Common use of Binding on Successors, Etc Clause in Contracts

Binding on Successors, Etc. This Agreement and everything herein contained shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns, and to the extent provided herein shall run with the Lands within the Subdivision and be binding upon the Owner or Owners from time to time thereof, and all covenants in this Agreement shall be joint and several. The Owner agrees that it shall, upon the sale or transfer by it of the Lands included within the Subdivision or any parts or parts thereof, require the purchaser or transferee thereof as a condition of such sale or transfer to execute an agreement satisfactory in form to the Town’s Solicitor, agreeing to assume this Agreement and to be bound by and fulfil all of the terms, conditions and covenants herein set forth and containing a like covenant to this effect (the Assumption Agreement). The Assumption Agreement shall be executed by the Town, the Owner and any such purchaser or transferee and may, at the Town’s option, be registered on title, provided, however, that such Assumption Agreement shall not be required for the sale or transfer of a Lot or block as shown on the Subdivision for the purpose of construction.