The hypothecated property Sample Clauses

The hypothecated property. The Lender, its representatives or an advisor named by the Lender may inspect the hypothecated property and the Borrower agrees to grant free access for such purpose. The Borrower also agrees to provide the Lender or the Lender's advisor with a copy of any books, records, service or other contracts and invoices pertaining to the hypothecated property, upon request. If the Lender intends to name an advisor, the latter is authorized to provide a full and detailed report to the Lender. The advisor shall not take possession of the property, nor assume its control, and shall provide no judgments as to its management. The property shall be inspected at least once every five (5) years by a person deemed apt to do so by the Lender. These inspections are intended to establish the property's condition and maintenance needs. The Lender has the right to increase the frequency of such inspections when pertaining to work to be done. If, once the inspection has been completed, the Lender considers that other measures need be taken, it shall act in a manner so as to protect the debt. Such measures may include naming a real estate advisor, when feasible.
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Related to The hypothecated property

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