CONTRACTORS AND SUBCONTRACTORS, INCLUDING THE
GENERAL CONTRACTOR, ANY OTHER MAJOR CONTRACTORS, ANY MAJOR SUBCONTRACTORS, AND
THE LIKE, OR TERMINATE THE SAME AND EMPLOY OTHERS;
(3)
EMPLOY SECURITY PERSONNEL TO PROTECT THE PROPERTY;
(4)
TAKE OVER AND USE ANY AND ALL PERSONAL PROPERTY CONTRACTED FOR OR
PURCHASED BY BORROWER OR THE MEMBERS, OR DISPOSE OF THE SAME AS AGENT SEES FIT;
(5)
EXECUTE ALL APPLICATIONS AND CERTIFICATES ON BEHALF OF BORROWER OR
THE MEMBERS WHICH MAY BE REQUIRED BY ANY GOVERNMENTAL AUTHORITY OR LEGAL
REQUIREMENTS OR CONTRACTS OR AGREEMENTS;
(6)
PAY, SETTLE OR COMPROMISE ALL EXISTING OR FUTURE BILLS AND CLAIMS
WHICH ARE OR MAY BE LIENS AGAINST THE MORTGAGED PROPERTY, OR MAY BE NECESSARY
FOR THE COMPLETION OF THE PROJECT OR THE CLEARANCE OF TITLE TO THE MORTGAGED
PROPERTY, INCLUDING, WITHOUT LIMITATION, ALL PROPERTY TAXES;
(7)
COMPLETE THE MARKETING AND LEASING OF LEASABLE SPACE IN THE
IMPROVEMENTS, ENTER INTO NEW LEASES AND OCCUPANCY
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OR OPERATING AGREEMENTS OF THE UNITS OR PORTIONS THEREOF, AND MODIFY OR AMEND
EXISTING LEASES AND OCCUPANCY OR OPERATING AGREEMENTS, ALL AS AGENT SHALL DEEM
TO BE NECESSARY OR DESIRABLE;
(8)
PROSECUTE AND DEFEND ALL ACTIONS AND PROCEEDINGS IN CONNECTION
WITH THE CONSTRUCTION OF THE PROJECT OR IN ANY OTHER WAY AFFECTING THE MORTGAGED
PROPERTY AND TAKE SUCH ACTION AND REQUIRE SUCH PERFORMANCE AS AGENT DEEMS
NECESSARY UNDER THE GMP GUARANTY OR THE PAYMENT AND PERFORMANCE BONDS; AND
(9)
TAKE SUCH OTHER ACTION HEREUNDER, OR REFRAIN FROM ACTING
HEREUNDER, AS AGENT MAY, IN ITS SOLE AND ABSOLUTE DISCRETION, FROM TIME TO TIME
DETERMINE, AND WITHOUT ANY LIMITATION WHATSOEVER, TO CARRY OUT THE INTENT OF
THIS SECTION 10.01(B).
BORROWER SHALL BE LIABLE TO AGENT FOR ALL COSTS PAID OR
INCURRED FOR THE CONSTRUCTION, COMPLETION AND EQUIPPING OF THE PROJECT, WHETHER
THE SAME SHALL BE PAID OR INCURRED PURSUANT TO THE PROVISIONS OF THIS SECTION OR
OTHERWISE, AND ALL PAYMENTS MADE OR LIABILITIES INCURRED BY AGENT HEREUNDER OF
ANY KIND WHATSOEVER SHALL BE DEEMED ADVANCES MADE TO BORROWER UNDER THIS
AGREEMENT AND SHALL BE SECURED BY THE SECURITY DOCUMENTS.
ANY SUMS SO EXPENDED
BY AGENT SHALL BE PAID BY BORROWER TO AGENT ON DEMAND, WITH INTEREST THEREON AT
THE DEFAULT RATE UNTIL PAID; AND BORROWER SHALL EXECUTE SUCH NOTES OR AMENDMENTS
TO THE PROJECT LOAN NOTES AS MAY BE REQUESTED BY AGENT TO EVIDENCE BORROWER'S
OBLIGATION TO PAY SUCH EXCESS COSTS AND UNTIL SUCH NOTES OR AMENDMENTS ARE SO
EXECUTED BY BORROWER, BORROWER'S OBLIGATION TO PAY SUCH EXCESS COSTS SHALL BE
DEEMED TO BE EVIDENCED BY THIS AGREEMENT.
IN THE EVENT AGENT TAKES POSSESSION
OF THE PREMISES AND ASSUMES CONTROL OF SUCH CONSTRUCTION AS AFORESAID, AGENT
SHALL NOT BE OBLIGATED TO CONTINUE SUCH CONSTRUCTION LONGER THAN AGENT SHALL SEE
FIT AND MAY THEREAFTER, AT ANY TIME, CHANGE ANY COURSE OF ACTION UNDERTAKEN BY
IT OR ABANDON SUCH CONSTRUCTION AND DECLINE TO MAKE FURTHER PAYMENTS FOR THE
ACCOUNT OF BORROWER AND THE MEMBERS WHETHER OR NOT THE PROJECT SHALL HAVE BEEN
COMPLETED.
FOR THE PURPOSE OF THIS SECTION,