Assignment of Developer Rights Clause Samples
Assignment of Developer Rights. Developer may assign in whole or part its rights and obligations under this Agreement to persons purchasing all of the Property or a part of the Property but not to an individual purchaser of lots within a recorded final plat. In the event Developer assigns all of its respective rights under this Agreement in conjunction with the conveyance of any unplatted portion of the Property, a written assignment of said rights must be filed of record in the Official Public Records of ▇▇▇▇ County, Texas in order to be effective. This Agreement may be assigned by Developer without the consent of the City to any entity and Developer will be released from its obligations under this Agreement upon delivery of a notice of assignment to the City.
Assignment of Developer Rights. Notwithstanding any other provision of this Agreement to the contrary, Developer shall have the right, without any additional consent or approval of the City, to assign to any lender providing financing to Developer, as security for such financing, the rights of Developer under this Agreement. Developer shall, not later than thirty (30) days after such assignment becomes effective, give the City notice (the “Notice of Developer Assignment”) of such assignment, and the Notice of Developer Assignment shall include the name and address of the assignee (the “Developer Assignee”). The City agrees to, upon request therefor from Developer and/or Developer Assignee, deliver to Developer Assignee a written acknowledgement, executed by or on behalf of such party, of receipt of a given Notice of Developer Assignment. Nothing in this Section 14.2 shall alter, amend, reduce or excuse Developer from performing Developer's obligations under this Agreement. Following receipt of a Notice of Developer Assignment, no Party hereto shall enter into or consent to any amendment, modification or termination of this Agreement without the prior written consent of Developer Assignee named in such Notice of Developer Assignment. Developer hereby authorizes and directs the City, following City’s receipt of (i) a Notice of Developer Assignment; (ii) the Developer Assignee’s written notice of a default by Developer under the terms and conditions of the financing secured by the assignment described in such Notice of Developer Assignment; and (iii) Developer Assignee’s request for payment, to make any payments to be made by the City to Developer under this Agreement directly to Developer Assignee. No Party hereto shall have any obligation to verify or investigate the existence of any claimed default described in Developer Assignee’s notice.
Assignment of Developer Rights executed by the Parties and the subsequent purchaser, and shall be effective as the date of recording in the Office of the Register of Deeds for Gaston County. The Parties acknowledge and agree that any such assignment or transfer by the developer of the Developer Rights shall be non-recourse as to the assigning developer. From and after the effective date of the Assignment of Developer Rights, the assigning developer shall be released from all responsibility or liability under this Agreement.