Regulation 12 Transfer of agreements
Where the Secretary of State is satisfied a change in circumstances will affect one or more of the matters specified in regulation 11(1), the Secretary of State may consent to the transfer of all or part of an agreement for financial assistance provided that—
the agreement holder transfers management control of all or part of the land or assets which are the subject of that agreement to another person (“the transferee”);
the transferee—
has management control of the land or assets and sufficient control of activities on the land to be able to meet the conditions of the agreement; and
meets the eligibility criteria for receipt of financial assistance under that agreement;
the transferee notifies the Secretary of State of the transfer within any deadline specified by the Secretary of State;
the transferee gives an undertaking to the Secretary of State to assume the obligations under that agreement in place of the agreement holder; and
the Secretary of State has accepted that undertaking.
Paragraph (1) does not release the agreement holder in respect of any breach or other matter occurring before the acceptance by the Secretary of State of the transferee’s undertaking.