Common use of Assignment of Plans and Specifications Clause in Contracts

Assignment of Plans and Specifications. As additional security for the payment of the Loans and Borrower’s other Obligations under the Loan Documents, and the performance of the covenants and agreements under the Loan Documents, Borrower hereby transfers and assigns to Lender for the benefit of Lender all of Borrower’s right, title and interest in and to the Plans and Specifications for each Project, and hereby represents and warrants to and agrees with Lender as follows:

Assignment of Plans and Specifications. As additional security for the payment of the Loans and Borrower’s other Obligations under the Loan Documents, and the performance of the covenants and agreements under the Loan Documents, Borrower hereby transfers and assigns to Lender for the benefit of Lender all of Borrower’s right, title and interest in and to the Plans and Specifications for each ProjectProject (subject, in the case of the Architect Agreement, to the Architect’s Consent), and hereby represents and warrants to and agrees with Lender as follows: