Developer Contribution. Without limitation, and for no additional charge, or credit to the TriBridge Member’s Capital Account, TriBridge Member shall cause its Affiliates (including Developer) to contribute, in the manner contemplated under the Contribution Agreement and to the extent applicable solely to the Project, to the Borrower all of their (a) ownership and contract rights in and to the subject lands and/or purchase agreements, (b) rights to any and all design and construction plans for the Project (free and clear of all liabilities), (c) other tangible and intangible rights associated with the Project and (d) other items and rights appurtenant to the development of the Project (collectively, the “Developer Rights”). TriBridge Member confirms that all such Developer Rights are in fact owned or controlled by Developer. Without limitation, the TriBridge Member shall cause any Affiliate (i.e. other than the Developer) who owns or who have rights to any approvals, permits or other development rights relating to the Project to contribute the same to the Borrower, for no additional charge, in the manner contemplated in Section 15.16 of the Contribution Agreement.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement (Bluerock Residential Growth REIT, Inc.)