10-23-2024 Council Packet - Laserfiche WebLink

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135341328v1 9 Section 3.7 Public Improvements. The Developer shall be responsible for completing the following work as related to construction of the Project: sidewalk and apron repairs and replacement on Rice Street and stormwater improvements necessary for the Development Property (collectively, the “Public Improvements”).The Developer agrees to construct the Public Improvements in accordance with the plans and specifications approved by the City and subject to the inspection of the installation of the Public Improvements by the City. Section 3.8 Restaurant Relocation. The Developer shall be responsible for relocating the existing restaurant located at the Development Property. Section 3.9 Prohibition Against Transfer of Project and Assignment of Agreement. The Developer represents and agrees that prior to the Termination Date the Developer shall not transfer the Project or any part thereof or any interest therein to a unrelated entity, without the prior written approval of the City. The City shall be entitled to require as conditions to any such approval that: (1) Any proposed transferee shall have the qualifications and financial responsibility, in the reasonable judgment of the City, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Developer. (2) Any proposed transferee, by instrument in writing satisfactory to the City shall, for itself and its successors and assigns, and expressly for the benefit of the City, have expressly assumed all of the obligations of the Developer under this Agreement and agreed to be subject to all the conditions and restrictions to which the Developer is subject. (3) There shall be submitted to the City for review and prior written approval all instruments and other legal documents involved in effecting the transfer of any interest in this Agreement or the Project.