assuming/assumption of the rights and obligations

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D. In consideration of Assignee assuming all of Assignor's rights and obligations under the Lease, Landlord agrees to release Assignor from all liabilities under the Lease as of the Spin-Off Date, on the terms and conditions set forth below.
http://corporate.findlaw.com/contracts/land/assignment-and-a...

In summary, novation is where the two parties to the contract mutually agree that they wish to terminate their contract and substitute it with an identical contract between different parties. In other words, there is a continuing party common to both contracts.There is an outgoing party (leaving the first contract) and an incoming party (joining the second contract). The most important issue is that the incoming party assumes both the rights and the obligations of the outgoing party under a novation. This is because the novation is done with the consent and agreement of all parties. A common situation where a contract may be novated is when a supplier holding a contract sells its business to another party. If all parties agree, the contract can be novated as between the original buying organisation and the new supplier. This leads to a new contract (hence the name "novation") between the continuing party and the incoming party on the same terms and conditions as the previous contract.
http://www.aapcm.com.au/associationnews/id/87

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Note added at 1 day18 hrs (2016-10-04 07:52:19 GMT)
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Opcja 2: stepping into the rights and duties ... in place of ...