Common use of Taking of Possession Clause in Contracts

Taking of Possession. With or without legal process, take possession of the Land and Improvements, remove the Borrower and all agents, employees and contractors of the Borrower from the Land and Improvements, complete the work of construction, market, operate, and sell or lease the Land and/or Improvements and enforce any of its other rights and remedies under the Security Documents. For this purpose, the Borrower irrevocably appoints the Lender as its attorney in fact, which agency is coupled with an interest. As attorney in-fact, the Lender may, in the Borrower’s name, take or omit to take any action the Lender may deem appropriate, including, without limitation, exercising the Borrower’s rights under the Loan Documents and all contracts concerning the Land and/or Improvements.