without any obligation or right to inquire as to whether an Event of Default actually exists and notwithstanding any notice from me Borrower or claim by me Borrower to the contrary. I Borrower will have no right or claim against any such party for any benefit provided to Lender by such party. If I cure the Event of Default, or if Lender reinstates the Loan in good standing, Lender will give written notice of reinstatement to each such party and authorize each such party to render such benefits to me.

Lenders Rights and Remedies. Subject to my right to notice of default and right to cure the default(s), to the extent required by law, if an Event of Default occurs, Lender has the following rights and remedies (“Rights and Remedies”), subject to applicable law: Declare a Default. Lender may declare the Note, the Security Instrument, or both, in default. Finish the Improvements and Protect the Property. Subject to this Loan Agreement and applicable law, Lender may take possession of the Property. Lender may do every act and thing I or any subsequent owner of the Property might or could do for the protection, construction, repair, operation, maintenance, and leasing of the Property. I authorize Lender, as my attorney-in-fact, to exercise any right I may have in or under the Construction Renovation Contract or any Permit. I irrevocably authorize and direct each party to any Permits and Construction Renovation Contracts to provide Lender the benefits of the Permits and the Construction Renovation Contracts upon Lender’s written notice. I agree that any such party will have the right to rely upon any written notice from Lender without any obligation or right to inquire as to whether an Event of Default actually exists and notwithstanding any notice from me or claim by me to the contrary. I will have no right or claim against any such party for any benefit provided to Lender by such party. If I cure the Event of Default, or if Lender reinstates the Loan in good standing, Lender will give written notice of reinstatement to each such party and authorize each such party to render such benefits to me.