The municipal corporation existing as the Village of Plain City under the laws of the State of Ohio shall continue to be a body politic and corporate under the same name under this Charter or until such time as it becomes a city in the manner provided by the Constitution and laws of the State of Ohio. At such time, it shall then be known as the "City of Plain City" unless otherwise provided by the Council, and, upon advancing to city status, the provisions of this Charter shall apply to the City of Plain City.
   The Municipality under this Charter is hereby declared to be the legal successor of the Village of Plain City under the laws of Ohio and shall have title to all property, real and personal, owned by its predecessor, including all monies on deposit and all taxes or assessments in process of collection, together with all accounts receivable and rights of action. The Municipality shall be liable for all outstanding orders, claims, contracts, and debts of its predecessor as well as any other obligations for which it may be held liable by any court of competent jurisdiction. All contracts entered into by the Municipality or for its benefit prior to the effective date of this Charter shall continue in full force and effect.