Assignment of Construction Contract. As additional security for the payment of the Loan, Borrower hereby collaterally transfers and assigns to Lender all of Borrower’s rights and interest, but not its obligations, in, under and to each Construction Contract upon the following terms and conditions:
(a) Borrower represents and warrants that the copy of each Construction Contract Borrower has furnished or will furnish to Lender is or will be (as applicable) a true and complete copy thereof, including all amendments thereto, if any, and that Borrower’s interest therein is not subject to any claim, setoff or encumbrance.
(b) Neither this assignment nor any action by Lender shall constitute an assumption by Lender of any obligations under any Construction Contract, and Borrower shall continue to be liable for all obligations of Borrower thereunder, Borrower hereby agreeing to perform all of its obligations under each Construction Contract. BORROWER AGREES TO INDEMNIFY AND HOLD LENDER HARMLESS AGAINST AND FROM ANY LOSS, COST, LIABILITY OR EXPENSE (INCLUDING BUT NOT LIMITED TO ATTORNEYS’ FEES) RESULTING FROM ANY FAILURE OF BORROWER TO SO PERFORM.
(c) Following any required notice and opportunity to cure, Lender shall have the right at any time thereafter (but shall have no obligation) to take in its name or in the name of Borrower such action as Lender may at any time determine to be necessary or advisable to cure any default under any Construction Contract or to protect the rights of Borrower or Lender thereunder. LENDER SHALL INCUR NO LIABILITY IF ANY ACTION SO TAKEN BY IT OR IN ITS BEHALF SHALL PROVE TO BE INADEQUATE OR INVALID, REGARDLESS OF ANY NEGLIGENCE OR ALLEGED NEGLIGENCE OF LENDER, AND BORROWER AGREES TO INDEMNIFY AND HOLD LENDER HARMLESS AGAINST AND FROM ANY LOSS, COST, LIABILITY OR EXPENSE (INCLUDING BUT NOT LIMITED TO REASONABLE ATTORNEYS’ FEES) INCURRED IN CONNECTION WITH ANY SUCH ACTION. THIS INDEMNITY INCLUDES ANY LIABILITY ASSERTED AGAINST LENDER ON ACCOUNT OF LENDER’S NEGLIGENCE OR ALLEGED NEGLIGENCE, BUT NOT ANY LIABILITY ARISING FROM LENDER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
(d) Borrower hereby irrevocably constitutes and appoints Lender as Borrower’s attorney-in-fact effective upon the occurrence of an Event of Default, in Borrower’s or Lender’s name, to enforce all rights of Borrower under each Construction Contract. Such appointment is coupled with an interest and is therefore irrevocable.
(e) Prior to the occurrence of an Event of Default, Borrower shall have the right...
Assignment of Construction Contract. Contractor's Subordination, Agreement and Consent to Assignment of Construction Contract.
Assignment of Construction Contract. The Assignment of Construction Contract dated as of the Contract Date executed by Borrower in favor of Governmental Lender and Bank, as the same may from time to time be amended, modified or supplemented.
Assignment of Construction Contract. Borrower assigns and grants to Lender, as additional security for the loan, Borrower’s interest in the Construction Contract and any other contracts, drawings, plans, specifications or permits pertinent to the construction of the Facility. In the event of Borrower default on the Loans, Borrower agrees that Lender may elect to complete construction under the terms of said Construction Contract, although Lender shall not be bound by said contract to do so, or may contract to employ other parties to proceed with the work until completed. If Lender elects to complete the Facility, Borrower agrees not to hold Lender liable for the manner or quality of said construction. Such disbursements for completion after Borrower default shall be considered to have been disbursed to the Borrower and will be secured by the trust deed executed in connection with this Agreement. If such disbursements exceed the Maximum Principal Balance of the Loans, they will be considered to be an additional loan to the Borrower, bearing interest at the highest rate provided in the note.
Assignment of Construction Contract. The Borrower shall have provided to the Agent an "Assignment of Construction Contract with Joinder and Consent of General Contractor," in form mutually acceptable to the Borrower and the Agent, signed by the Borrower and acknowledged by the Contractor.
Assignment of Construction Contract. (AND CONSENT OF CONTRACTOR) dated July --------------------------------------------------------------- 10, 1997, by HCC in favor of LTC; consented to by X. X. Xxxxxxx, Inc. (Contractor).
Assignment of Construction Contract. Architect's Contract and Plans and Specifications required by Lender, an assignment of the general contract for the construction of the improvements, between Borrower and its contractor ("GENERAL CONTRACTOR"), an assignment of the architectural contract for the Improvements with the Project architect ("ARCHITECT"), and an assignment of the plans and specifications for the Improvements, and such consents to such assignments as Lender may require.
Assignment of Construction Contract. Project BEE shall assign their interest in their construction contract with Xxxxxxx Construction Co., entered into on April 26th, 2022 to complete the Broadway Circle Project BEE Project (EAPC Project #20204441) to the City.
Assignment of Construction Contract. Borrower shall grant Lender a first priority security interest in Borrower’s interest under the Construction Contract (as defined in Section 11.2.6) pursuant to an assignment thereof in form and substance approved by Lender (the “Assignment of Construction Contract”).
Assignment of Construction Contract. An Assignment of Construction Contract assigning to the Bank the Borrower's interest in the contract(s) with the general contractor and/or construction manager for the Project (collectively, the "Construction Contract").
