CC PACKET 10131987 - Laserfiche WebLink

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L ARTICLE::VI I.I. • :. Prohibitions ,Against Assignment and -Transfer . Section 8...l . . Representation as to Redevelopment-. The . 'Redeveloper represents and agrees- that its --purchase- of the Redevelopment Property, and its other undertakings pursuant to the Agreement are, and will be used, for the purpose of redevelopment -of the Redevelopment Property.. The Redeveloper . further .recognizes. that a transfer- of. a controlling interest in the Redeveloper or any other act or transaction resulting in a significant change in the ownership are of particular concern to the City and .the HRA. Section 8 . 2 Transfer of- Ownership. Prior -to completion of the Minimum Improvements as certified by the HRA,. and without prior written approval of the HRA, (a) there shall be no transfer of any interest of a partner in Redeveloper', (b) nor shall any partner suffer any such transfer to be made; (c) nor shall there be or be suffered to be by Redeveloper, any other similarly significant change in the ownership of Redeveloper or in -the relative distribution thereof, or with respect .. to the identity of the parties in control of Redeveloper or the degree thereof , by any other method or means, . (d) nor shall Patrick J. Gaughan cease to be the managing partner. of Redeveloper, -except in the case of the death or incompetency of Patrick J. Gaughan. Section 8 . 3 Transfer of Property and Assignment . Redeveloper (except as expressly authorized in this Agreement) has not made and will not make, or suffer to be made,- any total or partial sale, assignment, conveyance, lease, or other transfer-, with respect- to this Agreement or the Redevelopment Property or any part thereof or any -interest therein, or any contract or agreement to do any of the same, without the prior written approval of the HRA. The HRA shall be entitled to require as conditions to any such approval that: (i) the proposed transferee have the qualifications and financial responsibility, as determined by the HRA, necessary and adequate to fulfill the obligations undertaken in this Agreement by Redeveloper; (ii) the proposed transferee, by recordable instrument satisfactory to the HRA shall, for itself and its successors and assigns, assume all of the obligations of Redeveloper under this Agreement . No transfer of, or change with- respect to, ownership in the Redevelopment Property or any part thereof., or any interest therein-, . however consummated or occurring and whether voluntary or. involuntary, . shall operate, legally -or practically, to deprive or- limit .the HRA of or with, respect to any rights or remedies or controls provided in or resulting from this Agreement with respect to the Redevelopment Property and the construction of the Minimum Improvements that • -18-