Monitoring Bank Clause Samples

Monitoring Bank. Lender may (but is not obligated to) select and retain a bank located and authorized to do business in the State of Hawaii, at Borrower’s expense, as monitoring bank for the purpose of managing the financial and administrative aspects of the Loan and the construction of the Improvements, and advising Lender of all matters related thereto. If a Hawaii monitoring bank is selected and retained by Lender, Lender shall provide prompt written notice to Borrower of the name, address and contact person of the monitoring bank and authorizing Borrower to provide to the monitoring bank such information regarding the Project as Lender shall approve and the bank may request.