Agenda - Council - 09/11/2018 - Laserfiche WebLink

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ARTICLE VIl! PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER Section 8.1 Representation as to Development. The Developer represents and agrees that its undertakings, pursuant to this Agreement, are for the purpose of development of the Development Property and not for speculation in landholding. The Developer further recognizes that, in view of: (a) The importance of the development of the Development Property to the general welfare of the City; and (b) The substantial financing and other public aids that have been made available by the City for the purpose of making the Minimum Improvements possible, the qualifications and identity of the Developer are of particular concern to the City. The Developer further recognizes that it is hecause of such qualifications and identity that the City is entering into this Agreement, and, in so doing, is further willing to rely on the representations and undertakings of the Developer for the faithful performance of all undertakings and covenants agreed by Developer to be performed. Section 8.2 Prohibition Against Transfer of Property and Assignment of Agreement. For the reasons set out in Section 8.1 of this Agreement, the Developer represents and agrees that, _prior to the issuance of the Certificate of Completion: (a) Except only by way of security for, and only for the purpose of obtaining financing necessary to enable the Developer or any successor in interest to the Development Property, or any part thereof, to perform its obligations under this Agreement, and any other purpose authorized by this Agreement, the Developer, except as so authorized, has not made or created, and will not make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or any trust or power, or transfer in any other form of, or with respect to this Agreement, or the Development Property, or any part thereof, any interest therein, or any contract or agreement to do any of the same, without the prior written approval of the City; and (b) The City shall be entitled to require, except as otherwise provided in this Agreement, conditions to any such approval under this Section 8.2 that: (i) Any proposed transferee shall have the qualifications and financial responsibility, as determined by the City, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Developer, or in the event the transfer is of, or relates to, the Development Property, such obligations to the extent that they relate to sucb part. (ii) Any proposed transferee, by instrument in writing satisfactory to the City and in form recordable among the land records shall, for itself and its successors and assigns, zQ