Common use of Approval of Financing Clause in Contracts

Approval of Financing. (A) The Members hereby authorize the Company to take such actions as any officer of the Company determines is appropriate (i) to obtain the Construction Loan and to allow the Sole Member to obtain the Mezzanine Loan and to enter into the Construction Financing Documents to which the Company is a party on terms as any officer of the Company may conclude are appropriate, (ii) to execute and deliver such Construction Financing Documents (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Land and the Project and any other property of the Company as required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and (iv) to perform the obligations of the Company, and to allow the Sole Member to perform its obligations, under the Construction Financing Documents. (B) The Members further authorize any officer of the Company, acting on behalf of the Company, (i) to negotiate definitive terms of the Construction Financing Documents, (ii) to execute and deliver such Construction Financing Documents to which the Company is a party (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Property and any other property of the Company as required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and (iv) to cause the Company to perform its obligations, and to allow the Sole Member to perform its obligations, under the Construction Financing Documents.

Approval of Financing. (A) The Members hereby authorize the Company (acting for itself or in a representative capacity on behalf of the Property Owner) to take such actions as any officer of the Company determines is appropriate (i) to obtain the Construction Loan and to allow the Sole Member to obtain the Mezzanine Loan and to enter into the Construction Financing Documents to which the Company is a party on terms as any officer of the Company may conclude are appropriate, (ii) to execute and deliver such Construction Financing Documents (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Land and the Project and any other property of the Company Property Owner as are required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and to encumber, as security for the Mezzanine Loan, the ownership interests in the Property Owner and any other property of the Company as are required by the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Mezzanine Loan and (iv) to perform the obligations of the Company, and to allow cause the Sole Member Property Owner to perform its obligations, under the Construction Financing Documents. (B) The Members further authorize any officer of the Company, Company (acting on behalf of the Company, Company in its individual capacity or in a representative capacity on behalf of the Property Owner) (i) to negotiate definitive terms of the Construction Financing Documents, (ii) to execute and deliver such Construction Financing Documents to which the Company is a party (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Property and any other property of the Company Property Owner as are required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and to encumber, as security for the Mezzanine Loan, the ownership interests in the Property Owner and any other property of the Company as are required by the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Mezzanine Loan and (iv) to cause the Company and the Property Owner to perform its obligations, and to allow the Sole Member to perform its their respective obligations, under the Construction Financing Documents.