R2024-03 Resolution Authorizing a TIF Redvelopment Agreement between the City of Decatur and County Line Plaza, LLC

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leases with Project tenants, without the prior written approval of the City. Notwithstanding the foregoing, Redeveloper's transfer of title to Lots 1-4 of the Shapland-Cohen Subdivision is approved and Redeveloper shall be entitled to assign the Phase II increment payments to the owner of the Phase II lot in consideration of the improvements to be made thereon. 9.1.2 Conditions for Approval. The City shall be entitled to require, except as otherwise provided in this Agreement,as conditions to any such approval pursuant to this Section 9.1,that: (a) Any proposed transferee shall have the qualifications and financial responsibility and capacity, as reasonably determined by the City, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Redeveloper(or,in the event the transfer is of or related to part of the Project,such obligations to the extent that they relate to such part). (b) Any proposed transferee,by instrument in writing reasonably satisfactory to the City and in a form recordable among the land records, shall expressly assume all of the obligations of the Redeveloper under this Agreement with respect to the property it acquires and agrees to be subject to all the conditions and restrictions to which the Redeveloper is subject (or,in the event that the transfer is of or relates to part of the Project,such obligations,conditions and restrictions to the extent that they relate to such part). Provided,that the fact that any transferee of,or any other successor in interest whatsoever to, the Project, or any part 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 or Project Site or any part 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. (c) There shall be submitted to the City for review all instruments and other legal documents involved in effecting the transfer. (d) The Redeveloper 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. (e) The consideration payable for the transfer or assignment by the transferee or assignee or on its behalf shall not exceed an amount representing the City of Decatur/County Line Plaza Redevelopment Agreement 11