ASSIGNEE'S ASSUMPTION Clause Samples
The Assignee's Assumption clause establishes that when contractual rights or obligations are transferred to a new party (the assignee), that party agrees to take on the responsibilities and duties originally held by the assignor. In practice, this means the assignee steps into the shoes of the assignor and becomes directly liable for performing under the contract, such as making payments or fulfilling service obligations. This clause ensures continuity of obligations and protects the other party to the contract by clarifying that the assignee, not the original party, is now responsible for the contract's terms.
ASSIGNEE'S ASSUMPTION. Assignee hereby accepts the assignment from Assignor, assumes and agrees to perform all duties and obligations of Assignor under the terms of the Agreements which are required to be performed on or after the Effective Date.
ASSIGNEE'S ASSUMPTION. Subject to the terms and upon the conditions set forth in the Asset Transfer Agreement, Assignee hereby assumes, and agrees to pay, perform and discharge when due, the Assumed Liabilities on and after the Effective Date.
ASSIGNEE'S ASSUMPTION. Assignee accepts the assignment of the Lease and assumes all of Assignor's right, title, and interest in and to, and will perform all of Assignor's duties and obligations under, the Lease from and after the Closing Date.
ASSIGNEE'S ASSUMPTION. Assignee hereby assumes all of the obligations of the Assignor, from and after the date hereof, under and with respect to the Service Contracts, Warranties, Governmental Permits, and Trade Names which are the subject of this Assignment, the obligations of which are to be performed after the date hereof. Assignee agrees to indemnify Assignor for all such obligations arising on or after the date hereof and Assignor shall indemnify Assignee for all such obligations arising prior to the date hereof.
ASSIGNEE'S ASSUMPTION. As of the Effective Date for each assignment under Section 1 and Section 2 of this Agreement, the Assignee hereby agrees to and does accept each of the assignments set forth in Section 1 and Section 2 of this Agreement, and in addition expressly assumes and agrees to keep, perform, and fulfill all the terms, covenants, conditions, and obligations required to be kept on the part of Tenant under the Lease, including the making of all payments due or payable on behalf of the Tenant under the Lease when due and payable. It is agreed that after the assignments set forth in this Agreement, Assignee will hold 100% of the Tenant’s interest in the Lease and to the Premises, will therefore be the successor Tenant under the Lease from the Effective Date forward, and will be responsible for performing all the terms, covenants, conditions, and obligations required to be kept on the part of Tenant under the Lease.
ASSIGNEE'S ASSUMPTION. Any assignment or other transfer made with Landlord's consent as required by Section 17.01, shall be made only if, and shall not be effective until, the assignee shall execute, acknowledge and deliver to Landlord a recordable agreement in form and substance reasonably satisfactory to Landlord, whereby the assignee shall assume the obligations and performance of this Lease and agree to be personally bound by and upon all of the provisions hereof on the part of Tenant to be performed and whereby the assignee shall agree that the provisions of Section 17.0 l hereof shall, notwithstanding such an assignment or transfer, continue to be binding upon it in the future. Notwithstanding any assignment or transfer, whether or not in violation of the provisions of this Lease, and notwithstanding the acceptance of Base Rent by Landlord from an assignee, transferee or any other party, Tenant shall remain fully and primarily liable for the payment of the Rents due and to become due under this Lease and for the performance of all of the provisions of this Lease on the part of Tenant to be performed.
ASSIGNEE'S ASSUMPTION. Assignee assumes and agrees to perform all duties, obligations, terms, covenants and conditions of the Leases on the part of Assignor (either as the landlord or otherwise) therein required to be performed arising on or after the Assignment Date. Assignee also assumes and agrees to hold and pay the Security Deposits delivered or credited to Assignee to the persons entitled to them, subject to the terms of the applicable Lease.
ASSIGNEE'S ASSUMPTION. With respect to the obligation under Paragraph --------------------- 12.2
(a) for any assignee to assume the obligations of LESSEE under the Lease, such obligation is clarified to provide that such assumption only applies to any accrued or unperformed obligations existing as of the date of the assignment and any future obligations accruing on and after the date of the assignment.
ASSIGNEE'S ASSUMPTION. Assignee accepts and assumes all of the Loan Documents and Interests, subject to the terms and conditions contained in this Assignment, and all obligations and liabilities arising out of or relating to any of the Loan Documents and Interests accruing on and after the date hereof.