Common use of Security and Offset Clause in Contracts

Security and Offset. Developer hereby grants to Escrow Agent and the Indemnified Parties a first priority security interest in, lien upon and right of offset against the Escrow Account with respect to any compensation or reimbursement due any of them hereunder (including any claim for indemnification hereunder). If for any reason the Construction Funds are insufficient to cover such compensation and reimbursement, Developer shall promptly pay such amounts to Escrow Agent or any Indemnified Party upon receipt of an itemized invoice.

Security and Offset. The Developer hereby grants to Escrow Agent and the other Indemnified Parties a first priority security interest in, lien upon and right of offset against the Escrow Account Funds with respect to any compensation or reimbursement due any of them hereunder (including any claim for indemnification hereunder). If for any reason the Construction Escrow Funds are insufficient to cover such compensation and reimbursement, the Developer shall promptly pay such amounts to Escrow Agent or any Indemnified Party upon receipt of an itemized invoice.