Common use of Assignment to Lender Clause in Contracts

Assignment to Lender. In the event of the foreclosure of this Mortgage or other transfer of the title to the Property in extinguishment of the Loan, all right, title and interest of Borrower in and to any insurance policy, or premiums or payments in satisfaction of claims or any other rights under these insurance policies and any other insurance policies covering the Property shall pass to the transferee of the Property, except to the extent such coverage is provided pursuant to a blanket policy or policies maintained by FECI covering FECI and all of its subsidiaries, including Flagler Development Company, as Borrower.