Common use of Assumption of Obligation Clause in Contracts

Assumption of Obligation. Each transferee of this Lease shall assume all the obligations of Tenant under this Lease and shall be and remain liable (jointly and severally with Tenant unless otherwise provided herein) for the payment of the Rent in the performance of all terms, covenants, conditions and agreements herein contained on Tenant’s part to be performed for the term of this Lease. No transfer shall be binding on Landlord unless the transferee or Tenant delivers to Landlord a counterpart of the instrument of transfer which contains a covenant of assumption by the transferee satisfactory in substance and form to Landlord, consistent with the above requirements. The failure or refusal of the transferee to execute such instrument of assumption shall not release or discharge the transferee from its liability to Landlord hereunder.