Assignment of Architect’s Agreement. (AND CONSENT OF ARCHITECT) dated July -------------------------------------------------------------- 10, 1997, by HCC in favor of LTC; consented to by Xxxxxxxx Xxxxxx Associates, PS (Architect).
Assignment of Architect’s Agreement. Borrower shall cause Tenant to execute and deliver to Lender a Collateral Assignment of Architect’s Agreement in form and substance satisfactory to Lender, whereby the Architect that designed the Improvements agrees that, upon the occurrence of an Event of Default under this Agreement or any of the other Loan Documents, the Architect will, at Lender’s request, (a) continue performance pursuant to its contract with Tenant, provided that the Architect is paid in accordance with such contract for all such services rendered after Xxxxxx’s request, (b) assign the Improvement Plans to Lender at no cost to Lender other than the actual cost of making copies, and (c) consent to Xxxxxx’s assignment to Lender of the right to use and possess the Improvement Plans. Borrower shall have caused Tenant to assign the Improvement Plans to Lender as additional security for Tenant’s performance under the Ground Lease. Lender shall have reviewed and approved Xxxxxx’s contract with the Architect.
Assignment of Architect’s Agreement. A written agreement executed by Architect acknowledging that Borrower has granted to Lender a security interest in Borrower’s rights in the Plans and the Architect’s Agreement, and agreeing to continue performance under the Architect’s Agreement if Borrower defaults under this Agreement.
