Assignment of Rights and Assumption of Obligations. Subject to the terms and conditions of this Assignment Agreement, effective upon the closing of the transactions described in the PSA, Assignor hereby assigns to Assignee all of its right, title and interest to the Agreement and any and all rights to receive any and all TIF Revenue attributed to and collected from the Property, subject to the prior interests of the Lender and the Custodian under the Loan Documents. Assignee hereby accepts the Agreement and assumes the performance of all of the terms, covenants and conditions imposed upon Assignor under the Agreement whether accruing or arising before, on or after the date hereof. From and after the date of this Assignment Agreement, Assignee (a) will be a party to the Agreement and will have the rights and obligations as the Developer thereunder and (b) will be bound by all of the provisions of the Agreement applicable to the Developer thereunder. Assignee specifically further acknowledges that while the Agreement applies only to the development of the IP Vineyard Property, the Vineyard Property is also subject to the terms and conditions of the Urban Renewal Plan and the PILOT Covenant.
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Sources: Assignment, Assumption and Third Amendment of Agreement, Assignment, Assumption and Third Amendment of Agreement