Binding Contract; Assignment Sample Clauses

Binding Contract; Assignment. This Contract shall be binding upon and inure to the benefit of the successors and assigns of the Parties. This Contract may be assigned in whole to any a parent company or wholly owned subsidiary entity that directly controls, is controlled by, or is under common control with Craftmasters (an “Affiliate”) without the prior written consent of the BEDC. This Contract shall not be assigned in whole or in part to any non- Affiliate without the prior written consent of the BEDC Board and ratification by the City Council of the City of ▇▇▇▇▇▇▇▇ (“City Council”), which consent shall not be unreasonably withheld if the assignee demonstrates the financial ability to perform in the reasonable judgment of the BEDC Board and City Council. Each assignment shall be in writing executed by ▇▇▇▇▇▇▇▇▇▇▇▇ and the assignee and shall obligate the assignee to be bound by this Contract to the extent this Contract applies or relates to the obligations, rights, title or interests being assigned. No assignment by Craftmasters shall release Craftmasters from any liability that resulted from an act or omission by Craftmasters that occurred prior to the effective date of the assignment unless the BEDC approves the release in writing. Craftmasters shall maintain written records of all assignments made by Craftmasters to assignee, including a copy of each executed assignment and the assignee’s notice information as required by this Contract, and, upon written request from the BEDC, any party or assignee, shall provide a copy of such records to the requesting person or entity, and this obligation shall survive the assigning party’s sale, assignment, transfer or other conveyance of any interest in this Contract or the Property. The BEDC shall not be required to make any representations with respect to any assignment and shall not be required to consent to an assignment to an Affiliate.