Education focus - the difference is in the detail
Our team advised on the draft construction contract and facilities management contracts, warranties and security arrangements on behalf of the funder of a development of a London post graduate student accommodation project with a value of £50 million.
As a significant element of the lender's security came from the income stream from student lettings, provided under a nominations agreement, funders had a specific interest in securing completion and the commencement of lettings. For that reason it was essential for the main collateral warranties to contain detailed step-in rights for lenders, which we drafted and negotiated with the main contractor. Equally, because there was a continued interest in maintaining the income stream, step in rights were provided in the main facilities management contract.
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