Common use of Right to Perform Work Clause in Contracts

Right to Perform Work. Upon the occurrence and during the continuance of a Default hereunder, Lender shall have the right, in person or by agent, in addition to all other rights and remedies available to Lender under this Agreement, the other Loan Documents, to the fullest extent permitted by law, to take possession of the Property and perform any and all work and labor necessary to complete the Improvements or any tenant improvements in accordance with the applicable plans and specifications (with such modifications as shall be deemed appropriate by Lender), and employ watchmen to protect the Property from injury. All reasonable sums so expended by Lender shall be deemed to have been paid to Borrower and constitute Obligations. Effective upon the occurrence and during the continuance of a Default, Borrower hereby constitutes and appoints Lender its true and lawful attorney-in-fact, with full power of substitution, to so complete the Improvements or any tenant improvements in the name of Borrower. Borrower hereby empowers said attorney to: (a) make such additions, changes and corrections in any applicable plans and specifications as Lender deems appropriate; (b) employ such contractors, subcontractors, agents, architects and inspectors as shall be required for said purposes; (c) pay, settle or compromise all existing bills and claims which may be liens against the Property, or as may be necessary or desirable for such completion of any Improvements or tenant improvements or for clearance of title; (d) execute all applications and certificates in the name of Borrower which may be required by any of the contract documents; (e) prosecute and defend all actions or proceedings in connection with the Property or the construction of the Improvements and take such action and require such performance as it deems necessary under any bond or guaranty of completion; and (g) do any and every act which Borrower might do on its own behalf. It is further understood and agreed that this power of attorney, which shall be deemed to be a power coupled with an interest, cannot be revoked.