Assignment by Port Sample Clauses
The "Assignment by Port" clause defines the conditions under which the party referred to as "Port" may transfer its rights or obligations under the agreement to another party. Typically, this clause outlines whether Port can assign the contract freely, requires the other party's consent, or is subject to certain restrictions, such as only allowing assignment in connection with a merger or sale of business. Its core practical function is to provide clarity and control over changes in contractual relationships, ensuring that all parties are aware of and agree to any transfer of responsibilities or benefits.
Assignment by Port. In the event of a sale, conveyance, or other transfer by the Port of the Property or in the event of an assignment of this Agreement by the Port, the same shall operate to release transferor from any further liability upon any of the covenants or conditions, express or implied, contained in this Agreement on the part of the Port, and from any and all further liability, obligations, costs and expenses, demands, causes of action, claims or judgments arising out of this Agreement from and after the effective date of said release. The effective date of such release shall be the effective date of an assumption by the assignee whereby the assignee agrees to assume all of the Port’s obligations and liabilities with respect to this Agreement. In such event, ▇▇▇▇▇▇ agrees to look solely to the successor in interest of transferor. If any Security has been provided by Tenant to secure performance of ▇▇▇▇▇▇’s covenants hereunder, the Port may transfer such Security to any purchaser and thereupon the Port shall be discharged from any further liability with respect to the Security.
Assignment by Port. In the event of a sale, conveyance, or other transfer by the Port of the Property and an assignment of this Agreement by the Port, the same shall operate to release transferor from any further liability arising from and after the effective date of such transfer with respect to any of the covenants or conditions, express or implied, contained in this Agreement on the part of the Port, and from any and all further liability, obligations, costs and expenses, demands, causes of action, claims or judgments arising out of this Agreement from and after the effective date of said release. The effective date of such release shall be the effective date of an assumption by the assignee whereby the assignee agrees to assume all of the Port’s obligations and liabilities with respect to this Agreement and ▇▇▇▇▇▇ receives a copy of such assignment and assumption agreement (together, when applicable, with a copy of the deed conveying the Port’s interest in the Property). In such event, ▇▇▇▇▇▇ agrees to look solely to the successor in interest of transferor with respect to obligations arising after the effective date of such release. If any Security has been provided by Tenant to secure performance of ▇▇▇▇▇▇’s covenants hereunder, the Port shall transfer such Security to any purchaser and thereupon the Port shall be discharged from any further liability with respect to the Security and the transferee shall thereafter be obligated with respect to the Security pursuant to the terms hereof.