Common use of Binding Effect; Transfer Clause in Contracts

Binding Effect; Transfer. This Agreement is binding on the parties’ successors and assigns. Great Northern may, without the consent of the Town, sell, transfer, or assign its obligations hereunder to a third party or parties; provided, however, that no such sale, transfer, or assignment shall relieve Great Northern of any liability to the Town arising prior to the date of such sale, transfer, or assignment. Even though the Town does not reserve the right to approve or reject a transfer of this Agreement by Great Northern to a third party, at its sole option, it may require successors to execute an agreement to subject itself to all obligations to the Town and its property owners under this Agreement.