Agenda - Council - 03/24/1998 - Laserfiche WebLink

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DRAFT 3/18/98 in the manner and to the extent specifically provided otherwise in the Agreement, no transfer of, or change with respect to, ownership in the Development Property or any part thereof, or any interest therein, however, consummated or occurr/ng, whether voluntary or involuntary, shall operate, legally or practically, to deprive or limit the City of any rights or remedies with respect to the Development Property and the construction of the Minimum Improvements that the City would have had, had there been no such transfer or change. (iii) There shall be submitted to the City, for review, all instruments and other legal documents involved in effecting transfers described herein, and if approved by the City, its approval shall be indicated to the Developer in writing. In the absence of specific written agreement by the City to the contrary, no such transfer or approval by the City thereof shall be deemed to relieve the Developer from any of its obligations with respect thereto. (c) Notwithstanding the limitations set forth in Article VIII, the City approves and consents that Developer may lease the Development Property provided that the lessee expressly assume all obligations of the Developer under this Agreement in the manner set forth in Section 8.2(b)(ii) herein. Absent specific written agreement by the City to the contrary, such action shall not be deemed to relieve the Developer from any of its obligations under this Agreement. Section 8.3 Approvals. Any approval required to be given by the City under Article VIII may be denied only in the event that the City reasonably determines that the ability of the Developer to their obligations under this Agreement will be materially impaired by the action for which approval is sought. Page 16 I I I I I ! I I ! I I I I I I I