Common use of Assignment of Right of Refusal Clause in Contracts

Assignment of Right of Refusal. The County Board shall have the right to assign any of its rights under this Section 5.04 to a party which is a qualified nonprofit organization, as defined in Section 42(h)(5)(C) of the Code or a “government agency” meeting the requirements of Section 42(i)(7)(A) of the Code. Upon any assignment hereunder, references in this Section 5.04 to the County Board shall mean the permitted assignee where the context so requires, subject to all applicable conditions to the effectiveness of the rights granted under this Section 5.04 and so assigned. No assignment of County Board’s rights hereunder shall be effective unless and until the permitted assignee enters into a written agreement accepting the assignment and assuming all of County Board’s obligations under this Section 5.04 and copies of such written agreement are delivered to the Borrower.

Assignment of Right of Refusal. The Borrower hereby covenants and agrees to hereby permit the County Board shall have the right to assign any of its rights under this Section 5.04 to a party which is a qualified nonprofit organization, as defined in Section 42(h)(5)(C) of the Code or a “government agency” meeting the requirements of Section 42(i)(7)(A) of the Code. Upon any assignment hereunder, references in this Section 5.04 to the County Board shall mean the permitted assignee where the context so requires, subject to all applicable conditions to the effectiveness of the rights granted under this Section 5.04 and so assigned. No assignment of County Board’s rights hereunder shall be effective unless and until the permitted assignee enters into a written agreement accepting the assignment and assuming all of County Board’s obligations under this Section 5.04 and copies of such written agreement are delivered to the Borrower.