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, are assigned to Developer’s construction lender in the event of default by Developer. Developer shall be required to clear, fill, grade, landscape, or otherwise stabilize and make safe the Project site should the Developer, absent Governmental/Enforced Delays: (i) fail to complete demolition of the existing structures within three (3) months after commencement of infrastructure construction, (ii) cease construction for a continuous period of more than three (3) months, or (iii) fail to complete construction within twenty-four (24) months of issuance of the permits or such additional time as authorized by the building official City may use the performance bonds or letter of credit to either complete the infrastructure, demolish the existing buildings on lots A or B, or restore the sites if buildings are left partially constructed. 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, are assigned to Developer’s construction lender in the event of default by Developer. Developer shall be required to clear, fill, grade, landscape, or otherwise stabilize and make safe the Project site should the Developer, absent Governmental/Enforced Delays: (i) fail to complete demolition of the existing structures within three threenine (339) months after commencement of infrastructure construction, (ii) cease construction for a continuous period of more than three threenine (339) months, or (iii) fail to complete construction within thirty eight (38) twenty-four (24) months of issuance of the permits or such additional time as authorized by the building official City may use the performance bonds or letter of credit to either complete the infrastructure, demolish the existing buildings on lots A or B, or restore the sites if buildings are left partially constructed. Developer shall have forty five (45) business days to cure any default after notice of the same.