Common use of Transfer of Responsibility Clause in Contracts

Transfer of Responsibility. In the event of the sale, conveyance, or transfer of the Subdivision or any portion thereof, the City will not release the Responsible Party from its obligations under this Agreement and will continue to hold the Responsible Party responsible for all Public Improvements until a successor in interest to the Responsible Party has posted a suitable Performance Security and/or Warranty Security, as applicable, and entered into an Agreement to Construct Subdivision Improvements with the City. The Responsible Party may also assign over its Performance Security with the written consent of the City, which consent shall not be unreasonably withheld to cover said Public Improvements.