Common use of Restrictions on the Development Agreement Clause in Contracts

Restrictions on the Development Agreement. Other than the Development Agreement, Borrower shall not enter into any agreement for the provision of development and construction management services with respect to the Property and the Facility without the express written consent of Administrative Agent. Borrower shall (a) diligently perform and observe all of the terms, covenants and conditions of the Development Agreement on its part to be performed and observed, (b) promptly notify Administrative Agent of any notice to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions of the Development Agreement on the part of the Borrower to be performed and observed and (c) promptly notify Administrative Agent of any default by the Developer in the performance or observance of any of the terms, covenants or conditions of the Development Agreement on the part of the Developer to be performed and observed. If Borrower shall default in the performance or observance of any material term, covenant or condition of the Development Agreement on the part of Borrower to be performed or observed, then, without limiting Administrative Agent’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its Obligations hereunder or under the Development Agreement, Administrative Agent shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Development Agreement on the part of Borrower to be performed or observed.