Assignment of Management Agreement. As additional collateral security for the Continuing Covenant Agreement and the Project Loan, Borrower conditionally transfers, sets over, and assigns to Funding Lender all of Borrower’s right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Funding Lender’s option, upon a default by Borrower under the Project Note, the Continuing Covenant Agreement, the Security Instrument or any of the other Financing Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default within any applicable grace period.
Appears in 4 contracts
Samples: Assignment of Management Agreement, Assignment of Management Agreement, Management Agreement
