HomeMy WebLinkAbout1828 Collateral, without any interference or objection from the
Borrower, and the Borrower shall cooperate in causing the
Contractors to comply with all the terms and conditions of the
Contracts.
(b) The Lender may enforce this Assignment by
notifying the Borrower by reqistered or certified mail sent in
accordance with the notice provision of the Loan Agreement.
The affidavit or written statement of an officer, agent or
attorney of the Lender stating that there has been a Default
' shall constitute conclusive evidence thereof, and any of the
~ Governmental Authorities, the Contractors or the Purchasers and
' Lessees or any other person is authorized and directed to r~ly
thereon.
(c) If and to the eatent permitted by law and the
~ terms of the Additional Collateral, the Lender may, with or
' without entry upon the Property, at its option, take over and
; enjoy the benefits of the Licenses, eaercise the Horrower~s
~ rights under the Additional Collateral, and perform all acts in
~ the same manner and to the same eatent as the Horrower might
~ do. In connection with any and all of the foregoing powers,
~ and without limiting the same, the Lender may effect new
~ Contracts, Licenses and Agreements, cancel or surrender
~ eaisting Contracts, Licenses or Agreements, alter and amend the
~ terms of and renew eaisting Contracts, Licenses and Agreements,
and make concessions to the Governmental Authorities, the
e Contractors and the Purchasers and Lessees. The 8orrower
~ hereby releases any and all claims that it has or might have
~ against the Lender arising out of such performance by the
~ Ler~der .
~
~ Section 6. I~4iscellaneous.
~ (a) The Lender wil? not be deemed in any manner to
~ have assumed any of the Additional Collateral, nor shall the
Lender be liable to the Governmental Authorities, the
~ Contractors or the Purchasers and Lessees by reason of any
~ default by any party under the Licenses, Contracts or
~ Agreements. The Borrower agrees to indemnify and to hold the
Lender harmless of and from any and all liability, loss or
damage that it may or might incur by reason of any claims or
demands against it based on its alleged assumption of the
Borrower's duty and obligation to perform and discharge the
terms, convenants and agreements in the Licenses, Contracts and
Agreements.
(b) AI1 of the foregoing powers herein granted
~ to the Lender shall be liberally construed. The Lender need
~ not eapend its own funds in the eaercise of such powers, but if
~
~
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