Examples of Construction Contract Assignment in a sentence
In conjunction with this transaction, Company shall enter into a Construction Contract Assignment with Sea Mar Equipment, Inc.
A copy of Borrower’s executed construction contract, which is in a fixed price amount not greater than that reflected on the Construction Budget, for the construction of the MOB with a general contractor satisfactory to Lender (the “Construction Contract”) shall have been delivered to Lender and shall have been approved by Lender, Lender’s Inspector and USDA, and Borrower shall have executed and delivered to Lender the Construction Contract Assignment.
Landlord and Tenant shall each execute a confirmatory assignment and assumption agreement in form reasonably acceptable to Landlord and Tenant as of the Assignment Date in connection with the Acceptable Construction Contract Assignment but the failure of Landlord and Tenant to execute such confirmatory assignment and assumption shall not impair the effectiveness of the Acceptable Construction Contract Assignment.
If Tenant requests the Acceptable Construction Contract Assignment prior to Landlord's payment of the full amount of the Landlord Work Costs Contribution, then Landlord shall remain liable to Tenant for timely payment of the balance of the Landlord Work Costs Contribution in accordance with the terms of this Section 1.2(C) and the Acceptable Construction Contract, prior to Tenant's payment of any Work Costs in excess thereof.
It is possible that the Curve Construction Work will not be completed by the Closing Date, and as such the parties hereby agree that in such event, at the Closing, the parties will execute an assignment to Purchaser of all of Seller's rights and obligations under the Curve Construction Contract and which shall contain an assumption by Purchaser of all of the obligations of Seller under the Curve Construction Contract (the "Curve Construction Contract Assignment").
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As used herein, a "Construction Contract Assignment Condition" shall mean (y) with respect to the Tenant Improvements to Must-Take Space 1, a failure by Landlord to achieve Substantial Completion of the Tenant Improvements by July 30, 2018; and (z) with respect to the Tenant Improvements to Must-Take Space 3, a failure by Landlord to achieve Substantial Completion of the Tenant Improvements by August 30, 2019, in either case as the result of a Landlord Delay.
The Administrative Agent shall have received executed counterparts of this Agreement, the Construction Contract Assignment, the Management and Operating Agreement, the Class B Member Parents Guaranty, the Manager Guaranty, the Security Agreement, the Administrative Agent’s Fee Letter, the Commitment Letter, the Security Agent’s Fee Letter, each dated as of the date hereof and duly executed by the parties thereto and each in form and substance reasonably satisfactory to the Lenders.
At Closing, Seller shall execute and deliver the Construction Contract Assignment to Purchaser.
The Commercial Construction Mortgage, Assignment of Rents and Leases, Security Instruments, Commercial Guaranty, Assignment of Plans and Specifications, Construction Contract Assignment, Commercial Construction Note the various assignments and subordination agreements are collectively referred to as the "Loan Documents".