5.1. HRSR 12-06-2004 - Laserfiche WebLink

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1 • ARTICLE VIII TRANSFER LIMITATIONS AND INDEMNIFICATION Section 8.1 Representation as to Development. The Developer represents to the City that its purchase of the Development Property, and its other undertakings under this Agreement, are for the purpose of developing owner occupied and rental housing and commercial facilities, and not for the purpose of speculation in land holding. The Developer acknowledges that, in view of the importance of the development of the Development Property to the general welfare of the City, and the substantial financing and other public aids that have been made available by the City for the purpose of making such development possible, the qualifications and identity of the Developer are of particular concern to the City. The Developer further acknowledges that the City is willing to enter into this Agreement with the Developer because of the qualifications and identity of the Developer. Section 8.2 Limitations on Transfer. (a) The Developer may, without prior written notice to the City, sell, assign, convey or transfer in any other mode or manner, all or a portion of this Agreement, the Development Property, or the Minimum Improvements to the Construction Lender providing the Construction Loan for the Minimum Improvements: ;� • The Developer also may, in the regular course of business and without prior written notice to the City, sell, assign, convey, lease or transfer in any other mode or manner the following: (i) to an individual unit purchaser, a unit of the Bluff Block Housing Project or the Bluff Block Commercial Project for which a certificate of occupancy has been issued; (ii) to a tenant, a unit of the Jackson Block Housing Project or Jackson Block Commercial Project if a certificate of occupancy has been issued for such project; (iii) all or any part of the Development Property and/or all or part of the Minimum Improvements, where such action is necessary to secure easements or other encumbrances necessary for the Minimum Improvements. Except as specifically allowed under this Section and Article VI, the Developer will not sell, assign, convey, lease or transfer in any other mode or manner this Agreement, the Development Property or the Minimum Improvements, or any interest therein, without the express written approval of the City. Notwithstanding the foregoing, so long as the Developer remains liable for the performance of the Developer under this Agreement, the Developer may transfer such portions of the Development Property as are necessary to allow the following parties to develop the following components of the Development: • 1674205v8 37