Common use of Assignment of Operating Agreements Clause in Contracts

Assignment of Operating Agreements. In consideration of the issuance of the Units, Assignor does hereby assign, transfer, sell, and convey unto Assignee and does hereby confirm the assignment, transfer, sale, and conveyance unto Assignee of all of Assignor’s right, title, and interest in, to, and under the Operating Agreements subject to the obligations of Assignor under the Construction Loan.