DEFAULT HEREIN OR THEREIN, AS THE CASE MAY BE.
ARTICLE XXI
LENDER'S REMEDIES IN EVENT OF DEFAULT
SECTION 21.1
REMEDIES CONFERRED UPON LENDER.
Upon the occurrence of any Event of Default, Lender 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 LENDER 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 NOTE 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
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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 ACTIONS OR PROCEEDINGS IN CONNECTION WITH THE IMPROVEMENTS OR
PROJECT; TO TAKE ACTION AND REQUIRE SUCH PERFORMANCE AS IT DEEMS NECESSARY UNDER
THE BOND(S) AND TO MAKE SETTLEMENTS AND COMPROMISES WITH THE SURETY THEREUNDER,
AND IN CONNECTION THEREWITH, TO EXECUTE INSTRUMENTS OF RELEASE AND SATISFACTION;
AND TO DO ANY AND EVERY ACT WHICH BORROWER MIGHT DO IN ITS OWN BEHALF, IT BEING
UNDERSTOOD AND AGREED THAT THIS POWER OF ATTORNEY SHALL BE A POWER COUPLED WITH
AN INTEREST AND CANNOT BE REVOKED;
(B)
WITHHOLD FURTHER DISBURSEMENT OF THE PROCEEDS OF THE LOAN AND/OR
TERMINATE LENDER'S OBLIGATIONS TO MAKE FURTHER DISBURSEMENTS HEREUNDER;
(C)
DECLARE THE NOTE TO BE IMMEDIATELY DUE AND PAYABLE;
(D)
SELL UNITS PURSUANT TO CONTRACTS OF SALE;
(E)
EXERCISE ALL OF BORROWER'S RIGHTS UNDER THE CONDOMINIUM DOCUMENTS; AND
(F)
EXERCISE OR PURSUE ANY OTHER REMEDY OR CAUSE OF ACTION PERMITTED UNDER
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS, OR CONFERRED UPON LENDER BY LAW.
ARTICLE XXII
GENERAL PROVISIONS
SECTION 22.1
CAPTIONS.
The captions and headings of various Articles, Sections and subsections of this
Agreement and Exhibits pertaining hereto are for convenience only and are not to
be considered as defining or limiting in any way the scope or intent of the
provisions hereof.