Laserfiche WebLink
RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City of Santa Ana <br />20 Civic Center Plaza (M-30) <br />Santa Ana, CA 92702 <br />Attention: Clerk of the Council <br />(Space Above For Recorder's Use) <br />ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT <br />This Assignment and Assumption of Development Agreement ("Agreement"), dated as of <br />is entered into by and between <br />("Assignor") and ("Assignee"), on the other hand, with reference to <br />the following facts: <br />A. Assignor is a party to that certain Development Agreement dated , <br />2019 and recorded on 2019 as Instrument No. 2019- in the Official <br />Records of the Orange County Recorder (the "DA") for the development of that certain real <br />property more particularly described on Exhibit "A" attached hereto (the "Property"). Any <br />capitalized term not otherwise defined herein shall have the meaning ascribed to it in the DA. <br />B. Assignee is acquiring the Property from Assignor. Upon the Close of Escrow and <br />subsequent conveyance of the Property to the Assignee, Assignor desires to assign the DA <br />pertaining to the Property to Assignee, and Assignee intends to assume all rights and obligations <br />of Assignor, as "Owner," thereunder. <br />NOW, THEREFORE, the Assignor and Assignee hereby agree as follows: <br />1. Assignment and Assumption. <br />a. Upon the Close of Escrow and subsequent conveyance of the Property to the <br />Assignee, Assignor assigns to Assignee all of Assignor's right, title and interest in and to the DA <br />relating to the Property. With respect to the Property, Assignor shall indemnify and hold harmless <br />Assignee from any and all liabilities arising from the DA prior to the Close of Escrow. <br />b. Upon the Close of Escrow and subsequent conveyance of the Property to the <br />Assignee, Assignee accepts such assignment and agrees to unconditionally assume all the duties, <br />obligations, agreements, covenants, and waivers of the Assignor under the DA as to the Property <br />which are to be performed after the Close of Escrow and to keep and perform all covenants, <br />conditions and provisions of the DA during Assignee's period of ownership of the Property and <br />arising on or after the Close of Escrow, including, without limitation, the covenants not to sue and <br />waivers contained in Sections 6.2 and 7.4 of the DA. With respect to the Property, Assignee shall <br />indemnify and hold harmless Assignor from any and all liabilities arising from the DA from and <br />after the Close of Escrow. <br />Signature Pate to Assignment and Assumption Agreement <br />