Common use of Landlord's Right to Assume Contracts Clause in Contracts

Landlord's Right to Assume Contracts. In the event Landlord elects to terminate this Agreement or otherwise obtains possession of the Collective Leased Properties following an Event of Default, Landlord (or its designee) shall have the right, at its sole and absolute discretion, upon Notice to Tenant within sixty (60) days after Landlord terminates this Agreement or otherwise obtains possession following an Event of Default, to assume all (but not less than all) of the contracts utilized by Tenant in the operation of its business, including the Franchise Agreement, and Tenant will cooperate in effecting such assumption. In no event will Landlord (or its designee) have any liability under such contracts for obligations or liabilities accruing under such contracts prior to the date of such assumption by such party.