WHICH LENDER MAY HAVE.
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THE REMEDIES AND RIGHTS OF LENDER SHALL BE CUMULATIVE AND NOT EXCLUSIVE OF ANY
OTHER REMEDIES OF LENDER UNDER ANY OTHER PROVISION OF THIS AGREEMENT OR UNDER
ANY OTHER INSTRUMENT OR AT LAW OR IN EQUITY.
LENDER SHALL BE PRIVILEGED AND
HAVE THE ABSOLUTE RIGHT TO RESORT TO ANY ONE OR MORE, OR ALL OF SAID REMEDIES,
NONE TO THE EXCLUSION OF THE OTHERS, CONCURRENTLY OR SUCCESSIVELY, IN SUCH
ORDER, AS LENDER MAY SELECT.
EXCEPT IF LENDER CHOOSES THE OPTION OF SPECIFIC
PERFORMANCE, LENDER SHALL HAVE THE ABSOLUTE RIGHT TO REFUSE TO DISBURSE AND TO
APPLY ANY BALANCE OF LOAN FUNDS AS A PAYMENT TOWARD THE LEASEHOLD MORTGAGE AND
THE NOTES, AND TO THE EXTENT ALLOWED BY LAW.
NO OTHER PARTY, WHETHER
CONTRACTOR, MATERIALMAN, LABORER, SUBCONTRACTOR OR SUPPLIER, SHALL HAVE ANY
INTEREST IN THE LOAN FUNDS SO APPLIED AND SHALL NOT HAVE ANY RIGHT TO GARNISH,
REQUIRE OR COMPEL PAYMENT THEREOF TOWARD DISCHARGE OR SATISFACTION OF ANY CLAIM
OR LIEN WHICH THEY OR ANY OF THEM HAVE OR MAY HAVE FOR WORK PERFORMED OR
MATERIALS SUPPLIED TO THE CONSTRUCTION PROJECT.
ANY ADDITIONAL FUNDS SHALL BE
SECURED BY THE LIEN OF THE LEASEHOLD MORTGAGE AND THE SECURITY AGREEMENT, AND
SHALL BE CONSIDERED A PART OF THE LOANS AS THOUGH INITIALLY INCLUDED THEREIN.
SECTION 9.
LENDER'S RIGHT TO COMPLETE.
9.1
LENDER'S RIGHT. UPON THE OCCURRENCE OF ANY EVENT OF DEFAULT DESCRIBED
IN SECTION 8 WHICH WOULD GIVE LENDER THE RIGHT UNDER THIS AGREEMENT TO REFRAIN
FROM MAKING ANY FURTHER ADVANCE HEREUNDER, LENDER, AT ITS SOLE OPTION (WHETHER
OR NOT IT EXERCISED ANY RIGHTS UNDER SECTION 8) BUT WITHOUT ANY OBLIGATION UPON
LENDER TO DO SO, MAY AT ANY TIME THEREAFTER (1) ADVANCE THE PROCEEDS OF THE LOAN
OR ANY PART THEREOF, OR IF NECESSARY, SUMS IN EXCESS OF THE LOAN PROCEEDS, TO
THE PROJECT GENERAL CONTRACTOR, ANY SUBCONTRACTOR OR ANY PERSON FURNISHING LABOR
OR MATERIAL IN THE CONSTRUCTION OF THE PROJECT FOR THE ACCOUNT OF BORROWER, AND
THE SUMS SO PAID OR ADVANCED SHALL FOR THE PURPOSES OF THIS AGREEMENT, BE DEEMED
TO HAVE BEEN ADVANCED TO BORROWER PURSUANT TO THE PROVISIONS HEREOF;
(2) DISBURSE THE PROCEEDS OF THE PROJECT ADDITION ESCROW ACCOUNT OR ANY PART
THEREOF TO THE PROJECT ADDITION GENERAL CONTRACTOR, ANY SUBCONTRACTOR OR ANY
PERSON FURNISHING LABOR OR MATERIAL IN THE CONSTRUCTION OF THE PROJECT ADDITION,
AND (3) TAKE POSSESSION OF THE PROPERTY AND THE IMPROVEMENTS TOGETHER WITH ALL
MATERIALS, EQUIPMENT AND IMPROVEMENTS THEREON WHETHER AFFIXED TO THE REALTY OR
NOT, AND ALL PLANS AND SPECIFICATIONS, WHICH BORROWER HEREBY ASSIGNS TO LENDER,
AND LENDER SHALL HAVE THE RIGHT BUT SHALL BE UNDER NO OBLIGATION TO PERFORM ANY
AND ALL WORK AND LABOR NECESSARY TO COMPLETE THE IMPROVEMENTS SUBSTANTIALLY
ACCORDING TO THE PLANS AND SPECIFICATIONS AND MAY EMPLOY WATCHMEN OR TAKE ANY
ACTION IT MAY DEEM NECESSARY TO PROTECT THEM FROM DEPREDATION OR INJURY.
9.2
LENDER'S IMPLEMENTATION.
TO IMPLEMENT THE RIGHTS OF LENDER UNDER THIS
SECTION 9, LENDER SHALL HAVE THE AUTHORITY AND RIGHT