Common use of Release and Substitution Clause in Contracts

Release and Substitution. The parties intend hereby that, upon the execution of this Agreement and conveyance of the Assigned Parcel(s) to Assignee, Developer shall be released from any and all obligations under the Development Agreement arising from and after the effective date of this transfer with respect to the Assigned Parcel(s) and that Assignee shall become substituted for Developer as the “Developer” under the Development Agreement with respect to the Assigned Parcels.

Release and Substitution. The parties intend hereby that, upon the execution of this Agreement and conveyance of the Assigned Parcel(s) to AssigneeEffective Date, Developer shall be released from any and all obligations under the Development Acquisition Agreement arising from and after the effective date of this transfer with respect to the Assigned Parcel(s) and that Assignee shall become substituted for Developer as the “"Developer” " under the Development Agreement with respect to the Assigned ParcelsAcquisition Agreement.