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A purchase and assignment agreement is a legal real estate contract that identifies the parties and terms of the sale of a property. The contract provide vital structure to the relationship between a real estate agent, buyer, and seller since it goes into great details regarding what rules and regulations bind them for the entirety of the contract.
The purpose of the purchase and assignment agreement is to define the rules and regulations that bind each party of the contract. This ensures that all involved parties are aware of the obligations that bind them, which helps to avoid legal conflict.
Below is a list of common sections included in Purchase And Assignment Agreements. These sections are linked to the below sample agreement for you to explore.
Exhibit 99.1
Execution Version
PURCHASE AND ASSIGNMENT AGREEMENT
THIS PURCHASE AND ASSIGNMENT AGREEMENT (the “ Agreement ”) is made as of this 14 th day of November, 2011, by and among The First Marblehead Corporation, a Delaware corporation (“ Assignor ”), First Marblehead Education Resources, Inc., a Delaware corporation (together with Assignor, the “ FMC Parties ”), and VCG Special Opportunities Master Fund Limited, a Jersey Islands limited company (“ Assignee ”).
WHEREAS, the FMC Parties, and certain other parties named therein, entered into that certain Asset Services Agreement as of March 31, 2009 (the “ Asset Services Agreement ”);
WHEREAS, the Assignor and the NCSLT Trusts (as defined herein) entered into those certain Structuring Advisory Agreements set forth on Schedule A to this Agreement (collectively, the “ Structuring Advisory Agreements ”);
WHEREAS, each of the FMC Parties desires to sell, transfer, assign and convey to Assignee, and Assignee desires to purchase and accept the assignment from each of the FMC Parties of, all of its respective right, title and interest in and to the Asset Services Agreement, including without limitation its rights to receive the Advisory Fee (as defined in the Asset Services Agreement) payable under Section 5 of the Asset Services Agreement, including any accrued and unpaid Advisory Fee, on the terms and conditions hereinafter set forth; and
WHEREAS, Assignor desires to sell, transfer, assign and convey to Assignee, and Assignee desires to purchase and accept the assignment from Assignor of, all right, title and interest of Assignor in and to each of the Structuring Advisory Agreements, including without limitation its rights to receive each of the Structuring Advisory Fees (as defined in each of the Structuring Advisory Agreements) payable to Assignor under each of the Structuring Advisory Agreements, including any accrued and unpaid Structuring Advisory Fee and any interest accrued and payable thereon as provided in each of the Structuring Advisory Agreements, on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and the covenants contained in this Agreement, and other good and valuable consideration, it is hereby agreed as follows:
1. DEFINITIONS . For purposes of this Agreement, the following terms shall have the meanings indicated below: