The Municipal Corporation of Tiffin under this Charter is hereby declared to be the legal successor of the Municipal Corporation of Tiffin under the laws of Ohio; and the Municipal Corporation of Tiffin shall have title to all property, real and personal, owned by its predecessor, including all moneys on deposit and all taxes in the process of collection, together with all accounts receivable and rights of action. The Municipal Corporation shall be liable for all outstanding orders, contracts and debts of its predecessor, and for any other obligations for which it may be held liable by any court of competent jurisdiction. All contracts entered into by the Municipal Corporation or for its benefit prior to January l, 1978 shall continue in full force and effect.