Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 Minimulm Improvements; it being the intent of this Section, together with other provisions of this ~, greement, that to the fullest extent permitted by law and equity and excepting only in the n~anner and to the extent specifically provided otherwise in the Agreement, no transfer ~f, or change with respect to, ownership in the Development Property or any part thereof, br may interest therein, however consummated or ocetming, whether voluntary or involundu'y, shall operate, legally or practically, to deprive or limit the City of any rights or remedie$ with respect to the Development Property and the construction of the Minimum Improve~nents 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 dod. uments involved in effeefing transfers described herein, and if approved by the City, its ~pmval shall be indicted to the Developer in writing. In the ab~nce 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 ther~o. ? (c) NOtwithstanding the limitations set forth in Article VIII, the City approves and consents that De~eloper 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. ~bsent specific written agreement by the City to the contrary, such action shall not be deemed to ~lieve the Developer from any of its obligations under this Agreement. Section 8.3 Approvals. Any approval required to be g/yen by the City under Article VIII may be deniegt only in the event that the City reasonably determines that the ability of the Developer to theiriobligafions under this Agreement will be mater/ally impaired by the action for which approval is ~,ought. Page 16