Common use of Assignment of Purchase Contracts Clause in Contracts

Assignment of Purchase Contracts. As additional security for the Loans, Borrower transfers and assigns the Purchase Contracts to Lender. In connection with this assignment Borrower irrevocably appoints Lender as Borrower’s agent and attorney-in-fact with full power of substitution to, after an Event of Default, exercise every right granted to Borrower under the Purchase Contracts and to do all things Borrower could do under or in connection with the Purchase Contracts. Borrower agrees that this power of attorney is coupled with an interest and cannot be revoked. Lender’s rights under this Section are in addition to all other rights and remedies Lender may have under this Agreement or any of the other Loan Documents. This assignment will inure to the benefit of Lender, its successors and assigns, any purchaser upon foreclosure of the Deed of Trust, and any receiver in possession of the Lot or Home.