An assignment does not relieve the assignor of any obligation under the contract. An assignor continues to be bound by the obligations of the original contract unless the other party to the contract releases him. In this form the assignee specifically promises the assignor that he/she will perform the obligations of the contract being assigned and promises to indemnify assignor if assignee fails to perform.
Iowa Assignment of Contract with Covenant of Assignee to Perform
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562.5A Farm tenancy ? right to take part of a harvested crop's aboveground plant. 562.6 Agreement for termination. If a written agreement is made fixing the time of the termination of a tenancy, the tenancy shall terminate at the time agreed upon, without notice.
558.31 Proof of execution and delivery in lieu of acknowledgment.
A statement that the purchaser has a right to seek independent legal counsel concerning the contract and any matters pertaining to the contract.
Failure to record a conveyance or lease of agricultural land required to be recorded by this section by the grantee or lessee within the specified time limit is punishable by a fine not to exceed one hundred dollars per day for each day of violation.
The assignor must agree to assign their rights and duties under the contract to the assignee. The assignee must agree to accept, or "assume," those contractual rights and duties. The other party to the initial contract must consent to the transfer of rights and obligations to the assignee.