CCP 07-21-1997 - Laserfiche WebLink

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I ARTICLE VIII I .. Prohibitions Against Assignment and Transfer. Indemnification Section 8.1. Representation as to Redevelopment. The Redeveloper represents and I agrees that its purchase of the Redevelopment Property, and its other undertakings pursuant to the Agreement, are, and will be used, for the purpose of development of the Redevelopment I Property and not for speculation in land holding. The Redeveloper recognizes that, in view of (a) the importance of the redevelopment of the Redevelopment Property to the general welfare of the I community, and (b) the substantial financing and other public aids that have been made available by the City and the Authority for the purpose of making such redevelopment possible, the qualifications and identity of the Redeveloper are of particular concern to the community and the I Authority. The Redeveloper further recognizes that it is because of such qualifications and identity that the Authority is entering into the Agreement with the Redeveloper, and, in so doing, is further willing to accept and rely on the obligations of the Redeveloper for the faithful I performance of all undertakings and covenants hereby by it to be performed. Section 8.2. Prohibition Against Transfer of Property and Assignment of Agreement. (a) I For the foregoing reasons the Redeveloper represents and agrees that prior to the Termination Date, except only by way of security for, and only 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 Minimum Improvements under the Agreement, and any other purpose authorized by the Agreement, the Redeveloper (except as so authorized) has not made or created, and that it will not, make or I 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 I or the Redevelopment Property or any part thereof or any interest therein, or any contract or agreement to do any of the same, without the prior written approval of the Authority. Section 8.3. Approvals. Any approval required to be given by the Authority under this I Article VIII of this Agreement may be denied only in the event that the Authority reasonably determines that the ability of the Redeveloper to perform its obligations under this Agreement I will be materially impaired by the action for which approval is sought. Section 8.4. Release and Indemnification Covenants. (a) Except for any willful I misrepresentation or any willful or wanton misconduct or negligence of the following named parties, the Redeveloper releases from and covenants and agrees that the Authority and the governing body members, officers, agents, servants and employees thereof shall not be liable for I and agrees to indemnifY and hold harmless the Authority and the governing body members, officers, agents, servants and employees thereof against any loss or damage to property or any I injury to or death of any person occurring at or about or resulting from any defect in the Minimum Improvements. .. 21 I