Common use of Notice and Assumption Clause in Contracts

Notice and Assumption. Assignments and transfers of Developer’s Interest or the Department’s interest permitted under this Article IV or otherwise approved in writing by the Department or Developer, as applicable, shall be effective only upon receipt by the non-assigning Party of written notice of the assignment or transfer and a written instrument executed by the transferee, in form and substance reasonably acceptable to the non-assigning Party, in which the transferee, without condition or reservation, assumes all of Developer's or the Department’s (as the case may be) obligations, duties and liabilities under this Lease.