Deposit of Funds Advanced. The above notwithstanding, following any Event of Default, as defined herein and in-the Mortgage, at Lender's option, Borrower shall deposit all loan proceeds advanced by Lender in a separate and exclusive account to be withdrawn and used solely for the payment of bills for labor, materials and fixtures used or to be used in construction of the Improvements and other costs contemplated by the approved budget, and Borrower will promptly furnish Lender with evidence thereof.
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Deposit of Funds Advanced. The above notwithstanding, following any Event event of Default, as defined herein and in-the Mortgagedefault, at the option of Lender's option, Borrower shall deposit all loan proceeds advanced by Lender in a separate and exclusive account to be withdrawn and used solely for the payment of bills for labor, materials materials, and fixtures used or to be used in construction of the Improvements and other costs contemplated by the approved budget, and Borrower will promptly furnish Lender with evidence thereof.
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Sources: Loan Agreement (Goldfield Corp)
Deposit of Funds Advanced. The above notwithstanding, following any Event of Default, as defined herein and in-in the Mortgage, Mortgage at Lender's option, Borrower shall deposit all loan proceeds advanced by Lender in a separate and exclusive account to be withdrawn and used solely for the payment of bills for labor, materials and fixtures used or to be used in construction of the Improvements and other costs contemplated by the approved budget, and Borrower will promptly furnish Lender with evidence thereof.
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