CCP 08-18-1997 - Laserfiche WebLink

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. ARTICLE VIII Prohihitions Against Assil'nment and Transfer. Indemnification Section 8.1. R~rcscnt~tion as to Redevelonment The Redeveloper represents and agrees that its purchase of the Redevelopment Property, and its other undertakings pursuant to the Agreement, are, and will be used, [or the purpose of development of the Redevelopment Property and not for speculation in land holding. The Redeveloper recognizes that, in view of (a) the importance of thc redevelopment of the Redevelopment Property to the general welfare of the community, and (b) the substantial fmancing and other public aids that have been made available by the City and the Authority for the pl1IJlose of making such redevelopment possible, the qualifications and identity of the Redeveloper are of particular concern to the community and the 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 performance of all undertakings and covenants hereby by it to be perfonncd. Section 8.2. Prohibition A"ainst Transfer of Pro pert v and Assienment of Al[reement (a) For thc forcgoing reasons the Redeveloper reprcscnts and agrees that prior to the Terminatieft ~omp[etion of construction of a Phase or the Prior Redcveloper Improvements, except only . by way of security for, and only for, the purposc of obtaining financing necessary to cnable the Redeveloper or any successor in interest to the Redevelopment Emperty or Redeveloper Property, or any part thereof, to perform its Obligations with respect to making the Minimum Improvements or Prior Rcdeveloper fmprovemenls lmder thei.:; Agreement, and any other purpose authorized by the Agreement, the Redeveloper (except as so allthorized) has not made or -- created, and that it will not, make or create, or suffer to be made or created, any total or partial . sale, assignment, conveyancc, or lcase, or any trust or power, or transfer in any othcr mode or - form of or with respect to the Agreement-<:>f. the Redevelopment Property. or the RedevelOper - 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. - After completion of a Phase or thc Prior Redeveloper Improvements. the Redeveloper - mav transfer the Phase and the Parcel on which it is located or thc Prior Redeveloper - Improvements and Redeveloper Propertv if thc Rcdcvcloper secur"" an agreement. in a form I reasonably satisfactory to the Authority with its transferee hv which tbe transferee assnmes the Redcveloocr's ob]i~ations under Section Anic1e V of this Aweemenl. If lhere are still Assessments levied against such property such a:p-eement shall also rcauirc the RcdcvelQ~ I transferee to ljssume the Assessments and the Redeveloper's obli<,lations under Seclion 6.1. 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 will be materially impaired by the action for which approval is sought. .. 26 I 60/vO'd 6VOl. l.C6 ers '~'d '3~13a ~ A3,a~~a rS:9r 1.66t-H-~ --.--------