Common use of Lender Assignments Clause in Contracts

Lender Assignments. Prior to commencement of construction, the Developer shall provide adequate documentation to the City that all agreements relating to the construction of the Project including construction contracts, architectural and engineering contracts, management contracts, hotel license agreements (to the extent permitted by Licensor), Xxxxxxxxxx Reimbursement Agreements, Michigan Business Tax Credits, building permits, and any and all rights under this Agreement (all to the extent assignable) are assigned to Developer’s construction lender in the event of default by Developer. The Developer shall be required to clear, fill, grade, landscape, or otherwise stabilize and make safe the Project site should the Developer, absent Enforced Delays: (i) cease construction for a continuous period of more than three (3) months, or (ii) fail to complete construction of the Infrastructure Improvements within twenty-four (24) months of issuance of the permits or such additional time as authorized by the building official, or the City may use the Performance Bond to either complete the infrastructure or restore the sites if construction is partially completed. Developer shall have forty five (45) business days to cure any default after notice of the same.

Lender Assignments. Prior to commencement of construction, the Developer shall provide adequate documentation to the City that all agreements relating to the construction of the Project including construction contracts, architectural and engineering contracts, management contracts, hotel license agreements (to the extent permitted by Licensor), Xxxxxxxxxx Reimbursement Agreements, Michigan Business Tax Credits, building permits, and any and all rights under this Agreement (all to the extent assignable) are assigned to Developer’s construction lender in the event of default by Developer. The Developer shall be required to clear, fill, grade, landscape, or otherwise stabilize and make safe the Project site should the Developer, absent Enforced Delays: (i) cease construction for a continuous period of more than three (3) months, or (ii) fail to complete construction of the Infrastructure Improvements within twenty-four (24) months of issuance of the permits or such additional time as authorized by the building official, or the City may use the Performance Infrastructure Bond to either complete the infrastructure or restore the sites if construction is partially completed. Developer shall have forty five (45) business days to cure any default after notice of the same.

Lender Assignments. Prior to commencement of construction, the Developer shall provide adequate documentation to the City that all agreements relating to the construction of the Project including construction contracts, architectural and engineering contracts, management contracts, hotel license agreements (to the extent permitted by Licensor), Xxxxxxxxxx Reimbursement Agreements, Michigan Business Tax Credits, building permits, and any and all rights under this Agreement (all to the extent assignable) are assigned to Developer’s construction lender in the event of default by Developer. The Developer shall be required to clear, fill, grade, landscape, or otherwise stabilize and make safe the Project site should the Developer, absent Enforced Delays: (i) cease construction for a continuous period of more than three (3) months, or (ii) fail to complete construction of the Infrastructure Improvements within twenty-four (24) months of issuance of the permits or such additional time as authorized by the building official, or the City may use the Infrastructure Performance Bond to either complete the infrastructure or restore the sites if construction is partially completed. Developer shall have forty five (45) business days to cure any default after notice of the same.