Agenda Packets - 1987/12/14 - Laserfiche WebLink

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r� ARTICLE VIII ProhlMtlons Against Assignment and Transfen indemnification Section 8.1. Representation as to Redevelopment. The Redeveloper repre- sents and agrees that its purchase of the Redevelopment Property, and ite other undertakings pursuant to the Agreement, are, and will be used, for the purpuse of redevelopment of the Redevelopment Property and not for speculation in land holding. The Redeveloper further recognizes that, in view of (a) the importance of the redevelopment of the Redevelopment Property to the general welfare of the Cityl (b) the substantial financing and other public aids that have been made available by the City for the purpose of making such redevelopment possible; and (c) the fact that any act or transaction involving or resulting in a significant change in the identity of the parties in control of the Redeveloper or the degree of their control is for practical purposes a transfe: or disposition of the property then owned by the Redeveloper, the qualifications and Identity of the Redeveloper are of pardoular concern to the City. The Redeveloper further recognizes that It is because of such qualifications and identity that the City is entering into the Agreement with the Redeveloper, and, in so doing, Is further willing to accept and rely on the obligations of the Redeveloper for the faithful performance of all undertakings and covenants hereby by it to be performed. Section 8.2. Prohibition Against Transfer of Proverty and Assignment of Agreement. Also, for the foregoing reasons the Redeveloper represents and agrees that prior to the Maturity Date: (a) Except only by way of security for, and only for, the purpose of obtaining financing necessary to enable the Redeveloper or any successor in Interest to the Redevelopment Property, or any part thereof, to perform its obligations with respect to making the Minimum Improvements under this Agreement, and any other purpose authorized by this Agreement, the Redeveloper 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 lease, or any trust or power, or transfer in any other mode or form of or with respect to the Agreement or the Redevelopment Property or any part thereof or any interest therein, or any contract or agreement to eo any of the same, without the prior written approval of the City unless the Redeveloper remains liable and bound by this Redevelopment Agreement In which event the City's approval is not required. Any such transfer shall be subject to the provisions of the Redevelopment Agreement. (b) In the event the Redeveloper, upon transfer or assignment of the Redevelopment Property - any pW: n thereof, seeks to be released from its obligations under this F .velop.. Agreement, the City shall be entitled to require, except as otherwise provided in the Agreement, as conditions to any such release 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 Redeveloper. Kra