Assignment of Construction Contract Sample Clauses

Assignment of Construction Contract. Borrower shall grant Lender a first priority security interest in Borrower’s interest under the Construction Contract (as defined in Section 11.2.6) pursuant to an assignment thereof in form and substance approved by Lender (the “Assignment of Construction Contract”).

Assignment of Construction Contract. The Assignment of Construction Contract dated as of the Contract Date executed by Borrower in favor of Governmental Lender and Bank, as the same may from time to time be amended, modified or supplemented.

Assignment of Construction Contract. Borrower assigns and grants to Lender, as additional security for the loan, Borrower’s interest in the Construction Contract and any other contracts, drawings, plans, specifications or permits pertinent to the construction of the Facility. In the event of Borrower default on the Loans, Borrower agrees that Lender may elect to complete construction under the terms of said Construction Contract, although Lender shall not be bound by said contract to do so, or may contract to employ other parties to proceed with the work until completed. If Lender elects to complete the Facility, Borrower agrees not to hold Lender liable for the manner or quality of said construction. Such disbursements for completion after Borrower default shall be considered to have been disbursed to the Borrower and will be secured by the trust deed executed in connection with this Agreement. If such disbursements exceed the Maximum Principal Balance of the Loans, they will be considered to be an additional loan to the Borrower, bearing interest at the highest rate provided in the note.

Assignment of Construction Contract. As additional security for the payment of the Loan, Borrower hereby transfers and assigns to Lender all of Borrower's rights and interest, but not its obligations, in, under, and to the Construction Contract, upon the following terms and conditions: (a) Borrower represents and warrants that the copy of the Construction Contract it has furnished to Lender is a true and complete copy thereof and that ▇▇▇▇▇▇▇▇'s interest therein is not subject to any claim, setoff, or encumbrance. (b) Neither this assignment nor any action by ▇▇▇▇▇▇ shall constitute an assumption by Lender of any obligation under the Construction Contract, and Borrower shall continue to be liable for all obligations of Borrower thereunder, Borrower hereby agreeing to perform all of its obligations under the Construction Contract. ▇▇▇▇▇▇▇▇ indemnifies and holds ▇▇▇▇▇▇ harmless against and from any loss, cost, liability, or expense (including, but not limited to, attorneys' fees and expenses) resulting from any failure of Borrower to so perform. (c) Lender shall have the right at any time (but shall have no obligation) to take in its name or in the name of Borrower such action as Lender may at any time determine to be necessary or advisable to cure any default under the Construction Contract or to protect the rights of Borrower or Lender thereunder. Lender shall incur no liability if any action so taken by it or in its behalf shall prove to be inadequate or invalid, and ▇▇▇▇▇▇▇▇ agrees to hold Lender free and harmless against and from any loss, cost, liability or expense (including, but not limited to, attorneys' fees and expenses) incurred in connection with any such action. (d) Borrower hereby irrevocably constitutes and appoints ▇▇▇▇▇▇ as ▇▇▇▇▇▇▇▇'s attorney-in-fact, in ▇▇▇▇▇▇▇▇'s name or in ▇▇▇▇▇▇'s name, to enforce all rights of Borrower under the Construction Contract. (e) Prior to an Event of Default, Borrower shall have the right to exercise its rights as owner under the Construction Contract, provided that Borrower shall not cancel or amend the Construction Contract or do or suffer to be done any act which would impair the security constituted by this assignment without the prior written consent of Lender (f) This assignment shall inure to the benefit of Lender, its successors and assigns, including any purchaser upon foreclosure of the Deed of Trust, any receiver in possession of the Property, and any corporation formed by or on behalf of Lender which assumes ▇▇▇▇▇▇'s rights and oblig...

Assignment of Construction Contract. Borrower hereby Assigns to Agent, for the benefit of Banks, Borrower's interest in the Construction Contract and further represents to Agent that: (i) the Construction Contract is not subject to any claim, setoff or encumbrance; (ii) there have been no prior assignments of the Construction Contract; (iii) the Construction Contract constitutes the valid and binding obligations of the parties thereto, and is enforceable in accordance with its terms; (iv) neither Borrower nor Contractor is in default under the terms of the Construction Contract; (v) all covenants, conditions and agreements have been performed as required by the Construction Contract, except those which are not due to be performed until after the date of this Agreement; (vi) Borrower shall continue to be liable for all obligations of Borrower under the Construction Contract;

Assignment of Construction Contract. (AND CONSENT OF CONTRACTOR) dated July --------------------------------------------------------------- 10, 1997, by HCC in favor of LTC; consented to by ▇. ▇. ▇▇▇▇▇▇▇, Inc. (Contractor).

Assignment of Construction Contract. Architect's Contract and Plans and Specifications required by Lender, an assignment of the general contract for the construction of the improvements, between Borrower and its contractor ("GENERAL CONTRACTOR"), an assignment of the architectural contract for the Improvements with the Project architect ("ARCHITECT"), and an assignment of the plans and specifications for the Improvements, and such consents to such assignments as Lender may require.

Assignment of Construction Contract. The Borrower shall have provided to the Agent an "Assignment of Construction Contract with Joinder and Consent of General Contractor," in form mutually acceptable to the Borrower and the Agent, signed by the Borrower and acknowledged by the Contractor.

Assignment of Construction Contract. Project BEE shall assign their interest in their construction contract with ▇▇▇▇▇▇▇ Construction Co., entered into on April 26th, 2022 to complete the Broadway Circle Project BEE Project (EAPC Project #20204441) to the City.