CC PACKET 08222000 - Laserfiche WebLink

Home Browse Search

61 • 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 reasonably 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 completion of the Project that the HRA would have had, had there been no such transfer or change. There shall be submitted to the HRA for review all legal documents relating to the transfer. Notwithstanding the foregoing, this Section 7.1 shall not apply to any transfer or assignment to (i) any entity controlling, controlled by or under common control with the Redeveloper or (ii) any entity in which the majority equity interest is owned by the parties that have a majority equity interest in the Redeveloper. Provided that no Event of Default exists hereunder, any such transfer or assignment shall release Hillcrest Development from its obligations hereunder upon execution and .delivery to the HRA by the transferee or assignee of an instrument in form and substance satisfactory to the HRA by which the transferee or assignee assumes the obligations of the Redeveloper hereunder. • In the absence of specific written agreement by the HRA to the contrary, no such transfer or approval by the HRA thereof shall be deemed to relieve Redeveloper, or any other party bound in any way by this Agreement or otherwise with respect to the completion of the Project, from any of its obligations with respect thereto. 7.2 Termination of Limitations on Transfer. The provisions of Section 7.1 shall terminate at such time as the Certificate of Completion has been issued by the HRA under Section 4.3 of this Agreement with respect to the Project. ARTICLE 8 Events of Default Section 8.1 Events of Default. The following shall be "Events of Default" under this Agreement and the term 'Event of Default" shall mean, whenever it is used in this Agreement (unless the context otherwise provides), any one or more of the following events: (a) Failure of Redeveloper to complete the Project as required hereunder. • -13-