Common use of Right of Lender to Assume Possession and Complete Construction Clause in Contracts

Right of Lender to Assume Possession and Complete Construction. Borrower agrees, upon the request of Lender, to vacate the Property and to permit Lender: (a) to enter into possession; (b) to perform or cause to be performed any and all work and labor necessary to complete the Improvements in accordance with the Plans and Specifications; (c) to employ security watchmen to protect the Property; and (d) to disburse that portion of the proceeds of the Loan not previously disbursed (including any retainage) to the extent necessary to complete construction of the Improvements in accordance with the Plans and Specifications, and if the completion requires a larger sum than the remaining undisbursed portion of the Loan, to disburse such additional funds, all of which funds so disbursed by Lender shall be deemed to have been disbursed to Borrower and shall be secured by the Security Deed. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete the construction of the Improvements in the name of Borrower, and hereby empowers Lender as said attorney to take all actions necessary in connection therewith including, but not limited to, the following: to use any funds of Borrower including any balance which may be held in escrow and any funds which may remain unadvanced hereunder for the purpose of completing the Improvements in the manner called for by the Plans and Specifications; to make such additions, changes and corrections in the Plans and Specifications which shall be necessary or desirable to complete the Improvements in substantially the manner contemplated by the Plans and Specifications; to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for said purposes; to pay, settle or compromise all existing or future bills and claims which are or may be liens against the Property, or may be necessary or desirable for the completion of the Improvements or the clearance of title to the Property; to execute all applications and certificates in the name of Borrower which may be required by any construction contract; and to do any and every other act with respect to the construction of the Improvements which Borrower may do in its own behalf. It is understood and agreed that this power of attorney shall be deemed to be a power coupled with an interest which cannot be revoked by death or otherwise. Said attorney-in-fact shall also have power to prosecute and defend all actions or proceedings in connection with the construction of the Improvements and to take such action and require such performance as it deems necessary. In accordance therewith Borrower hereby assigns and quitclaims to Lender all sums to be advanced hereunder including retainage and any sums in escrow conditioned upon the use of said sums, if any, for the completion of the Improvements.

Right of Lender to Assume Possession and Complete Construction. Borrower agrees, upon the request of Lender, to vacate the Property premises and to permit Lender: (ai) to enter into possession;, (bii) to perform or cause to be performed any and all work and labor necessary to complete the Improvements in accordance with the Plans and Specifications;, (ciii) to employ security watchmen to protect the Property; Premises, and (div) to disburse that portion of the loan proceeds of the Loan not previously disbursed (including any retainage) to the extent necessary to complete construction of the Improvements in accordance with the Plans and Specifications, and if the completion requires a larger sum than the remaining undisbursed un-disbursed portion of the Loanloan, to disburse such additional funds, all of which funds so disbursed by Lender shall be deemed to have been disbursed to Borrower and shall be secured by the Security DeedMortgage. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete the construction of the Improvements in the name of Borrower, the Borrower and hereby empowers Lender as said attorney to take all actions necessary in connection therewith including, including but not limited to, to the following: to To use any funds of Borrower including any balance which may be held in escrow and any funds which may remain unadvanced un-advanced hereunder for the purpose of completing the Improvements in the manner called for by the Plans and Specifications; to make such additions, additions and changes and corrections in the Plans and Specifications which shall be necessary or desirable to complete the Improvements in substantially the manner contemplated by the Plans and Specifications; to employ such contractors, subcontractors, agents, architects architects, and inspectors as shall be required for said purposes; to pay, settle settle, or compromise all existing or future bills and claims which are or may be liens against the Property, said Premises or may be necessary or desirable for the completion of the Improvements or the clearance of title to the PropertyPremises; to execute all applications and certificates in the name of Borrower which may be required by any construction contract; contract and to do any and every other act with respect to the construction of the Improvements which Borrower may do in its own behalf. It is understood and agreed that this power of attorney shall be deemed to be a power coupled with an interest which cannot be revoked by death or otherwise. Said attorney-in-fact shall also have power to prosecute and defend all actions or proceedings in connection with the construction of the Improvements and to take such action and require such performance as it deems necessary. In accordance therewith Borrower hereby assigns and quitclaims to Lender all sums to be advanced hereunder hereunder, including retainage and any sums in escrow conditioned upon the use of said sums, if any, for the completion of the Improvements.