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<br />MRR-19-2002 13:38 <br /> <br />COMMUN ITY DEI) <br /> <br />51292~2553 <br /> <br />.P.23 . <br /> <br />redevelopment of the PAase I :'<rea Park Commons East, other than the portion thereof to be _ <br />developed for owner-occupied housing. The Developer shall not assign or transfer its rights . <br />under this Agreement in full or in part, or enter into any subcontracts to perform any of its <br />obligations hereunder, without the prior written consent of the Authority, which consent will not <br />be unreasonably withheld. <br /> <br />Section 6. Effect of Aoorovals. No approval given by the Authority hereunder or in <br />connection herewith shall be deemed to constitute an approval of the development of ilie PRaGe I <br />Afea Park Commons East for any purpose other rhan as stated herein and the process outlined <br />in this Agreement shall not be deemed to supersede any concept review, conditional use permit, <br />vacation, subdivision, re7.0ning or other zoning or planning approval process of the Aulhority <br />relative to the development of real estate Or condition of receiving grant funds. <br /> <br />Section 7. Modifications. This Agreement may be modified and the term thereof may be <br />extended only through written amendments hereto signed by all parties to this Agreement. Staff <br />of the Authority shall have the authorily to agree to wrillen extensions of time to perform <br />activities hereunder if staff believe that such extensions are reasonable and necessary. <br /> <br />Section 8. Term of Agreement. (a) This Agreement shall be effective through <br />. If for any reason a Contract has not been entered into by the parties within the <br />lerm of this Agreement or any mutually approved extension thereof: this Agreement shall be null <br />and void and neither party thereafter shall have any liability Or obligations to the other except as <br />otherwise provided in Section 4 hereof. <br /> <br />(b) This Agreement may be terminated by either party upon 30 days' written notice to e <br />the other if: <br /> <br />(i) A party fails to perform any of its obligations hereunder, and fails to CUre the <br />default within 30 days after receipt of written notice thereof; or <br /> <br />(ii) <br />Contract. <br /> <br />An impasse has been reached in the negotiation of any material term of the <br /> <br />Upon termination under this Section 8(b), neither party thereafter shall have any liability <br />or obligations to the other except as otherwise provided in Section 4 hereof. <br /> <br />ec) Notwithstandinl!: anvthinl!: to the contra"" in this Section. uoon exoiration of the <br />term of this Al!:reement or unon deIive"" bv either nam of a notice of termination under <br />Section 8Ib). ill lieu of termination of the Al!:reement, the Authority mDV direct the <br />Develooer to DS5i"n Its dehts and oblil!:ations under this Af!reement to anv other person or <br />entity selected bv the Authority. The Denloner shall deliver a written assii!nment in a <br />form reasonablv acceotable to the Authority within 30 clavs after receint of a written <br />request from the Authority. Upon the Authoritv's reeolDt of such assil!:nmcnt, neither the <br />Authority nor Meridian Properiies Real Estate DevelOpment LLC shall have Iiabilitv or <br />oblil!ations to the other except as otherwise provided in Section 4 (treatinl! assilmment as <br />the cQuivalent of termination or expiration for the DUrOOSes of that Section). If the <br /> <br />SJH-I~21nvl <br />SA~Ij-40 <br /> <br />7 <br /> <br />e <br />