Common use of Complete Construction Clause in Contracts

Complete Construction. In addition to the remedies set forth in Section 11.2(i) through (iv), Lender may enter into possession of the Lot and Home and, at Lender’s option, in the name and on behalf of Borrower, do anything in connection with the construction of the Homes that Borrower could do in its own behalf, including without limitation, any one or more of the following: (a) perform all work necessary to complete construction of the Homes then under construction or discontinue any such work, whether commenced by Borrower or Lender, (b) assume Borrower’s rights, and powers under any contract Borrower has entered into in connection with the Lot or the construction of the Homes, (c) execute all certificates and applications that are required under any construction contract, (d) make any additions, changes, and corrections in the Plans and Specifications which in Lender’s judgment are necessary or desirable to complete construction of the Homes in substantially the same manner as contemplated by the Plans and Specifications, (e) employ architects, contractors, subcontractors, engineers, inspectors, and security guards, and other persons to perform services or furnish materials or equipment in connection with any action Lender takes under this Section, (f) continue any existing construction contracts or subcontracts, (g) pay, settle, or comprise any existing bills or claims which are or may become liens against the Lot or Home or may be necessary or desirable for the completion of the work or the clearing of title, (h) prosecute and defend all actions or proceedings in connection with the Lot or Home or the construction of the Homes; and (i) use any funds which remain unadvanced on the Loans for the purposes described in this Section. All amounts expended by Lender pursuant to this Section will be deemed to have been disbursed to Borrower as Advances and be secured by the Deed of Trust. For the purposes described in this Section and the enforcement of the terms and conditions of this Agreement, Borrower irrevocably appoints Lender as Borrower’s agent and attorney-in-fact with full power of substitution to exercise all of the rights and remedies granted to Lender by this Section. Borrower agrees that this power of attorney is coupled with an interest and cannot be revoked.

Complete Construction. In addition to Upon the remedies set forth in Section 11.2(i) through (iv)occurrence of a Default, Lender may enter into possession of the Lot and Home andmay, at Lender’s option, in the name and on behalf of Borrower, do anything in connection with the construction of the Homes that Borrower could do in its own behalf, including without limitation, any one or more of the followingbut shall not be obligated to: (a) perform all work necessary to complete the construction and equipping of the Improvements for the Subject Expansion in accordance with the Governmental Requirements; (b) do anything necessary or desirable in Lender’s sole judgment to fulfill the obligation of Borrower, including the right to avail itself of and procure performance of the Construction Contract and subcontractors or to let new or additional contracts with the contractor or the same subcontractors or to others; and (c) employ watchmen and other safeguards to protect the Subject Property and the Subject Expansion. Without restricting the generality of the foregoing, Borrower hereby appoints Lender as the attorney-in-fact of Borrower, with full power of substitution, and in the name of Borrower, if Lender elects to do so, after the occurrence of a Default and in respect of the Term Loan, to (a) use such sums as are necessary, including any proceeds of the Term Loan, to make such changes or corrections in the plans and specifications for the Subject Expansion, and employ such engineers, inspectors, rental agents, managers and contractors as may be required for the purpose of completing the construction of the Homes then under construction or discontinue any Improvements substantially in the manner contemplated by such work, whether commenced by Borrower or Lenderplans and specifications and Governmental Requirements, (b) assume Borrower’s rightsexecute all applications and certificates in the name of Borrower which may be required for completion of construction of the Improvements for the Subject Expansion, and powers under (c) endorse the name of Borrower on any contract checks or drafts representing proceeds of the Insurance Policies, or other checks or installments payable to Borrower has entered into in connection with respect to the Lot or Subject Property, (d) do every act with respect to the construction of the Homes, (c) execute all certificates and applications that are required under any construction contract, (d) make any additions, changes, and corrections in Improvements for the Plans and Specifications Subject Expansion which in Lender’s judgment are necessary or desirable to complete construction of the Homes in substantially the same manner as contemplated by the Plans and SpecificationsBorrower may do, (e) employ architects, contractors, subcontractors, engineers, inspectors, and security guards, and other persons to perform services prosecute or furnish materials or equipment in connection with defend any action Lender takes under this Sectionor proceeding incident to the Subject Property, (f) continue to do all things necessary in Lender’s sole judgment, to complete construction, finishing and equipping of the Improvements for the Subject Expansion and to rent, operate and manage the Improvements, and to pay operating costs and expenses, including any existing construction contracts applicable management fees, of every kind and nature in connection therewith so that the same shall be operational and usable for its intended purpose, all in the name of Borrower, Lender or subcontractsboth, (g) to pay interest when due on all amounts disbursed hereunder (either by adding such interest to the principal balance of the Term Loan or paying the same in cash), (h) to pay, settlesettle or compromise all existing bills and claims which may be or become liens or security interests, or comprise any existing to avoid such bills or and claims which are or may become becoming liens against the Lot Subject Property or Home against fixtures or equipment, or as may be necessary or desirable for the completion of construction or for the work or equipping and operation of the clearing of titleImprovements for the Subject Expansion, and (hi) to prosecute and defend all actions or proceedings in connection with the Lot Subject Property or Home any equipment or the construction fixtures. Lender shall have no obligation to undertake any of the Homes; foregoing actions, and (i) use any funds which remain unadvanced on the Loans if Lender should do so, it shall have no liability to Borrower for the purposes described sufficiency or adequacy of any such actions taken by Lender. All cost and expenses, including all reasonable attorneys’ fees (based on standard rates for hours actually worked by outside counsel) in connection with the matters contemplated in this Section. All amounts expended Section 12.6 shall be payable by Lender pursuant to this Section will Borrower on demand, and if not promptly paid, shall be deemed to have been disbursed to Borrower as Advances part of the Obligation and shall be secured by the Deed of Trust. For the purposes described in this Section and the enforcement of the terms and conditions of this Agreement, Borrower irrevocably appoints Lender as Borrower’s agent and attorney-in-fact with full power of substitution to exercise all of the rights and remedies Loan Documents. The power-of-attorney granted to Lender by this Section. Borrower agrees that this hereby is a power of attorney is coupled with an interest and cannot be revokedirrevocable by action of Borrower without the joinder of Lender. Lender shall have no obligation to undertake any of the foregoing actions, and if Lender should do so, it shall have no liability to Borrower for the sufficiency or adequacy of any such actions taken by Lender.

Complete Construction. In addition to If any Event of Default occurs and is continuing, the remedies set forth in Section 11.2(i) through (iv)Administrative Agent may, Lender may enter into possession of the Lot and Home and, at Lender’s option, in the name and on behalf of Borrower, do anything in connection with the construction of consent of, the Homes that Borrower could do in its own behalfRequired Term Lenders, including without limitation, any one or more of the followingbut shall not be obligated to: (ai) perform all work necessary to complete the construction and equipping of the Homes then under construction Improvements for the Subject Expansion in accordance with the Governmental Requirements; (ii) do anything necessary or discontinue any such workdesirable in Administrative Agent’s sole judgment to fulfill the obligation of the Borrower, whether commenced by including the right to avail itself of and procure performance of the Construction Contract and subcontractors or to let new or additional contracts with the contractor or the same subcontractors or to others; and (iii) employ watchmen and other safeguards to project the Subject Property and the Subject Expansion.[Reserved]. Without restricting the generality of the foregoing, the Borrower or Lenderhereby appoints the Administrative Agent as the attorney-in-fact of the Borrower for the ratable benefit of the Term Lenders, (b) assume Borrower’s rightswith full power of substitution, and powers under in the name of the Borrower, if the Required Term Lenders elect to do so, after the occurrence of an Event of Default and in respect of the Term Facility, to (i) use such sums as are necessary, including any contract Borrower has entered into proceeds of the Term Loans, to make such changes or corrections in connection with the Lot or plans and specifications for the Subject Expansion, and employ such engineers, inspectors, rental agents, managers and contractors as may be required for the purpose of completing the construction of the HomesImprovements substantially in the manner contemplated by such plans and specifications and requirements of any Governmental Authority, (cii) execute all applications and certificates and applications that are required under any construction contract, (d) make any additions, changes, and corrections in the Plans and Specifications name of the Borrower which in Lender’s judgment are necessary or desirable to complete may be required for completion of construction of the Homes Improvements for the Subject Expansion, (iii) endorse the name of the Borrower on any checks or drafts representing proceeds of any insurance policies, or other checks or installments payable to the Borrower with respect to the Subject Property, (iv) do every act with respect to the construction of the Improvements for the Subject Expansion which the Borrower may do, (v) prosecute or defend any action or proceeding incident to the Subject Property, (vi) to do all things necessary in substantially the Administrative Agent’s sole judgment, to complete construction, finishing and equipping of the Improvements for the Subject Expansion and to rent, operate and manage the Improvements, and to pay operating costs and expenses, including any applicable management fees, of every kind and nature in connection therewith so that the same manner as contemplated by shall be operational and usable for its intended purpose, all in the Plans and Specificationsname of the Borrower, the Administrative Agent or both, (evii) employ architects, contractors, subcontractors, engineers, inspectors, and security guards, and other persons to perform services pay interest when due on all amounts disbursed hereunder (either by adding such interest to the Outstanding Amount with respect to the Term Facility or furnish materials or equipment paying the same in connection with any action Lender takes under this Sectioncash), (fvii) continue any existing construction contracts or subcontracts, (g) to pay, settlesettle or compromise all existing bills and claims which may be or become liens or security interests, or comprise any existing to avoid such bills or and claims which are or may become becoming liens against the Lot Subject Property or Home against fixtures or equipment, or as may be necessary or desirable for the completion of construction or for the work or equipping and operation of the clearing of title, Improvements for the Subject Expansion and (hviii) to prosecute and defend all actions or proceedings in connection with the Lot Subject Property or Home any equipment or the construction fixtures. The Administrative Agent shall have no obligation to undertake any of the Homes; foregoing actions, and (i) use if the Administrative Agent should do so, the Administrative Agent or any funds which remain unadvanced on Term Lender shall have no liability to the Loans Borrower for the purposes described sufficiency or adequacy of any such actions taken by the Administrative Agent. All cost and expenses, including all reasonable attorneys’ fees (based on standard rates for hours actually worked by outside counsel) in connection with the matters contemplated in this Section. All amounts expended Section 8.02(b) shall be payable by Lender pursuant to this Section will the Borrower on demand, and if not promptly paid, shall be deemed to have been disbursed to Borrower as Advances part of the Obligations and shall be secured by the Deed of Trust. For the purposes described in this Section and the enforcement of the terms and conditions of this Agreement, Borrower irrevocably appoints Lender as Borrower’s agent and attorney-in-fact with full power of substitution to exercise all of the rights and remedies Loan Documents. The power-of-attorney granted to Lender by this Section. Borrower agrees that this hereby is a power of attorney is coupled with an interest and cannot be revokedirrevocable by action of the Borrower without the joinder of any Term Lender.

Complete Construction. In addition to If any Event of Default occurs and is continuing, the remedies set forth in Section 11.2(i) through (iv)Administrative Agent may, Lender may enter into possession of the Lot and Home and, at Lender’s option, in the name and on behalf of Borrower, do anything in connection with the construction of consent of, the Homes that Borrower could do in its own behalfRequired Term Lenders, including without limitation, any one or more of the followingbut shall not be obligated to: (ai) perform all work necessary to complete the construction and equipping of the Homes then under construction Improvements for the Subject Expansion in accordance with the Governmental Requirements; (ii) do anything necessary or discontinue any such workdesirable in Administrative Agent’s sole judgment to fulfill the obligation of the Borrower, whether commenced by including the right to avail itself of and procure performance of the Construction Contract and subcontractors or to let 103 new or additional contracts with the contractor or the same subcontractors or to others; and (iii) employ watchmen and other safeguards to project the Subject Property and the Subject Expansion. Without restricting the generality of the foregoing, the Borrower or Lenderhereby appoints the Administrative Agent as the attorney-in-fact of the Borrower for the ratable benefit of the Term Lenders, (b) assume Borrower’s rightswith full power of substitution, and powers under in the name of the Borrower, if the Required Term Lenders elect to do so, after the occurrence of an Event of Default and in respect of the Term Facility, to (i) use such sums as are necessary, including any contract Borrower has entered into proceeds of the Term Loans, to make such changes or corrections in connection with the Lot or plans and specifications for the Subject Expansion, and employ such engineers, inspectors, rental agents, managers and contractors as may be required for the purpose of completing the construction of the HomesImprovements substantially in the manner contemplated by such plans and specifications and requirements of any Governmental Authority, (cii) execute all applications and certificates and applications that are required under any construction contract, (d) make any additions, changes, and corrections in the Plans and Specifications name of the Borrower which in Lender’s judgment are necessary or desirable to complete may be required for completion of construction of the Homes Improvements for the Subject Expansion, (iii) endorse the name of the Borrower on any checks or drafts representing proceeds of any insurance policies, or other checks or installments payable to the Borrower with respect to the Subject Property, (iv) do every act with respect to the construction of the Improvements for the Subject Expansion which the Borrower may do, (v) prosecute or defend any action or proceeding incident to the Subject Property, (vi) to do all things necessary in substantially the Administrative Agent’s sole judgment, to complete construction, finishing and equipping of the Improvements for the Subject Expansion and to rent, operate and manage the Improvements, and to pay operating costs and expenses, including any applicable management fees, of every kind and nature in connection therewith so that the same manner as contemplated by shall be operational and usable for its intended purpose, all in the Plans and Specificationsname of the Borrower, the Administrative Agent or both, (evii) employ architects, contractors, subcontractors, engineers, inspectors, and security guards, and other persons to perform services pay interest when due on all amounts disbursed hereunder (either by adding such interest to the Outstanding Amount with respect to the Term Facility or furnish materials or equipment paying the same in connection with any action Lender takes under this Sectioncash), (fvii) continue any existing construction contracts or subcontracts, (g) to pay, settlesettle or compromise all existing bills and claims which may be or become liens or security interests, or comprise any existing to avoid such bills or and claims which are or may become becoming liens against the Lot Subject Property or Home against fixtures or equipment, or as may be necessary or desirable for the completion of construction or for the work or equipping and operation of the clearing of title, Improvements for the Subject Expansion and (hviii) to prosecute and defend all actions or proceedings in connection with the Lot Subject Property or Home any equipment or the construction fixtures. The Administrative Agent shall have no obligation to undertake any of the Homes; foregoing actions, and (i) use if the Administrative Agent should do so, the Administrative Agent or any funds which remain unadvanced on Term Lender shall have no liability to the Loans Borrower for the purposes described sufficiency or adequacy of any such actions taken by the Administrative Agent. All cost and expenses, including all reasonable attorneys’ fees (based on standard rates for hours actually worked by outside counsel) in connection with the matters contemplated in this Section. All amounts expended Section 8.02(b) shall be payable by Lender pursuant to this Section will the Borrower on demand, and if not promptly paid, shall be deemed to have been disbursed to Borrower as Advances part of the Obligations and shall be secured by the Deed of Trust. For the purposes described in this Section and the enforcement of the terms and conditions of this Agreement, Borrower irrevocably appoints Lender as Borrower’s agent and attorney-in-fact with full power of substitution to exercise all of the rights and remedies Loan Documents. The power-of-attorney granted to Lender by this Section. Borrower agrees that this hereby is a power of attorney is coupled with an interest and cannot be revokedirrevocable by action of the Borrower without the joinder of any Term Lender.