R2022-160 Resolution Authorizing Redevelopment Agreement with CCI Properties LLC

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(d) The Developer and its transferee shall comply with such other reasonable conditions as the City may find desirable in order to achieve and safeguard the purposes of this Agreement. 8.2 Transfer of Project After Completion of Construction. After Substantial Completion of as certified by the City (in accordance with Sections 2.9 and 2.10 hereof),the Developer(and any subsequent Owner of a Phase or any part thereof) may transfer the Project (or any portion thereof) without the consent of the City by instrument in writing reasonably satisfactory to the City, and in a form recordable among the land records,pursuant to which the transferee shall expressly assume with regard to the Phase(or any portion thereof)all of the obligations of the Developer under this Agreement and agree to be subject to all the conditions and restrictions to which the Developer is subject with regard to the Project or any portion thereof. Provided, that the fact that any transferee of, or any other successor in interest whatsoever to, the Phase (or any portion thereof), shall not have assumed such obligations or so agreed, shall not(unless and only to the extent otherwise specifically provided in the Agreement or agreed to in writing by the City) relieve or except such transferee or successor of or from such obligations, agreements,conditions,or restrictions,or deprive or limit the City of or with respect to any rights or remedies or controls with respect to the Project or the construction thereof,it being the intent of this,together with other provisions of this Agreement,that(to the fullest extent permitted by law and equity and excepting only in the manner and to the extent specifically provided otherwise in this Agreement) no transfer of the Project, a Phase (or any portion thereof), or any interest therein, however consummated or occurring, and whether voluntary or involuntary, shall operate legally or practically,to deprive or limit the City of any rights or remedies or controls regarding the Project and the construction thereof that the City would have had,had there been no such transfer. No such transfer shall be deemed to transfer any rights of the Developer to the reimbursements set forth under Article IV above,unless such rights are expressly set forth in the instrument of assignment and written approval of the assignment by the City. 8.3 Status of Assignee. Any assignee of the Developer prior to Substantial Completion,who is approved under the terms of 8.1 above, shall be considered the"Developer"for all purposes of this Agreement as to such portion of the Project that has been assigned. 8.4 Assignment to Affiliated Entity. Nothing herein shall be construed to prevent the Developer from assigning its interest in this Agreement to an affiliated entity owned or controlled by the Developer or a majority of the owners of the Developer, provided that such entity has the financial capacity to perform the obligations of the Developer pursuant to this Agreement(though the City may not receive any more financial capacity than that possessed by the Developer on the date hereof)and such entity in writing assumes such obligations and conditions in compliance with the terms and conditions set forth in Section 8.1.2(a)through(d)of this Agreement. 8.5 No Release of Developer. Any consent by the City to any total or partial transfer of the Project or the Development Area shall not be deemed a release of the Developer from any of its obligations hereunder, or from any conditions or restrictions to which the Developer is subject, unless the Developer is expressly released in writing by the City.