Common use of Transfer of Interest in Contract by Contractor Clause in Contracts

Transfer of Interest in Contract by Contractor. No voluntary transfer of this Agreement or of the rights of the Contractor hereunder shall be made without the written approval of the Authority; Provided, That any successor to or assignee of the rights of the Contractor, whether by voluntary transfer, judicial sale, foreclosure sale, or otherwise, shall be subject to all the provisions and conditions of this Agreement to the same extent as though such successor or assignee were the original Contractor hereunder; and Provided further, That the execution of a mortgage or trust deed, or judicial or foreclosure sales made thereunder, shall not be deemed voluntary transfers within the meaning of this Article.