Common use of Performance by Lender Clause in Contracts

Performance by Lender. Upon the occurrence of an Event of Default, Lender shall have the right, without limitation of Lender’s other remedies under the Loan Documents, upon written notice to Borrower, either before or after accelerating the Debt or commencing foreclosure, either directly or through Lender’s agents and contractors to (i) enter onto the Property, (ii) complete the Project, (iii) modify the Project as Lender deems necessary, (iv) hire or replace any contractor or vendor retained by Borrower in connection with the Project as Lender deems necessary, (v) expend such sums as Lender determines necessary to Complete such Project and (vi) purchase any insurance coverage deemed appropriate by Lender in its sole discretion relating to the Project or Lender’s exercise of its rights under this Section 5.1.24(d). Borrower hereby waives any right to contest any such costs or expenses incurred by Lender in the exercise of Lender’s rights under this Section 5.1.24(d), and such costs and expenses (a) shall be added to the Debt, (b) shall be secured by the Security Instrument, (c) shall accrue interest at the Default Rate, and (d) shall be payable to Lender upon demand. Borrower hereby agrees to indemnify and hold harmless Lender for any such costs or expenses. Borrower hereby grants Lender an irrevocable power of attorney, coupled with an interest, to exercise Lender’s rights under this Section 5.1.24(d). Lender does not have and shall not have any obligation to complete any Project.