Common use of Assignment of Plans Clause in Contracts

Assignment of Plans. As additional security for the Loan, Borrower hereby transfers and assigns to Lender all of Borrower's right, title, and interest in and to the Plans and hereby represents and warrants to and agrees with Lender as follows: (a) The Plans are complete and adequate in all material respects for the construction of the Improvements and there have been no modifications thereof. (b) Lender may utilize the Plans for purposes of conducting inspections of the Units and related purposes incidental to its administration of the Loan, and, after the occurrence of an Event of Default, for any purpose relating to the construction and the completion of the Improvements. (c) Lender's acceptance of this assignment shall not constitute approval of the Plans by Lender. Lender has no liability or obligation whatsoever in connection with the Plans and no responsibility for the adequacy thereof or for the constructions of the Improvements contemplated by the Plans. Lender has no duty to Inspect the Improvements, and if Lender should inspect the Improvements, and if Lender should inspect the improvements, Lender shall have no liability or obligation to Borrower arising out of such inspection. No such inspection nor any failure by Lender to make objections after any such inspection shall constitute a representation by Lender that the Improvements are in accordance

Assignment of Plans. As additional security for the payment of the Loan, Borrower hereby transfers and assigns to Lender all of Borrower's right, title, and interest in and to the Architectural Contract and Plans and hereby represents and warrants to and agrees with Lender as follows: (a) The schedule of the Plans delivered to Lender is a complete and accurate description of the Plans. (b) The Plans are complete and adequate in all material respects for the construction of the Improvements and there have been no modifications thereofthereof except as described in such schedule. The Plans shall not be modified without the prior written consent of Lender. (bc) Lender may utilize use the Plans for purposes of conducting inspections of the Units and related purposes incidental to its administration of the Loan, and, after the occurrence of an Event of Default, for any purpose relating to the Improvements, including but not limited to inspections of construction and the completion of the Improvements. (cd) Lender's acceptance of this assignment shall not constitute approval of the Plans by Lender. Lender has no liability or obligation whatsoever in connection with the Plans and no responsibility for the adequacy thereof or for the constructions construction of the Improvements contemplated by the Plans. Lender has no duty to Inspect inspect the Improvements, and and, if Lender should inspect the Improvements, and if Lender should inspect the improvements, Lender shall have no liability or obligation to Borrower arising out of such inspection. No such inspection nor any failure by Lender to make objections after any such inspection shall constitute a representation by Lender that the Improvements are in accordancethe

Assignment of Plans. As additional security for the payment of the Loan, Borrower hereby transfers and assigns to Lender all of Borrower's right, title, and interest in and to any and all plans and specifications, and agreements in connection therewith, regarding the Property and/or Improvements. Lender may use the Plans and hereby represents and warrants to and agrees with Lender as follows: (a) The Plans are complete and adequate in all material respects for the construction of the Improvements and there have been no modifications thereof. (b) Lender may utilize the Plans for purposes of conducting inspections of the Units and related purposes incidental to its administration of the Loan, and, after the occurrence of an Event of Default, for any purpose relating to the Improvements, including but not limited to inspections of construction and the completion of the Improvements. (c) . Lender's acceptance of this assignment shall not constitute approval of the Plans by Lender. Lender has no liability or obligation whatsoever in connection with the Plans and no responsibility for the adequacy thereof or for the constructions construction of the Improvements contemplated by the Plans. Lender has no duty to Inspect inspect the Improvements, and and, if Lender should inspect the Improvements, and if Lender should inspect the improvements, Lender shall have no liability or obligation to Borrower arising out of such inspection. No such inspection nor any failure by Lender to make objections after any such inspection shall constitute a representation by Lender that the Improvements are in accordanceaccordance with the Plans or constitute a waiver of Lender's right thereafter to insist that the Improvements be constructed in accordance with the Plans.