Los Angeles Fix and Flip Loans

Construction Fix N' Flip in California 

9. Indemnity. Borrower indemnifies Lender and Broker (hereinafter for the purpose of this paragraph only, "Lender") jointly and severally, against, and holds Lender harmless from, any and all losses, damages (whether general, punitive or otherwise), liabilities, claims, causes of action (whether legal, equitable or administrative), judgments, court costs and legal or other expenses (including attorneys' fees) which Lender may suffer or incur as a direct or indirect consequence of: (i) Lender's performance of this Agreement or any of the Loan Documents, including, without limit, Lender's exercise or failure to exercise any rights, remedies or powers in connection with this Agreement or of any of the Loan Documents; (ii) Borrower's failure to perform any of Borrower's obligations as and when required by this Agreement or any of the Loan Documents, including, without limit, any failure, at any time, of any representation or warranty of Borrower to be true and correct and any failure by Borrower to satisfy any condition; (iii) any claim or cause of action of any kind by any person or entity to the effect that Lender or Broker are in any way responsible or liable for any act or omission by Borrower, whether on account of any theory of derivative liability or otherwise; (iv) any act or omission by Borrower, any contractor, subcontractor or material supplier, engineer, architect or other person or entity, except Lender, with respect to any of the Property or Improvements; (v) any claim or cause of action of any kind by any person or entity which would have the effect of denying Lender the full benefit or protection of any provision of this Agreement or the Loan Documents; or (vi) any claim arising out of or related to the existence of any hazardous or toxic materials, chemical substance or waste on or in the Property or any Improvements now or hereafter located thereon. Lender's and Broker's rights of indemnity shall not be directly or indirectly limited, prejudiced, impaired or eliminated in anyway by any finding or allegation that Lender's conduct is active, passive or subject to any other classification or that Lender is directly or indirectly responsible under any theory of any kind, character or nature for any act or omission by Borrower or any other person or entity, except Lender. Notwithstanding the foregoing, Borrower shall pay any indebtedness to Lender immediately upon demand by Lender together with interest thereon from the date such indebtedness arises until paid at the greatest effective rate of interest specified in the Note. Borrower's duty to indemnify Lender shall survive the release and cancellation of the Note and the release and reconveyance or partial release and reconveyance of the Deed of Trust.

10. Default. A breach by Borrower of any of the covenants or representations and warranties contained in this Agreement shall constitute a default under the Note and the other Loan Documents, and a breach of the Note or any of the other loan documents shall constitute a default under this Agreement. In the event Borrower is in default of any of its obligations under this Agreement, the Note or the deed of trust securing the Note, or any of the other Loan Documents, in addition to any other rights or remedies available to Lender, Lender or Broker may, at their option, declare the principal and accrued interest under the Note immediately due and payable, decline to make any further disbursements, and without constituting a waiver  of the default, apply any undisbursed Holdback Amount to any sums due under the Note, deed of trust or any of the other Loan Documents.

11. Attorneys’ Fees. If any legal action or proceeding is brought by either Borrower, Broker or Lender to enforce or construe a provision of this Agreement or the Loan Documents, the unsuccessful party in such action or proceeding, whether or not such action or proceeding is settled or prosecuted to final judgment, shall pay all of the attorneys’ fees and costs incurred by the prevailing party. If Borrower shall become subject to any case or proceeding under the Bankruptcy Reform Act, as amended or recodified from time to time, Borrower shall pay to Lender on demand all attorneys’ fees, costs and expenses which Lender may incur to obtain relief from any provision of the Act which delays or otherwise impairs Lender’s exercise of any right or remedy under any of the Loan Documents or to obtain adequate protection for any of Lender’s rights or collateral.

12. Severability. If any of this Agreement is declared by a court of competent jurisdiction to be invalid, then the remaining provisions of this Agreement shall remain in full force and effect, with all remaining provisions being fully several. Further, if a court determines that a provision of his Agreement is only partially invalid, then the court shall enforce that provision to the maximum amount allowed by law.  More

 Los Angeles Fix and Flip loans

Construction Fix N'Flip In California