Common use of Agreement and Assumption Clause in Contracts

Agreement and Assumption. (a) Assignor hereby conveys, transfers and assigns unto Assignee, its successors and assigns, all right, title and interest, as of the date hereof, which Assignor has or may have in and to (i) all leases, written or oral, and tenancies with tenants with respect to all or any portion of the Project (the "Tenant Leases") and (ii) all assignable maintenance and service contracts, supply contracts, insurance policies (to the extent that Assignee elects to assume them) and other assignable agreements, contracts and contract rights relating to the ownership or operation of the Project, or any part thereof (the "Project Contracts") and (iii) all assignable leases of equipment, vehicles and other tangible personal property leased by Assignor and used by Assignor in connection with the ownership and operation of the Project (the "Personal Property Leases"). (b) Assignee hereby accepts the foregoing assignment and agrees to keep, perform and observe (i) all of the obligations, terms and conditions of the Tenant Leases, the Project Contracts and the Personal Property Leases, first arising from and after or relating to any period of time after the date of this Agreement and (ii) all obligations and liabilities under the Tenant Leases relating to the tenant deposits (including, without limitation, security deposits) and prepaid rent.