BEEN MADE WITH THE INSURANCE
COMPANIES OR CONDEMNATION PROCEEDS SHALL HAVE BEEN RECEIVED, AND (II) ALL THE
NECESSARY GOVERNMENTAL APPROVALS SHALL HAVE BEEN OBTAINED, AND SUCH WORK SHALL
BE COMPLETED WITHIN A REASONABLE TIME, FREE AND CLEAR OF ALL LIENS AND
ENCUMBRANCES SO AS NOT TO INTERFERE WITH THE LIEN OF THE DEED OF TRUST;
(K)
DISBURSEMENTS OF SUCH INSURANCE OR CONDEMNATION PROCEEDS SHALL BE
MADE IN THE CUSTOMARY MANNER USED BY AGENT BANK FOR THE DISBURSEMENT OF
CONSTRUCTION LOANS.
ARTICLE IX
AGENCY PROVISIONS
SECTION 9.01.
APPOINTMENT.
(A)
EACH LENDER HEREBY (I) DESIGNATES AND APPOINTS WFB AS THE AGENT
BANK OF SUCH LENDER UNDER THIS CREDIT AGREEMENT AND THE LOAN DOCUMENTS,
(II) AUTHORIZES AND DIRECTS AGENT BANK TO ENTER INTO THE LOAN DOCUMENTS OTHER
THAN THIS CREDIT AGREEMENT FOR THE BENEFIT OF LENDERS, AND (III) AUTHORIZES
AGENT BANK TO TAKE SUCH ACTION ON ITS BEHALF UNDER THE PROVISIONS OF THIS CREDIT
AGREEMENT AND THE LOAN DOCUMENTS AND TO EXERCISE SUCH POWERS AS ARE SET FORTH
HEREIN OR THEREIN, TOGETHER WITH SUCH OTHER POWERS AS ARE REASONABLY INCIDENTAL
THERETO, SUBJECT TO THE LIMITATIONS REFERRED TO IN SECTIONS 9.10(A) AND
9.10(B).
AGENT BANK AGREES TO ACT AS SUCH ON THE EXPRESS CONDITIONS CONTAINED
IN THIS ARTICLE IX.
(B)
THE PROVISIONS OF THIS ARTICLE IX ARE SOLELY FOR THE BENEFIT OF
AGENT BANK AND LENDERS, AND BORROWER AND GUARANTOR SHALL NOT HAVE ANY RIGHTS TO
RELY ON OR ENFORCE ANY OF THE PROVISIONS HEREOF (OTHER THAN AS SET FORTH IN THE
PROVISIONS OF SECTION 9.03, 9.09 AND 10.10), PROVIDED, HOWEVER, THAT THE
FOREGOING SHALL IN NO WAY LIMIT BORROWER'S OR GUARANTOR'S OBLIGATIONS UNDER THIS
ARTICLE IX NOR LIMIT LENDERS' OBLIGATIONS TO BORROWER AS PROVIDED IN THIS CREDIT
AGREEMENT.
IN PERFORMING ITS FUNCTIONS AND DUTIES UNDER THIS CREDIT AGREEMENT,
AGENT BANK SHALL ACT SOLELY AS AGENT BANK OF LENDERS AND DOES NOT ASSUME AND
SHALL NOT BE DEEMED TO HAVE ASSUMED ANY OBLIGATION TOWARD OR RELATIONSHIP OF
AGENCY OR TRUST WITH OR FOR BORROWER, GUARANTOR OR ANY OTHER PERSON.
105
SECTION 9.02.
NATURE OF DUTIES.
AGENT BANK SHALL NOT HAVE ANY DUTIES OR
RESPONSIBILITIES EXCEPT THOSE EXPRESSLY SET FORTH IN THIS CREDIT AGREEMENT OR IN
THE LOAN DOCUMENTS.
THE DUTIES OF AGENT BANK SHALL BE ADMINISTRATIVE IN
NATURE.
SUBJECT TO THE PROVISIONS OF SECTIONS 9.05 AND 9.07, AGENT BANK SHALL
ADMINISTER THE CREDIT FACILITY IN THE SAME MANNER AS IT ADMINISTERS ITS OWN
LOANS.
PROMPTLY FOLLOWING THE EFFECTIVENESS OF THIS CREDIT AGREEMENT, AGENT
BANK SHALL SEND TO EACH LENDER A DUPLICATE EXECUTED ORIGINAL, TO THE EXTENT THE
SAME ARE AVAILABLE IN SUFFICIENT NUMBERS, OF THE CREDIT AGREEMENT AND A COPY OF
EACH OTHER LOAN DOCUMENT IN FAVOR OF LENDERS AND A COPY OF THE FILED OR RECORDED
SECURITY DOCUMENTATION, WITH THE ORIGINALS OF THE LATTER TO BE HELD AND RETAINED
BY AGENT BANK FOR THE BENEFIT OF ALL LENDERS.
AGENT BANK SHALL NOT HAVE BY
REASON OF THIS CREDIT AGREEMENT A FIDUCIARY RELATIONSHIP IN RESPECT OF ANY
LENDER.
NOTHING IN THIS CREDIT AGREEMENT OR