Assignment of Construction Contracts. As additional security for the payment of the Debt and the performance of Borrower’s Obligations, Borrower hereby transfers and assigns to Lender for the benefit of Lender, all of Borrower’s rights and interest, but not its obligations, in, under and to all contracts, subcontracts and agreements, written or oral, between Borrower and any other party, and between parties other than Borrower, in any way relating to the development of the Property and/or the construction of improvements on the Property, or the supplying of material (specially fabricated or otherwise), labor, supplies, or other services therefor (collectively, the “Construction Contracts”) upon the following terms and conditions:
(a) Borrower represents and warrants to Lender that the copy of each Construction Contract that Borrower has furnished or will furnish to Lender is or will be 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; and Borrower hereby agrees to perform all of its obligations under each Construction Contract. Borrower hereby agrees to indemnify and hold Lender harmless against and from any loss, cost, liability or expense (including, but not limited to, consultants’ fees and expenses and attorneys’ fees and expenses) incurred in connection with Borrower’s failure to perform any such Construction Contract or any action taken by Lender, except for matters arising as a result of the gross negligence or willful misconduct by Lender;
(c) upon the occurrence of an Event of Default, and during the continuance thereof, Lender shall have the right at any time (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, 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 acti...
Assignment of Construction Contracts. Upon a mutual determination by the Parties that all of P66 Company’s obligations have been satisfied, and that P66 Company has no further Liability, under the Construction Contracts, P66 Company shall, or shall cause its Subsidiaries to, assign the Construction Contracts to the Partnership.
Assignment of Construction Contracts. The term “Assignment of Construction Contracts” shall collectively mean one or more collateral assignments in the form attached hereto as Exhibit “D-2” and incorporated herein for all purposes, executed by Borrower and acknowledged by the general contractor, assigning the construction contract with the general contractor to Lender.
Assignment of Construction Contracts. At the request of Landlord, --------------------------------------- Tenant shall assign to Landlord each Construction Contract to which Tenant is a party utilizing an assignment instrument in form and substance acceptable to Landlord and shall cause each other party to such Construction Contract to consent to such assignment, if required by the terms thereof.
Assignment of Construction Contracts. Prior to the request for the First Advance Borrower shall furnish Lender with copies of all Major Contracts and assign to Lender the Construction Contracts. Borrower shall permit no default under the Construction Contracts; shall not waive any of the obligations of the parties thereunder; and shall do no act which would relieve such parties from their obligations thereunder. The Borrower shall make no amendments to such contracts, without the prior written consent of Lender and excepting Minor Changes shall not enter into Change Orders or extras without Lender's consent nor permit any changes to the Scope of the Work. Borrower shall allow all Major Contracts to be subject to the approval of Lender for its underwriting purposes; shall allow Lender to take advantage of all the rights and benefits of the contracts upon any Event of Default by Borrower; and shall submit evidence to Lender that the Contractor(s) will permit Lender to acquire Borrower's interest in such contracts without additional charge or fee beyond payment of the Contract Price should an Event of Default occur hereunder.
Assignment of Construction Contracts. Borrower hereby assigns to Bank its rights, title and interest in, to and under all construction contracts for the Improvements now in existence or those to be entered into by Borrower in the future (the "Construction
Assignment of Construction Contracts. The Deed of Assignment of Construction Contracts executed or to be executed by the Borrower whereby the Borrower assigns all the rights, interests and benefits of the Contracts to BPMB as security for the Loan Facilities and referred to in Item 11 of the First Schedule hereto; "Deed of Assignment of Insurance Proceeds" The Deed of Assignment of Insurance Proceeds executed or to be executed by the Borrower whereby the Borrower assigns all the rights, interests and benefits in the Insurance Proceeds to BPMB as security for the Loan Facilities and referred to in Item 11 of the First Schedule hereto;
Assignment of Construction Contracts. Seller hereby sells, assigns, transfers and conveys to Purchaser all of Seller's right, title and interest in, to and under those certain construction contract agreements set forth on Exhibit D, attached hereto and made part hereof by this reference (the "Construction Contracts").
Assignment of Construction Contracts. Assignor hereby assigns and transfers to Assignee as of the date hereof all of Assignor’s right, title and interest in and to the Construction Contracts described on Exhibit B attached hereto and made a part thereof; provided however, Assignee does not agree to assume any obligation or liability of Assignor under the Construction Contracts, or to any contractor or other counterparty to the Construction Contracts, or otherwise under the Construction Contracts.
Assignment of Construction Contracts. Enforce the assignment of any Construction Contracts and exercise the Borrower’s rights thereunder;
