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CCP 08-18-1997
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CCP 08-18-1997
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<br /> . <br /> ARTICLE VIII <br /> Prohihitions Against Assil'nment and <br /> Transfer. Indemnification <br /> Section 8.1. R~rcscnt~tion as to Redevelonment The Redeveloper represents and <br /> agrees that its purchase of the Redevelopment Property, and its other undertakings pursuant to <br /> the Agreement, are, and will be used, [or the purpose of development of the Redevelopment <br /> Property and not for speculation in land holding. The Redeveloper recognizes that, in view of (a) <br /> the importance of thc redevelopment of the Redevelopment Property to the general welfare of the <br /> community, and (b) the substantial fmancing and other public aids that have been made available <br /> by the City and the Authority for the pl1IJlose of making such redevelopment possible, the <br /> qualifications and identity of the Redeveloper are of particular concern to the community and the <br /> Authority. The Redeveloper further recognizes that it is because of such qualifications and <br /> identity that the Authority is entering into the Agreement with the Redeveloper, and, in so doing, <br /> is further willing to accept and rely on the obligations of the Redeveloper for the faithful <br /> performance of all undertakings and covenants hereby by it to be perfonncd. <br /> Section 8.2. Prohibition A"ainst Transfer of Pro pert v and Assienment of Al[reement (a) <br /> For thc forcgoing reasons the Redeveloper reprcscnts and agrees that prior to the Terminatieft <br /> ~omp[etion of construction of a Phase or the Prior Redcveloper Improvements, except only . <br /> by way of security for, and only for, the purposc of obtaining financing necessary to cnable the <br /> Redeveloper or any successor in interest to the Redevelopment Emperty or Redeveloper <br /> Property, or any part thereof, to perform its Obligations with respect to making the Minimum <br /> Improvements or Prior Rcdeveloper fmprovemenls lmder thei.:; Agreement, and any other <br /> purpose authorized by the Agreement, the Redeveloper (except as so allthorized) has not made or -- <br /> created, and that it will not, make or create, or suffer to be made or created, any total or partial . <br /> sale, assignment, conveyancc, or lcase, or any trust or power, or transfer in any othcr mode or - <br /> form of or with respect to the Agreement-<:>f. the Redevelopment Property. or the RedevelOper - <br /> Property. or any part thereof or any interest therein., or any contract or agreement to do any of the <br /> same, without the prior written approval of the Authority. - <br /> After completion of a Phase or thc Prior Redeveloper Improvements. the Redeveloper - <br /> mav transfer the Phase and the Parcel on which it is located or thc Prior Redeveloper - <br /> Improvements and Redeveloper Propertv if thc Rcdcvcloper secur"" an agreement. in a form I <br /> reasonably satisfactory to the Authority with its transferee hv which tbe transferee assnmes the <br /> Redcveloocr's ob]i~ations under Section Anic1e V of this Aweemenl. If lhere are still <br /> Assessments levied against such property such a:p-eement shall also rcauirc the RcdcvelQ~ I <br /> transferee to ljssume the Assessments and the Redeveloper's obli<,lations under Seclion 6.1. <br /> Section 8.3. Approvals. Any approval required to be given by the Authority under this I <br /> Article VIII of this Agreement may be denied only in the event that the Authority reasonably <br /> determines that the ability of the Redeveloper to perform its obligations under this Agreement <br /> will be materially impaired by the action for which approval is sought. .. <br /> 26 <br /> I <br /> 60/vO'd 6VOl. l.C6 ers '~'d '3~13a ~ A3,a~~a rS:9r 1.66t-H-~ <br /> --.-------- <br />
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