Common use of Assignment of Documents Clause in Contracts

Assignment of Documents. Borrower assigns to Lender, as further security and to facilitate Xxxxxx’s completion of the Work if Borrower defaults and if Lender elects to complete the Work, and Borrower has provided true copies to Lender of, the Construction Contract, Plans, Permits, licenses, approvals, architects and engineers’ plans and specifications, drawings, Surveys, and all other contracts, agreements, leases, and other instruments of every kind to which Borrower is a party or in which Borrower has rights with respect to the Property. Lender is not obligated to perform any of Borrower’s obligations under such instruments but may elect to do so. Lender may require Borrower to sign other documents to ensure that the assignments are valid and effective.

Assignment of Documents. Borrower assigns to Lender, as further security and to facilitate XxxxxxLxxxxx’s completion of the Work if Borrower defaults and if Lender elects to complete the Work, and Borrower has provided true copies to Lender of, the Construction Contract, Plans, Permits, licenses, approvals, architects and engineers’ plans and specifications, drawings, Surveys, and all other contracts, agreements, leases, and other instruments of every kind to which Borrower is a party or in which Borrower has rights with respect to the Property. Lender is not obligated to perform any of Borrower’s obligations under such instruments but may elect to do so. Lender may require Borrower to sign other documents to ensure that the assignments are valid and effective.