Common use of Performance of Lender Clause in Contracts

Performance of Lender. At its option, upon Borrowers’ failure to do so, the Lender may make any payment or do any act on Borrowers’ behalf that Borrowers or others are required to do to remain in compliance with this Agreement or any of the other Loan Documents, and Borrowers, jointly and severally, agree to reimburse the Lender, on demand, for any payment made or expense incurred by Lender pursuant to the foregoing authorization, including, without limitation, attorneys’ fees, and until so repaid any sums advanced by Lender shall constitute a portion of the Loan Obligations, shall be secured by the Mortgage and shall bear interest at the Default Rate from the date advanced until repaid. Further, upon the occurrence and during the continuation of an Event of Default, Lender shall have the right to notify all account debtors to make payment directly to Lender until such time as (i) Lender has determined in its sole discretion, applied in good faith, that such Event of Default has been cured by Borrowers, (ii) Lender has waived such Event of Default, or (iii) all amounts due hereunder have been fully paid and discharged, whichever occurs first.

Performance of Lender. At its option, upon Borrowers’ failure to do so, the Lender may make any payment or do any act on Borrowers’ behalf that Borrowers or others are required to do to remain in compliance with this Agreement or any of the other Loan Documents, and Borrowers, jointly and severally, agree to reimburse the Lender, on demand, for any payment made or expense incurred by Lender pursuant to the foregoing authorization, including, without limitation, attorneys’ fees, and until so repaid any sums advanced by Lender shall constitute a portion of the Loan Obligations, shall be secured by the Mortgage Security Agreement and shall bear interest at the Default Rate from the date advanced until repaid. Further, upon the occurrence and during the continuation of an Event of Default, Lender shall have the right to notify all account debtors to make payment directly to Lender until such time as (i) Lender has determined in its sole discretion, applied in good faith, that such Event of Default has been cured by Borrowers, (ii) Lender has waived such Event of Default, or (iii) all amounts due hereunder have been fully paid and discharged, whichever occurs first.