Common use of Rights of Lenders Clause in Contracts

Rights of Lenders. City is aware that financing for acquisition, development and/or construction of the Property and Improvements may be provided, in whole or in part, from time to time, by one or more third parties (each a “Lender”) and that each Lender may request a collateral assignment of this Agreement as part of the collateral for its loan(s) to Developer or any assignee (a “Borrower”). City agrees that such collateral assignments are permissible without further consent on the part of City. If a Lender is permitted, under the terms of its agreement with Borrower, to cure a Default by Borrower and/or to assume Borrower’s position with respect to this Agreement, City agrees to recognize such rights of Lender and to otherwise permit Lender to assume all of the rights and obligations of Borrower under this Agreement. If City is notified in writing of any such collateral assignment and the identity and address of any such Lender, and City gives any notice, demand, election or other communication required under this Agreement (collectively called “Notices”) to Developer, City shall concurrently give a copy of each such Notice to the Lender at the address designated by the Lender. Such copies of the Notices shall be given to the Lender pursuant to Section 6.5. No Notice given by City to a Borrower shall be binding upon or affect the Lender unless a copy of the Notice is given to the Lender pursuant to this Section 6.16. In the case of an assignment of the loan or change in address of the Lender, the assignee or Lender may change the address to which copies of Notices are to be sent by giving written notice to City. The Lender shall have the right for a period of thirty (30) days after the expiration of any grace period afforded a Borrower (or such longer period as the Lender may reasonably require) to perform any term, covenant or condition and to remedy any uncured default by the Borrower, and City shall accept such performance with the same force and effect as if furnished by the Borrower and the Lender shall thereby and hereby be subrogated to the rights of City. Nothing contained in this Agreement shall be deemed to prohibit, restrict or limit in any way the right of the Lender to take title to all or any portion of its collateral pursuant to a foreclosure proceeding, trustee’s sale, or deed in lieu of foreclosure (each a “foreclosure”), and following any such foreclosure, Lender will not have any obligation to Complete construction of the Project. Upon request by a Lender, City will enter into a separate assumption or similar agreement with such Lender consistent with the provisions of this Section 6.16.

Rights of Lenders. The City is aware that financing for the acquisition, development and/or construction of the Property and Improvements on one or more of the Lots may be provided, in whole or in part, from time to time, by one or more third parties (each a “collectively "Lender”) "), and that each Lender may request a collateral assignment of this Agreement as part of the collateral for its loan(s) loan to Developer or any assignee (a “Borrower”)Developer. City agrees that such collateral assignments are permissible without further consent on the part of City. If Developer defaults under this Agreement, City shall provide notice of such Event of Default, at the same time notice is provided to Developer, to any Lender who requests in writing that it be notified of such event and who provides City with an address to which notices are to be sent. As of the Effective Date, the “Lender,” as to Lots 1 and 3 of the Plat, is Bank of the Ozarks, 0000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxx, Xxxxx 00000, Attention Xxxxxxx Xxxxxxx (with a copy to Bank of the Ozarks, 6th & Commercial, X.X. Xxx 000, Xxxxx, Xxxxxxxx 00000, Attention Xxxxxx Xxxxxx). If a Lender is permitted, permitted under the terms of its agreement with Borrower, the Developer to cure a Default by Borrower default and/or to assume Borrower’s Developer's position with respect to this Agreement, City agrees to recognize such rights of Lender and to otherwise permit Lender to assume all of the rights and obligations of Borrower Developer under this Agreement. If City is notified in writing of any such collateral assignment and the identity and address of any such Lender, and City gives shall give any notice, demand, election or other communication required under this Agreement (collectively called “Notices”"Notice") to the Developer, the City shall concurrently give a copy of each such Notice to the Lender at the address designated by the Lender. Such copies of the Notices shall be given to the Lender pursuant to Section 6.5. No Notice given by City to a Borrower shall be binding upon or affect the Lender unless a copy of the Notice is given to the Lender pursuant to this Section 6.16. In the case of an assignment of the loan or change in address of the Lender, the assignee or Lender may change the address to which copies of Notices are to be sent by giving written notice to City. The Lender shall have the right for a period of thirty (30) days after the expiration of any grace period afforded a Borrower (or such longer period as the Lender may reasonably require) to perform any term, covenant or condition and to remedy any uncured default by the Borrower, and City shall accept such performance with the same force and effect as if furnished by the Borrower and the Lender shall thereby and hereby be subrogated to the rights of City. Nothing contained in this Agreement shall be deemed to prohibit, restrict restrict, or limit in any way the right of the a Lender (including any nominee or designee of Lender) to take title to all or any portion of its collateral collateral, pursuant to a foreclosure proceeding, trustee’s 's sale, or deed in lieu of foreclosure foreclosure. If Lender shall take title to all or any portion of the Property, City shall, at the request of Lender, continue performance, on behalf of such Lender, of all of City’s obligations under the terms of this Agreement. The City shall, at any time upon request by Developer or its Lender, provide to any Lender an estoppel certificate, acknowledgement of collateral assignment, consent to collateral assignment, or other document evidencing that this Agreement is in full force and effect, that it has not been amended or modified (each a “foreclosure”or, if appropriate, specifying such amendment or modification), and following that no default by Developer exists hereunder (or, if appropriate, specifying the nature and duration of any existing default) and certifying to such foreclosure, Lender will not have any obligation to Complete construction of other matters reasonably requested by the ProjectDeveloper or its Lender. Upon request by a Lender, the City will enter into a separate assumption or similar agreement with such Lender consistent with the provisions of this Section 6.16.paragraph. Upon reasonable advance notice from Lender, Developer shall allow Lender and its agents the right to enter upon any part of the Property at any reasonable time during the term of this Agreement for the purpose of examining or inspecting the Property. This Agreement may be assigned to Lender by the Developer pursuant to the terms of the loan documents and Developer will execute all documents required by Lender in connection with any such assignment. The following is a list of Exhibits attached hereto and incorporated herein: Exhibit A Schedule of Performance Exhibit B City Special Warranty Deed Exhibit C City Parcel Exhibit D Sewer Easement Exhibit E Access Easement Exhibit F Communications Easement Exhibit G GPLET Lease SIGNATURE PAGES FOLLOW

Rights of Lenders. The City is aware that financing for acquisition, development and/or construction of the Property and Improvements may be provided, in whole or in part, from time to time, by one or more third parties (each a “collectively "Lender”") and that each Lender may request a collateral assignment of this Agreement as part of the collateral for its loan(s) loan to Developer or any assignee (a “Borrower”)an Owner. City agrees that such collateral assignments are permissible without further consent on the part of City. If an Owner defaults under this Agreement, City shall provide notice of such Event of Default, at the same time notice is provided to such Owner, to any Lender who requests in writing that it be notified of such event and who provides City with an address to which notices are to be sent. If a Lender is permitted, permitted under the terms of its agreement with Borrower, the Owner to cure a Default by Borrower default and/or to assume Borrower’s such Owner's position with respect to this Agreement, City agrees to recognize such rights of Lender and to otherwise permit Lender to assume all of the rights and obligations of Borrower Owner under this Agreement. If City is notified in writing of any such collateral assignment and the identity and address of any such Lender, and City gives shall give any notice, demand, election or other communication required under this Agreement (collectively called “"Notices”") to Developerthe Owner, the City shall concurrently give a copy of each such Notice to the Lender at the address designated by the Lender. Such copies of the Notices shall be given to the Lender pursuant to Section 6.5. No Notice given by City to a Borrower shall be binding upon or affect the Lender unless a copy of the Notice is given to the Lender pursuant to this Section 6.16. In the case of an assignment of the loan or change in address of the Lender, the assignee or Lender may change the address to which copies of Notices are to be sent by giving written notice to City. The Lender shall have the right for a period of thirty (30) days after the expiration of any grace period afforded a Borrower (or such longer period as the Lender may reasonably require) to perform any term, covenant or condition and to remedy any uncured default by the Borrower, and City shall accept such performance with the same force and effect as if furnished by the Borrower and the Lender shall thereby and hereby be subrogated to the rights of City. Nothing contained in this Agreement shall be deemed to prohibit, restrict restrict, or limit in any way the right of the a Lender to take title to all or any portion of its collateral collateral, pursuant to a foreclosure proceeding, trustee’s 's sale, or deed in lieu of foreclosure foreclosure. The City shall, at any time upon request by an Owner or its Lender, provide to any Lender an estoppel certificate, acknowledgement of collateral assignment, consent to collateral assignment, or other document evidencing that this Agreement is in full force and effect, that it has not been amended or modified (each a “foreclosure”or, if appropriate, specifying such amendment or modification), and following that no default by such Owner exists hereunder (or, if appropriate, specifying the nature and duration of any existing default) and certifying to such foreclosure, Lender will not have any obligation to Complete construction of other matters reasonably requested by the ProjectOwner or its Lender. Upon request by a Lender, the City will enter into a separate assumption or similar agreement with such Lender consistent with the provisions of this Section 6.16paragraph.

Rights of Lenders. The City is aware that financing for acquisition, development and/or construction of the Property and Improvements may be provided, in whole or in part, from time to time, by one or more third parties (each a “collectively "Lender”") and that each Lender may request a collateral assignment of this Agreement as part of the collateral for its loan(s) loan to Developer or any assignee (a “Borrower”)Developer. City agrees that such collateral assignments are permissible without further consent on the part of City. If Developer defaults under this Agreement, City shall provide notice of such Event of Default, at the same time notice is provided to Developer, to any Lender who requests in writing that it be notified of such event and who provides City with an address to which notices are to be sent. If a Lender is permitted, permitted under the terms of its agreement with Borrower, the Developer to cure a Default by Borrower default and/or to assume Borrower’s Developer's position with respect to this Agreement, City agrees to recognize such rights of Lender and to otherwise permit Lender to assume all of the rights and obligations of Borrower Developer under this Agreement. If City is notified in writing of any such collateral assignment and the identity and address of any such Lender, and City gives shall give any notice, demand, election or other communication required under this Agreement (collectively called “"Notices”") to the Developer, the City shall concurrently give a copy of each such Notice to the Lender at the address designated by the Lender. Such copies of the Notices shall be given to the Lender pursuant to Section 6.5. No Notice given by City to a Borrower shall be binding upon or affect the Lender unless a copy of the Notice is given to the Lender pursuant to this Section 6.16. In the case of an assignment of the loan or change in address of the Lender, the assignee or Lender may change the address to which copies of Notices are to be sent by giving written notice to City. The Lender shall have the right for a period of thirty (30) days after the expiration of any grace period afforded a Borrower (or such longer period as the Lender may reasonably require) to perform any term, covenant or condition and to remedy any uncured default by the Borrower, and City shall accept such performance with the same force and effect as if furnished by the Borrower and the Lender shall thereby and hereby be subrogated to the rights of City. Nothing contained in this Agreement shall be deemed to prohibit, restrict restrict, or limit in any way the right of the a Lender to take title to all or any portion of its collateral collateral, pursuant to a foreclosure proceeding, trustee’s 's sale, or deed in lieu of foreclosure foreclosure. The City shall, at any time upon request by Developer or its Lender, provide to any Lender an estoppel certificate, acknowledgement of collateral assignment, consent to collateral assignment, or other document evidencing that this Agreement is in full force and effect, that it has not been amended or modified (each a “foreclosure”or, if appropriate, specifying such amendment or modification), and following that no default by Developer exists hereunder (or, if appropriate, specifying the nature and duration of any existing default) and certifying to such foreclosure, Lender will not have any obligation to Complete construction of other matters reasonably requested by the ProjectDeveloper or its Lender. Upon request by a Lender, the City will enter into a separate assumption or similar agreement with such Lender consistent with the provisions of this Section 6.16paragraph.

Rights of Lenders. City is aware that financing for acquisitionUpon the occurrence of any Event of Default, development and/or construction of the Property and Improvements Lenders may be provided, in whole or in part, from time to time, by one or more third parties (each a “Lender”) and that each Lender may request a collateral assignment of this Agreement as part of the collateral for its loan(s) to Developer or any assignee (a “Borrower”). City agrees that such collateral assignments are permissible without further consent on the part of City. If a Lender is permitted, under the terms of its agreement with Borrower, to cure a Default by Borrower and/or to assume Borrower’s position with respect to this Agreement, City agrees to recognize such rights of Lender and to otherwise permit Lender to assume declare all of the rights and obligations of Borrower under this Agreement. If City is notified in writing of any such collateral assignment and the identity and address of any such Lender, and City gives any notice, demand, election or other communication required under this Agreement (collectively called “Notices”) to Developer, City shall concurrently give a copy of each such Notice to the Lender at the address designated by the Lender. Such copies of the Notices shall be given to the Lender pursuant to Section 6.5. No Notice given by City to a Borrower shall be binding upon or affect the Lender unless a copy of the Notice is given to the Lender pursuant to this Section 6.16. In the case of an assignment of the loan or change in address of the Lender, the assignee or Lender may change the address to which copies of Notices are Obligations to be sent by giving written notice to City. The Lender shall have the right for a period of thirty (30) days after the expiration of any grace period afforded a Borrower (or such longer period as the Lender may reasonably require) to perform any term, covenant or condition immediately due and to remedy any uncured default by the Borrower, and City shall accept such performance with the same force and effect as if furnished by the Borrower payable and the Lender shall thereby then have the rights and hereby remedies of a Lender under the Uniform Commercial Code and under all other applicable laws, including, without limitation, the right to take possession of the Collateral and, in addition thereto, the right to enter upon any premises on which the Collateral or any part thereof may be subrogated situated and remove the same therefrom. The Lenders may require the Company to make the Collateral (to the rights extent the same is movable) available to the Lenders at a place to be designated by the Lenders which is reasonably convenient to the Company and the Lenders. Unless the Collateral is perishable or threatens to decline speedily in value or is of Citya type customarily sold on a recognized market, the Lenders will give the Company at least ten (10) days' prior written notice, at the last address for notices to the Company specified in accordance with Section 10 hereof, of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. Nothing contained in this Agreement Each such notice shall be deemed to prohibit, restrict or limit in any way meet all requirements hereunder and under applicable law (including the right Uniform Commercial Code) that reasonable notification be given of the Lender time and place of such sale or other disposition. After deducting all costs and expenses of collection, storage, custody, sale or other disposition and delivery (including legal costs and attorneys' fees) and all other charges against the Collateral, the residue of the proceeds of any such sale or disposition shall be applied to take title the payment of the Obligations of the Company; and the surplus, if any, shall be paid to all or whomever may be lawfully entitled to receive the same. In the event the proceeds of any portion of its collateral pursuant to a foreclosure proceeding, trustee’s sale, lease or deed other disposition of the Collateral hereunder are insufficient to pay all of the Obligations in lieu full, the Company will be liable for the deficiency, together with interest thereon, and the costs and expenses of foreclosure collection of such deficiency, including (each a “foreclosure”to the extent permitted by law), without limitation, reasonable attorneys' fees, expenses and following any such foreclosure, Lender will not have any obligation to Complete construction of the Project. Upon request by a Lender, City will enter into a separate assumption or similar agreement with such Lender consistent with the provisions of this Section 6.16disbursements.