Common use of Prohibition of Assignments by Borrower Clause in Contracts

Prohibition of Assignments by Borrower. No Borrower shall assign or attempt to assign its rights under this Agreement. Except as provided in Section 6.3 hereof, no Borrower will suffer or permit any of its interest or rights in its Project, or its membership or partnership interests, to be assigned, sold, pledged, encumbered, transferred, hypothecated or otherwise disposed of until the provisions of this Agreement have been fully complied with and the Loan and all other sums evidenced by the Note and/or secured by the Mortgages and other Loan Documents, have been repaid in full; provided, however, any Borrower shall be permitted to grant customary utility easements (which do not affect the marketability of title or encroach upon any Improvements) to facilitate the delivery of utility services to the Project it owns in the normal course of business without the prior consent of Lender.

Prohibition of Assignments by Borrower. No Borrower shall assign or attempt to assign its rights under this Agreement. Except as provided in Section 6.3 hereof, no Borrower will suffer or permit any of its interest or rights in its Project, Project or its membership or partnership interests, interests to be assigned, sold, pledged, encumbered, transferred, hypothecated or otherwise disposed of until the provisions of this Agreement have been fully complied with and the Loan and all other sums evidenced by the Note and/or secured by the Mortgages and other Loan Documents, have been repaid in full; provided, however, any Borrower shall be permitted to grant customary utility easements (which do not affect the marketability of title or encroach upon any Improvements) to facilitate the delivery of utility services to the Project it owns in the normal course of business without the prior consent of Lender.