Agenda Package - 10-1-12 Reg. Meeting

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nt ARTICLE VIII ASSIGNMENT, LEASING AND AMENDMENT SECTION 8.1. Assignment by the Seller The Seller may, at any time and from time to time, assign to any other person or entity all or any part of its interest in the Mortgaged Property or this Agreement, including, without limitation, the Seller's rights to receive the Installment Payments and any additional payments due and to become due hereunder. Notwithstanding the foregoing, no assignment or reassignment of the Sellers interest in the Mortgaged Property or this Agreement shall be effective unless and until the Purchaser shall receive notice from the Seller of such assignment disclosing the name and address of each assignee. The Purchaser agrees to execute any document reasonably required by the Seller in connection with any such assignment. After the giving of notice described above to the Purchaser, the Purchaser shall thereafter make all payments in accordance with the notice to the assignee named therein and shall, if so requested, acknowledge such assignment in writing. SECTION 8.2. Assignment by the Purchaser (a) This Agreement may not be assigned by the Purchaser. (b) The Purchaser may lease all or any portion of the Mortgaged Property, subject to each of the following conditions: (i) the obligation of the Purchaser to make Installment Payments hereunder shall remain obligations of the Purchaser; (ii) the Purchaser shall within thirty (30) days prior to the execution and delivery of any such lease, furnish or cause to be furnished to the Seller, a true and complete copy of the form of such lease; (iii) the lease by the Purchaser shall not cause the Mortgaged Property to be used for a purpose other than a governmental or proprietary function of the Purchaser authorized under the provisions of the Constitution and laws of the State; and (iv) any such lease shall be subordinate in all respects to the lien of the Deed of Trust. 15