DECLARE LENDER'S OBLIGATIONS TO
MAKE CONSTRUCTION LOAN ADVANCES HEREUNDER TO BE TERMINATED, WHEREUPON THE SAME
SHALL TERMINATE, AND/OR DECLARE ALL UNPAID PRINCIPAL OF AND ACCRUED INTEREST ON
THE NOTE, TOGETHER WITH ALL OTHER SUMS PAYABLE UNDER THE LOAN DOCUMENTS, TO BE
IMMEDIATELY DUE AND PAYABLE, WHEREUPON THE SAME SHALL BECOME AND BE IMMEDIATELY
DUE AND PAYABLE, ANYTHING IN THE LOAN DOCUMENTS TO THE CONTRARY NOTWITHSTANDING,
AND WITHOUT PRESENTATION, PROTEST OR FURTHER DEMAND OR NOTICE OF ANY KIND, ALL
OF WHICH ARE EXPRESSLY HEREBY WAIVED BY BORROWERS TO THE EXTENT PERMITTED BY
APPLICABLE LAW; PROVIDED, HOWEVER, THAT LENDER MAY MAKE CONSTRUCTION LOAN
ADVANCES OR PARTS OF CONSTRUCTION LOAN ADVANCES THEREAFTER WITHOUT THEREBY
WAIVING THE RIGHT TO DEMAND PAYMENT OF THE NOTE, WITHOUT BECOMING LIABLE TO MAKE
ANY OTHER OR FURTHER CONSTRUCTION LOAN ADVANCES, AND WITHOUT AFFECTING THE
VALIDITY OF OR ENFORCEABILITY OF THE LOAN DOCUMENTS.
NOTWITHSTANDING AND
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING OR ANYTHING ELSE TO THE
CONTRARY CONTAINED IN THIS AGREEMENT, UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, LENDER'S OBLIGATIONS TO MAKE CONSTRUCTION
LOAN ADVANCES HEREUNDER SHALL AUTOMATICALLY TERMINATE.
(G)
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, LENDER MAY CAUSE THE CONSTRUCTION OF THE
PROJECT TO BE COMPLETED AND MAY ENTER UPON THE PROPERTY AND CONSTRUCT, EQUIP AND
COMPLETE THE PROJECT IN ACCORDANCE WITH THE PLANS AND SPECIFICATIONS, WITH SUCH
CHANGES THEREIN AS LENDER MAY, FROM TIME TO TIME, AND IN ITS SOLE AND ABSOLUTE
DISCRETION, DEEM APPROPRIATE.
IN CONNECTION WITH ANY CONSTRUCTION OF THE
PROJECT UNDERTAKEN BY LENDER PURSUANT TO THE PROVISIONS OF THIS SUBSECTION,
LENDER MAY:
(I)
USE ANY FUNDS OF BORROWERS, INCLUDING
ANY BALANCE WHICH MAY BE HELD BY LENDER AS SECURITY OR IN ESCROW, INCLUDING,
WITHOUT LIMITATION, ANY SHORTFALL FUNDS AND/OR ANY FUNDS ON DEPOSIT IN THE
CONSTRUCTION LOAN RESERVE ACCOUNT;
(II)
DRAW DOWN ON ANY LETTER OF CREDIT THEN
HELD BY LENDER AND USE THE PROCEEDS THEREOF;
(III)
EMPLOY EXISTING CONTRACTORS, SUBCONTRACTORS,
AGENTS, ARCHITECTS, ENGINEERS AND THE LIKE, OR TERMINATE THE SAME AND EMPLOY
OTHERS;
(IV)
EMPLOY SECURITY WATCHMEN TO PROTECT THE
PROPERTIES;
(V)
MAKE SUCH ADDITIONS, CHANGES AND CORRECTIONS
IN THE PLANS AND SPECIFICATIONS AS SHALL, IN THE JUDGMENT OF LENDER, BE
NECESSARY OR DESIRABLE;
213
(VI)
TAKE OVER AND USE ANY AND ALL PERSONAL
PROPERTY CONTRACTED FOR OR PURCHASED BY BORROWERS, IF APPROPRIATE, OR DISPOSE OF
THE SAME AS LENDER SEES FIT IN ACCORDANCE WITH APPLICABLE LAW;
(VII)
TO THE EXTENT PERMITTED BY APPLICABLE LAW,
EXECUTE ALL APPLICATIONS AND CERTIFICATES ON BEHALF OF BORROWERS WHICH MAY BE
REQUIRED BY ANY GOVERNMENTAL AUTHORITY OR LEGAL REQUIREMENT OR CONTRACT
DOCUMENTS OR AGREEMENTS;
(VIII)
PAY, SETTLE OR COMPROMISE ALL EXISTING OR FUTURE
BILLS AND CLAIMS WHICH ARE OR MAY BE LIENS AGAINST ANY OF THE PROPERTIES, OR MAY
BE NECESSARY FOR THE COMPLETION OF CONSTRUCTION OF THE PROJECT OR THE CLEARANCE
OF TITLE TO ANY OF THE PROPERTIES, INCLUDING, WITHOUT LIMITATION, ALL TAXES AND
ASSESSMENTS;
(IX)
COMPLETE THE MARKETING AND LEASING OF
LEASABLE