Common use of Assignment of Contracts and Agreements Clause in Contracts

Assignment of Contracts and Agreements. Borrower hereby assigns to Standard Federal, as further security for the indebtedness secured hereby, Borrower's interest in all agreements, contracts (including contracts for the lease or sale of the Project or any portion thereof), licenses and permits affecting the Project. Such assignment shall not be construed as a consent by Standard Federal to any agreement, contract, license, or permit so assigned, or to impose upon Standard Federal any obligations with respect thereto. Borrower shall not cancel or amend any of the agreements, contracts, licenses and permits hereby assigned (nor permit any of the same to terminate if they are necessary or desirable for the operation of the Project), except in the ordinary course of business, without first obtaining, on each occasion, the written approval of Standard Federal. This paragraph shall not be applicable to any agreement, contract, license or permit that terminates if it is assigned without the consent of any party thereto (other than Borrower) or issuer thereof, unless such consent has been obtained or this assignment is ratified by such party or issuer; nor shall this paragraph be construed as a present assignment of any agreement, contract, license or permit that Borrower is required by law to hold in order to operate the Project for the purposes intended.

Assignment of Contracts and Agreements. Borrower Grantor hereby assigns to Standard Federalthe Lender, as further security for the indebtedness secured herebyLiabilities, BorrowerGrantor's interest in all agreements, contracts (including contracts for the lease or sale of the Project Property or any portion thereof), licenses and permits affecting the ProjectProperty. Such assignment shall not be construed as a consent by Standard Federal the Lender to any agreement, contract, license, or permit so assigned, or to impose upon Standard Federal the Lender any obligations with respect thereto. Borrower Grantor shall not cancel or amend any of the agreements, contracts, licenses and permits hereby assigned (nor permit any of the same to terminate if they are necessary or desirable for the operation of the ProjectProperty), except in the ordinary course of business, without first obtaining, on each occasion, the written approval of Standard Federalthe Lender. This paragraph shall not be applicable to any agreement, contract, license or permit that terminates if it is assigned without the consent of any party thereto (other than BorrowerGrantor) or issuer thereof, unless such consent has been obtained or this assignment is ratified by such party or issuer; nor shall this paragraph be construed as a present assignment of any agreement, contract, license or permit that Borrower Grantor is required by law to hold in order to operate the Project Property for the purposes intended.