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Article VI <br />Assignment <br />1. The City shall be free to assign any of its rights or obligations under this Agreement to any <br />successor in interest to the City -owned property. <br />2. In the event Sponsor shall propose to undergo a change in control, sell, assign, merge, <br />reorganize, consolidate, or otherwise dispose of its business (any of the foregoing being a <br />"Transfer Event"), Sponsor shall notify the City of such fact within thirty (30) days prior to such <br />proposed Transfer Event. The notice shall state whether the Transfer Event will or could affect <br />the exercise of Sponsor's rights hereunder. <br />3. If, as a result of the Transfer Event, Sponsor would not be the holder of rights under this <br />Agreement, or Sponsor is not the successor in the Transfer Event, then the City's written consent <br />to the Transfer Event shall be required. If the City consents, the successor in the Transfer Event <br />shall assume all of the obligations of Sponsor under this Agreement and shall have all of the rights <br />and obligations of Sponsor under this Agreement. <br />4. In the event that a proposed Transfer Event will result in a Sponsor whose business <br />conflicts with a sponsorship agreement the City has with respect to the Facility, or a company <br />whose business practices could be detrimental to the public image or reputation of the City or the <br />Facility, in the sole discretion of the City, then the City shall have the right to terminate this <br />Agreement by written notification within sixty (60) days after receiving notice of such proposed <br />Transfer Event. In the event of such termination, Sponsor shall be obligated to pay all funds <br />contemplated by this Agreement to be due and payable through the Expiration Date. <br />5. No Transfer Event shall relieve Sponsor and any successor entity from being jointly and <br />severally liable for payment and performance of all obligations of Sponsor under this Agreement <br />if the City does not exercise its right of termination as provided in Section VI(4). <br />Article VII <br />Notices <br />All notices hereunder by either Party to the other shall be in writing. All notices, demands, <br />or requests shall be deemed given when mailed, postage prepaid, registered or certified mail, return <br />receipt requested. <br />If to the City: If to Sponsor: <br />City Administrator <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />M <br />