5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:39/ST. 9:28/NO, 4261218754 P 25 Except by way of security 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 Improvements under the Agreement, and any other purpose authorized by the Agreement, the Redeveloper (except as so authorized) 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 this Agreement or the Redevelopment Property, or any part thereof or any interest herein or therein, or any contract or agreement to do any of the same, without the prior written approval of the Authority, which approval shall not be unreasonably withheld or delayed. The Redeveloper shall, however, be entitled to transfer the Redevelopment Property and assign its rights and obligations under this Agreement and/or the Note to a third party or entity affiliated with the Redeveloper, if such third party or entity assumes the obligations of the Redeveloper and the Job Performance Agreement under transfer documents reasonably acceptable to the Authority, and if the proposed use of the Redevelopment Property and employment levels to be maintained are substantially similar to those contemplated with respect to the Redeveloper's use of the Redevelopment Property. For purposes of this Agreement, a party or entity shall be deemed affiliated with the Redeveloper if such party or entity is owned or controlled by the Redeveloper. In no event shall a transfer occur that results in the Note being owned by an entity • unrelated to the owner of the Redevelopment Property without the Authority's prior written approval. Without limiting the Authority's right to disapprove a transfer of the Note, no transfer shall be permitted unless the Redeveloper provides to the Authority evidence, satisfactory to the Authority, that all security registration laws have been complied with in connection with such transfer. No such transfer, or approval by the Authority thereof, shall be deemed to relieve the Redeveloper, or any other party bound in any way by this Agreement or otherwise with respect to the construction of the Minimum Improvements, from any of its obligations with respect thereto, nor shall Redeveloper or any other party bound by this Agreement be released from any obligations hereunder without the written release by the Authority. Notwithstanding the foregoing, the Authority's participation in the Shopping Center Project is predicated upon the new employment that the Shopping Center Project and the Business Park Project will make possible, and Authority's understanding that the Minimum Improvements will he occupied for a term of not less than the term of this Agreement. Section 7.2 Approvals. (a) Any approval required to be given by Authority under this Article VIII of this Agreement may be denied only in the event that Authority reasonably determines that the ability of Redeveloper to perform its obligations under this Agreement will be materially impaired by the action for which approval is sought. -21-