Assignment to Affiliate. Owner shall have the right to assign its rights and obligations under this Agreement to an Owner Affiliate in connection with a transfer of all or any portion of Owner’s interest in the Property to such Owner Affiliate. In the event of any such assignment, (i) assignee shall be liable for performance of the obligations of Owner after the date of assignment with respect to the portion of the Property so transferred and (ii) following written notice to City, Owner shall be relieved of its legal duty to perform the assigned obligations set forth in this Agreement applicable solely to the portion of the Property so transferred.
Appears in 3 contracts
Sources: Density Bonus Housing Agreement, Density Bonus Housing Agreement, Density Bonus Housing Agreement