APPLICABLE GRACE PERIOD SPECIFIED IN THE INSTRUMENT OR AGREEMENT RELATING
THERETO;
(P)
IF A MATERIAL ADVERSE CHANGE OCCURS WITH RESPECT TO BORROWER,
THE PROJECT OR GUARANTOR; OR
(Q)
THE OCCURRENCE OF ANY OTHER EVENT OR CIRCUMSTANCE DENOMINATED
AS AN EVENT OF DEFAULT IN THIS AGREEMENT OR UNDER ANY OF THE OTHER LOAN
DOCUMENTS AND THE EXPIRATION OF ANY APPLICABLE GRACE OR CURE PERIODS, IF ANY,
SPECIFIED FOR SUCH EVENT OF DEFAULT HEREIN OR THEREIN, AS THE CASE MAY BE;
(R)
THE STIPULATION ORDER SHALL BE STAYED, AMENDED, MODIFIED,
REVERSED OR VACATED WITHOUT THE CONSENT OF THE LENDERS; PROVIDED, HOWEVER, THAT
IF THE ONLY EFFECT THEREOF IS TO PREVENT LBHI FROM FUNDING ITS FACILITY A PRO
RATA SHARE OF ANY FACILITY A LOAN THEN NO EVENT OF DEFAULT SHALL HAVE OCCURRED
PURSUANT TO THIS PARAGRAPH (R) SO LONG AS BORROWER FUNDS AN AMOUNT AT LEAST
EQUAL TO THE PORTION OF SUCH FACILITY A LOAN NOT FUNDED BY LBHI; OR
(S)
FAILURE OF BORROWER TO DEPOSIT FUNDS INTO THE EXPENSE RESERVE
ACCOUNT IN ACCORDANCE WITH SECTION 13.3(C).
95
ARTICLE XX
LENDER'S REMEDIES IN EVENT OF DEFAULT
SECTION 20.1
REMEDIES CONFERRED UPON LENDER.
Upon the occurrence of any Event of Default, (i) in the case of paragraphs (a),
(c), (d), (e) and (f) below, the Agent may (and shall at the direction of the
Required Lenders), and (ii) in the case of paragraph (b) below, the Required
Lenders may, pursue any one or more of the following remedies concurrently or
successively, it being the intent hereof that none of such remedies shall be to
the exclusion of any other:
(A)
TAKE POSSESSION OF THE PROJECT AND COMPLETE THE CONSTRUCTION
IN ACCORDANCE WITH THE PLANS AND SPECIFICATIONS AND DO ANYTHING WHICH IS
NECESSARY OR APPROPRIATE IN ITS SOLE JUDGMENT TO FULFILL THE OBLIGATIONS OF
BORROWER UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, INCLUDING EITHER THE
RIGHT TO AVAIL ITSELF OF AND PROCURE PERFORMANCE OF EXISTING CONTRACTS OR LET
ANY CONTRACTS WITH THE SAME CONTRACTORS OR OTHERS. WITHOUT RESTRICTING THE
GENERALITY OF THE FOREGOING AND FOR THE PURPOSES AFORESAID, BORROWER HEREBY
APPOINTS AND CONSTITUTES THE AGENT ITS LAWFUL ATTORNEY IN FACT WITH FULL POWER
OF SUBSTITUTION IN THE PROJECT TO COMPLETE THE CONSTRUCTION IN THE NAME OF
BORROWER; TO USE UNADVANCED FUNDS REMAINING UNDER THE FACILITY A COMMITMENT OR
WHICH MAY BE RESERVED, ESCROWED OR SET ASIDE FOR ANY PURPOSES HEREUNDER AT ANY
TIME, OR TO ADVANCE FUNDS IN EXCESS OF THE FACE AMOUNT OF THE NOTE, TO COMPLETE
THE CONSTRUCTION; TO MAKE CHANGES IN THE PLANS AND SPECIFICATIONS WHICH SHALL BE
NECESSARY OR DESIRABLE TO COMPLETE THE CONSTRUCTION IN SUBSTANTIALLY THE MANNER
CONTEMPLATED BY THE PLANS AND SPECIFICATIONS; TO RETAIN OR EMPLOY NEW GENERAL
CONTRACTORS, SUBCONTRACTORS, ARCHITECTS, ENGINEERS AND INSPECTORS AS SHALL BE
REQUIRED FOR SAID PURPOSES; TO PAY, SETTLE OR COMPROMISE ALL EXISTING BILLS AND
CLAIMS WHICH ARE, OR WHICH MAY BECOME, LIENS AGAINST THE PROJECT; TO EXECUTE ALL
APPLICATIONS AND CERTIFICATES IN THE NAME OF BORROWER, PROSECUTE AND DEFEND ALL