Common use of Transfer or Assignments Clause in Contracts

Transfer or Assignments. In the event of a sale or transfer of any portion of the Development, except to a bona fide residential home buyer of a completed owner-occupied dwelling unit, Developer shall remain responsible for Public Improvements, while the seller or transferor and the purchaser or transferee (collectively “Builder”) shall be responsible for the Private Improvements. Developer and Builder shall be jointly and severally liable for the performance of each of the obligations contained in this Agreement unless, prior to the transfer or the sale, a written agreement satisfactory to the Town delineating and allocating the various rights and obligations for the Subdivision Improvements has been approved and executed by the Town.