Common use of Liability Upon Assignment Clause in Contracts

Liability Upon Assignment. Each Transferee of any portion of the Property shall be solely and only liable for performance of such Transferee’s obligations applicable to its portion of the Property under this Agreement as specified in the applicable Assignment Agreement. Upon the assignment or transfer of any portion of the Property together with any obligations assignable under this Agreement, the Transferee shall become solely and only liable for the performance of those assigned or transferred obligations so assumed and shall have the rights of a “Developer” under this Agreement; which such rights and obligations shall be set forth specifically in the Assignment Agreement, executed by the transferring Developer, and the Transferee, as of the date of such transfer, assignment or conveyance of the applicable portion of the Property. The failure of a Transferee of any portion of the Property to perform such Developer’s obligations set forth in the applicable Assignment Agreement may result, at the City’s option, in a declaration that this Agreement has been breached and the City may, but shall not be obligated to, exercise its rights and remedies under this Agreement solely as it relates to the defaulting Transferee’s portion of the Property as provided for in Section 5.1 hereof, subject to such defaulting Transferee’s right to notice and opportunity to cure the default in accordance with provisions of Section 5.1 hereof. Any partial termination of this Agreement as it relates to that Transferee’s holding is severable from the entire Agreement, and shall not affect the remaining entirety of the Agreement.

Liability Upon Assignment. Each Transferee of any portion of the Property shall be solely and only liable for performance of such Transferee’s obligations applicable to its portion of the Property under this Agreement as specified in the applicable Assignment Agreement. Upon the assignment or transfer of any portion of the Property together with any obligations assignable under this Agreement, the Transferee shall become solely and only liable for the performance of those assigned or transferred obligations so assumed and shall have the rights of a “Developer” the Developer under this Agreement; which such rights and obligations shall be set forth specifically in the Assignment Agreement, executed by the transferring Developer, and the Transferee, as of the date of such transfer, assignment or conveyance of the applicable portion of the Property. The failure of a Transferee of any portion of the Property to perform such Developer’s obligations set forth in the applicable Assignment Agreement may result, at the City’s option, in a declaration that this Agreement has been breached and the City may, but shall not be obligated to, exercise its rights and remedies under this Agreement solely as it relates to the defaulting Transferee’s portion of the Property as provided for in Section 5.1 hereof, subject to such defaulting Transferee’s right to notice and opportunity to cure the default in accordance with provisions of Section 5.1 hereof. Any partial termination of this Agreement as it relates to that Transferee’s holding is severable from the entire Agreement, and shall not affect the remaining entirety of the Agreement.

Liability Upon Assignment. Each Transferee of any portion of the ofthe Property shall be solely and only liable for performance of such Transferee’s obligations applicable to its portion of the Property under this Agreement as specified in the applicable Assignment Agreement. Upon the assignment or transfer of any portion of the Property together with any obligations assignable under this Agreement, the Transferee shall become solely and only liable for the performance of those assigned or transferred obligations so assumed and shall have the rights of a “Developer” under this Agreement; which such rights and obligations shall be set forth specifically in the Assignment Agreement, executed by the transferring Developer, and the Transferee, as of the date of such transfer, assignment or conveyance of the applicable portion of the Property. The failure of a Transferee of any portion of the Property to perform such Developer’s obligations set forth in the applicable Assignment Agreement may result, at the City’s option, in a declaration that this Agreement has been breached and the City may, but shall not be obligated to, exercise its rights and remedies under this Agreement solely as it relates to the defaulting Transferee’s portion of the Property as provided for in Section 5.1 hereof, subject to such defaulting Transferee’s right to notice and opportunity to cure the default in accordance with provisions of Section 5.1 hereof. Any partial termination of this Agreement as it relates to that Transferee’s holding is severable from the entire Agreement, and shall not affect the remaining entirety of the Agreement.