CC PACKET 07271993 - Laserfiche WebLink

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ARTICLE 6 Issuance of Bond Section 6.1 Issuance of Bond. In order to reimburse the Redeveloper for all or a portion of the costs paid by the Redeveloper as to that portion of the Project identified on Schedule E hereto, the HRA agrees to issue the Bond to the Redeveloper. The Bond shall be originally issued in the principal amount of $130,000, and interest on the Bond shall accrue from the date of issuance by the HRA of the Certificate of Completion at the interest rate provided in the Bond. The Redeveloper acknowledges that no payments shall be due and owing on the Bond after February 1, 2005. The-Redeveloper certifies that he has paid the costs identified in Schedule D hereto with respect to the Project. ARTICLE 7 Prohibitions Against Assignment and Transfer Section 7.1 Transfer of Property and Assignment. Redeveloper has not made and will not make, or suffer to be made, any total or partial sale, assignment, conveyance, lease (other than leases of space in the professional office building constructed as a part of the Project), 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 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. 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. -10-