2019.04.03 EDC Packet - Laserfiche WebLink

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23 Section 7.1. Representation as to Redevelopment and Use. The Redeveloper represents and agrees that its purchase of the Redevelopment Property, and its other undertakings pursuant to this Agreement, are, and will be used, for the purpose of redevelopment of the Redevelopment Property and not for speculation in land holding. The Redeveloper further recognizes that, in view of the importance of the redevelopment of the Redevelopment Property to the general welfare of the City, and the substantial financing and other public aids that have been made available by the City for the purpose of making such redevelopment possible, the qualifications and identity of the Redeveloper are of particular concern to the City. The Redeveloper further recognizes that it is because of such qualifications and identity that the City is entering into this 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 performed. Section 7.2. Prohibition Against Transfer of Property and Assignment of Agreement. (a) For the foregoing reasons, the Redeveloper represents and agrees that prior to the Termination Date, the Redeveloper 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 form of or with respect to this Agreement 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 City. (b) Subparagraph (a) shall not apply to the following transfers: (1) Transfer of all or a platted portion (or to be platted portion) of the Redevelopment Property by the Redeveloper to any corporation, partnership, or limited liability company controlling, controlled by, or under common control with the Redeveloper; (2) Grant or conveyance of a mortgage interest in the Redevelopment Property for the purpose of obtaining financing necessary to enable the Redeveloper to perform its obligations with respect to construction of the Minimum Improvements hereunder; (3) Conveyance of any easements necessary for the Project; (4) Conveyance of a platted lot or unit in a Common Interest Community to a third-party purchaser of a home or townhome constructed on such lot or unit; or (5) Conveyance of an outlot to any homeowner’s association or master association to be formed by Redeveloper. (c) In the event the Redeveloper, upon transfer or assignment of the Redevelopment Property or any portion thereof, seeks to be released from its obligations under this Agreement, the City shall be entitled to require as conditions to any such release that: