Common use of Partial Assignment and Assumption Clause in Contracts

Partial Assignment and Assumption. Upon any conveyance of the Property by the Property Owner (other than conveyance of a possessory interest in the Property for a term) the conveying Property Owner of the Property shall be relieved of all liability and obligation to make payments of installments of the Assessment coming due after the date of recordation of the instrument of conveyance of the Property, and the grantee or transferee of the Property, shall thereafter be liable for such payments. Notwithstanding the provisions of the immediately preceding sentence, the Property shall, at all times, be and remain liable for all installments of the Assessment, whether coming due before or after such transfer or conveyance.