Admission of Substitute Member; Liabilities. (a) An assignee of all or any part of Membership Interest shall be admitted as a Substitute Member only if (i) the Transfer of such Membership Interest complies in all respects with this Article VIII and (ii) the prospective Substitute Member delivers a signed instrument pursuant to which the assignee agrees to all of the terms and conditions of, and to be bound by, this Agreement, and to assume all of the obligations of the transferring Member and to be subject to all the restrictions and obligations to which the transferring Member is subject under the terms of this Agreement. The admission of a Substitute Member shall not release the transferring Member from any liability to the Company or to the other Members in respect of its Membership Interest that may have existed prior to such admission.
Appears in 7 contracts
Samples: Limited Liability Company Agreement (Avalonbay Communities Inc), Limited Liability Company Agreement (Avalonbay Communities Inc), Limited Liability Company Agreement (Avalonbay Communities Inc)
