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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 17:03 P.28 <br /> act of negligence on the part of any such indemnified party <br /> or its officers, agents, servants or employees. <br /> (d) All covenants, stipulations, promises, agreements <br /> and obligations of the City contained herein shall be deemed <br /> to be the covenants, stipulations, promises, agreements and <br /> obligations of the City, respectively, and not of any <br /> governing body member, officer, agent, servant or employee <br /> of the City in the individual capacity thereof. <br /> Section 9.4 . Approvals. Notwithstanding Section 9 .1 and <br /> 9.2,. any approval of a transfer of interest in the. Developer, <br /> this Agreement, or all or a part of the Development Property <br /> required to be given• by the City under this Article IX may be <br /> denied only in the event that the City reasonably determines that <br /> the ability of the Developer to perform its obligations under <br /> this Agreement and its obligation, to pay &gl valorem real <br /> property taxes assessed with respect to the Development Property, <br /> or the overall financial security provided to the City under the <br /> terms of this Agreement, or the likelihood of the Minimum <br /> ' Improvements being successfully constructed and operated and <br /> maintained pursuant to the terms of. this Agreement, will be <br /> materially impaired by the action for which approval is sought. <br /> 965316.Red <br /> V2 to vy; 13/11/98 24 <br />