Common use of Borrower Assignment Clause in Contracts

Borrower Assignment. Borrower may not convey, assign, mortgage, pledge, transfer, hypothecate, encumber, or otherwise dispose of its rights or obligations under this Agreement, the other Loan Documents, or the Project Property without the prior written consent of Lender; except that Borrower may enter into rental agreements or leases for the residential units and commercial spaces located in the Project Property without the prior written consent of Lender. A breach of this provision, directly or indirectly, shall be an Event of Default and shall not vest any rights in the purported transferee.

Borrower Assignment. Borrower may not convey, assign, mortgage, pledge, transfer, hypothecate, encumber, encumber or otherwise dispose of its rights or obligations under this Agreement, the other Loan Related Documents, or the Project Property (except as provided in the Deed of Trust) without the prior written consent of Lender; except that Borrower may enter into rental agreements or leases for the residential units and commercial spaces located in the Project Property without the prior written consent of LenderBank. A breach of this provision, directly or indirectly, shall be an Event of Default under this Agreement and shall not vest any rights in the purported transferee.