Common use of ASSUMPTION OF CONTRACT Clause in Contracts

ASSUMPTION OF CONTRACT. Residents who wish to cancel their contract and remain enrolled may avoid the 80% penalty by finding a non-contracted, eligible student to assume their contracts. The following conditions apply. 1. The resident must notify the DOR, at the time of cancellation, of his/her intention to find someone to assume the contract. (a) At the time of cancellation, the resident will be billed the 80% penalty. If within 30 days, the resident has found a non-contracted, eligible student to assume the contract, and that individual takes official possession of keys, the 80% penalty will be removed. If after 30 days a non-contracted eligible student has not been found to assume the contract the resident will forfeit the option of contract assumption. 2. In all cases, the resident canceling his/her contract will forfeit the unused portion of the prepayment. The individual assuming the contract will be required to submit a new prepayment. 3. The resident canceling the contract will be released from the contract as of the date that the assuming individual executes a contract and checks-in to the apartment. At that time the new resident becomes responsible for all of the contract terms. 4. In ▇▇▇▇▇▇▇▇▇▇▇ court, the individual assuming the contract must be the same gender as the remaining residents of the apartment. In SUV shared apartments, the individual assuming the contract must be the same gender as the remaining residents of the apartment, unless the remaining resident signs agreement to accept a specific apartment mate of the opposite gender.