Common use of Assignment and Assumption of Leases Clause in Contracts

Assignment and Assumption of Leases. Effective as of the Closing, Seller hereby assigns, transfers, conveys, and delivers to Buyer all of Seller’s estate, right, title and interest as tenant of the leasehold estate described under the Leases, and Buyer hereby accepts the assignment, transfer, conveyance, and delivery of Seller’s estate, rights, title and interest in, to and under such leasehold estate, and assumes and agrees to pay, discharge, and perform when due all of Seller’s obligations as tenant, under the Leases.