Common use of BUILDING AGREEMENT Clause in Contracts

BUILDING AGREEMENT. (1) it will promptly and diligently perform and comply with the obligations on its part contained in the Building Agreement, remedy any breach of its obligations under the Building Agreement, notify the Security Trustee of any breach of or default of which it has knowledge under the Building Agreement and institute and prosecute all such proceedings as may be necessary or reasonably advisable to preserve or protect its interests and the interests of the Security Trustee in the Building Agreement, and (2) it will at its own cost and expense use commercially reasonable efforts to obtain the grant to it of the Lease pursuant to the Building Agreement and will promptly upon the grant of the Lease, notify the Security Trustee of such grant;