Agenda - Council - 09/12/1994 - Laserfiche WebLink

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Draft 9/8/94 of, or change with respect to, ownership in the Development Property or any part thereof, or any interest therein, however consummated or occurring, 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 rind other legal documents involved in effecting n-ansfers described herein, and if approved by the City, its approval shall be indicted 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 limitatio~s set forth in Article VIII, the City approves and consents that Developer ma.',, lease the Development Property to Detail Tool and Engineering, Inc., 'a Minnesota municipal corporation ("DT&E"), which lease may provide that DT&E holds an option to purchase the Development Property; provided that before DT&E exercises any such option or otherwise takes fee title to the Development Property, DT&E must expressly assume ail 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 fi'om any of its obligations under this Agreement. Section 8.3 Aperovals. 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