Assumption Not a Novation Sample Clauses
The "Assumption Not a Novation" clause clarifies that when one party assumes certain obligations under a contract, this does not constitute a novation, or a complete replacement, of the original agreement. In practice, this means that the original contracting party remains liable for the obligations, even if another party agrees to perform them, unless all parties expressly agree to a novation. This clause is important because it prevents the unintended release of the original party from liability, ensuring that the original contract remains enforceable and that all parties' responsibilities are clear.
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Assumption Not a Novation. ▇▇▇▇▇▇’s acceptance of an assumption of the obligations of this Security Instrument and the Note, and any release of Borrower in connection with such assumption, will not constitute a novation.
Assumption Not a Novation. ▇▇▇▇▇▇’s acceptance of an assumption of the obligations of this Instrument and the Note, and the release of Borrower pursuant to Article VII of the Loan Agreement or otherwise, will not constitute a novation and will not affect the priority of the Lien created by this Instrument.
Assumption Not a Novation. ▇▇▇▇▇▇’s acceptance of an assumption of the obligations of this Instrument and the Note, and the release of Borrower pursuant to Section 21, shall not constitute a novation and shall not affect the priority of the lien created by this Instrument.
Assumption Not a Novation. Grantee’s acceptance of an assumption of the obligations of this Deed to Secure Debt and the Notes, and the release of Grantor hereof, shall not constitute a novation.
Assumption Not a Novation. Beneficiary's acceptance of an assumption of the obligations of this Trust Deed and the Notes, and the release of Grantor hereof, shall not constitute a novation.
Assumption Not a Novation. Beneficiary's acceptance of an assumption of the obligations of this Deed of Trust, the Bonds, the LOC Loans and the VEPCO Letters of Credit, and the release of Trustor hereof, shall not constitute a novation.
Assumption Not a Novation. Mortgagee’s acceptance of an assumption of the obligations of this Mortgage, the Credit Agreement and the Notes, and the release of Mortgagor hereof, shall not constitute a novation.