8.3 SR 04-04-2022 - Laserfiche WebLink

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ARTICLE V ADDITIONAL PROVISIONS Section 5.1. Restrictions on Use. The Developer agrees for itself, its successors and assigns and every successor in interest to the Development Property, or any part thereof, that the Developer and such successors and assigns shall operate, or cause to be operated, the Project as an affordable rental housing development in accordance with this Agreement and the Declaration until the Termination Date. Section 5.2. Reports. The Developer shall provide the City reports in a timely manner with such information about the Project as the City may reasonably request for purposes of satisfying any reporting requirements imposed by law on the City. Section 5.3. Limitations on Transfer and Assignment. (1) Except as provided in Section 5.3(5), the Developer will not sell, assign, convey, lease or transfer in any other mode or manner (collectively, "Transfer") this Agreement, the TIF Note, or the Development Property or the Project, or any interest therein, without the express written approval of the City and approval by the City Council, which consent will not be unreasonably withheld, conditioned or delayed. The City shall, within 30 days after such a written request for approval of a Transfer, deliver a written statement to the Developer indicating whether the Transfer is approved or specifying the additional conditions to be satisfied in accordance with Section 5.3(2). The provisions of this Section 5.3 apply to all subsequent Transfers by authorized transferees; (2) The TIF Note shall not be Transferred to any party who is not the Developer or subsequent owner of the Development Property; provided that with the written consent of the City and approval by the City Council and subject to Clauses (3)(c) through (f) and (4) below, the TIF Note may be transferred to the holder of a mortgage or other security agreement or instrument securing the owner's financing with respect to the Development Property. (3) The City shall be entitled to require, as conditions to any approval of any Transfer of this Agreement, the Development Property, the Project, or applicable portion thereof, or the TIF Note in connection therewith, that: (a) Any proposed transferee shall have the qualifications and financial responsibility, as determined by the City, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Developer; (b) Any proposed transferee, by instrument in writing satisfactory to the City shall, for itself and its successors and assigns, and expressly for the benefit of the City have expressly assumed any of the remaining obligations of the Developer under this Agreement and agreed to be subject to all the conditions and restrictions to which the Developer is subj ect; 18 EL185-70-769416.d7