Common use of Assignment and Binding Nature Clause in Contracts

Assignment and Binding Nature. This Agreement shall not be assigned by either party without the prior written consent of the other party, provided, however that the Developer may assign this agreement to a Homeowners Association (“Association”) duly organized and operating under the laws of North Carolina without the prior written consent of the City. In order for such assignment to be effective as against the City, Developer shall provide City with an agreement between the Developer and the Association pursuant to which the Association agrees to be bound by the terms and conditions hereof and setting forth the address of the Association for purposes of further notices under Paragraph 8. The terms and conditions hereof shall enure to the benefit of and be binding on the successors and assigns of the parties.

Assignment and Binding Nature. This Agreement shall not be assigned by either party without the prior written consent of the other party, provided, however that the Developer may assign this agreement to a Homeowners Association (“Association”) duly organized and operating under the laws of North Carolina without the prior written consent of the CityCOKM. In order for such assignment to be effective as against the CityCOKM, Developer shall provide City COKM with an agreement between the Developer and the Association pursuant to which the Association agrees to be bound by the terms and conditions hereof and setting forth the address of the Association for purposes of further notices under Paragraph 8. The terms and conditions hereof shall enure ensure to the benefit of and be binding on the successors and assigns of the parties.