Improvements; Assignment of Warranties. The Company, as the City’s designee, will make, execute, acknowledge, and deliver any contracts, orders, receipts, writings, and instructions with any other persons, firms, or corporations and in general, use all commercially reasonable efforts to do all things required with respect to the acquisition, construction, installation, and equipping of the Project. The City hereby assigns to the Company, without recourse or warranty whatsoever, all warranties, guaranties, indemnities, expressed or implied, or similar rights which the City may have against any manufacturer, seller, engineer, contractor, builder, or any other person or entity in respect of the Project or any component part thereof. Such assignment shall remain in effect so long as no Default hereunder shall have occurred and be continuing. So that the Company may have the full benefit of the assignment affected or intended to be affected by this Section, the City agrees that it will, at the Company’s expense, execute and deliver such further documents, including powers of attorney, enjoining such actions or proceedings as the Company shall reasonably request. Any amounts received in connection with the assignment, after deduction of expenses incurred in such recovery, before the Completion Date and full disposition of the Bond proceeds in accordance with this Lease Agreement and the Bond Purchase Agreement shall be paid to the Company.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement