This Assignment and Assumption Agreement involves
Title: AMENDED AND RESTATED ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
AMENDED AND RESTATED ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
This Amended and Restated Assignment and Assumption of Purchase Agreement ("Assignment") is entered into between Moody National REIT I, Inc., a Maryland corporation ("Assignor"), and Moody National Realty Company, L.P., a Texas limited partnership ("Assignee"), as of September 22, 2015 ("Effective Date").
A. Pursuant to the terms of that certain Purchase and Sale Agreement dated May 5, 2015 by and between Revere Hospitality, LLC, a Delaware limited liability company ("Seller''), as seller, and Assignor, as buyer, as amended, modified and supplemented (the "Purchase Agreement"), Assignor agreed to acquire the Property (as such term is defined in the Purchase Agreement) commonly referred to as Hampton Inn Boston Logan Airport.
B. Although certain amendments and notices purported to indicate that the Agreement had been assigned to an affiliate, no previous assignment was formally authorized, executed or delivered, and this Assignment is being amended and restated to correctly identify the parties hereto.
C. Assignor desires to assign Assignor's rights and interests in the Purchase Agreement to Assignee, and Assignee wishes to assume all of Assignors rights and interests in the Contract.
D. The Parties desire to enter into this Assignment to, among other things, assign the Assignor's rights and interests in the Pur