CCP 06-15-1992 - Laserfiche WebLink

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C ARTICLE VII . Prohibitions A~ainst Assi~nment and Transfer Section 7.1. Representation as to Development. The Developer represents and agrees that its undertakings pursuant to the Agreement are, and w ill be, used for the purpose of development of the Development Property and not for speculation in land holding. The Developer further recognizes that, in view of (a) the impor- tance of the development of the Development Property to the general welfare of the City; (b) the substantial financing and other public aids that. have been made available by the City for the purpose of making such development possible; and (c) the fact that any act or transaction involving or resulting in a significant change in the identity of the parties in control of the Developer or the degree of their control is for practical purposes a transfer or disposi- tion of the property then owned by the Developer, the qualifica- tions and identity of the Developer are of particular concern to the City. The Developer further recognizes that it is because of such qualifications and identity that the City is entering into the Agreement with the Developer, and, in so doing, is further willing to accept and rely on the obligations of the Developer for the faithful performance of all undertakings and covenants hereby by it to be performed. . Section 7.2. Prohibition A~ainst Transfer of Propertv and Assi~nment of A~reement. Also, for the foregoing reasons the Developer represents and agrees that: (a) Except only by way of security for, and only for, the purpose of obtaining financing necessary to enable the Developer or any successor in interest to the Development Property, or any part thereof, to perform its obligations with respect to making the Minimum Improvements under the Agreement, and only if such financing has been approved by the City, the Developer (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 the Agreement or the Development Property or ~ny part thereof or any interest therein, or any contract or agreement to do any of the same, without the prior written approval of the City, which approval shall not be unreasonably withheld. (b) The City shall be entitled to require as conditions to any such approval that: (i) Any proposed transferee shall have the qualifica- tions and financial responsibility, as determined by the City, necessary and adequate to fulfill the obligations undertaken . in the Agreement by the Developer (or, in the event the transfer is of or relates to part of the Development Property, 16