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R2009-228 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT
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R2009-228 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT
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10/12/2015 4:01:11 PM
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Resolution/Ordinance
Res Ord Num
R2009-228
Res Ord Title
RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT
Approved Date
11/16/2009
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therein, however consummated or occurring, and whether volunta�y or <br /> involuntary, shall operate legally oc practically, to deprive or limit the <br /> City of any rights or re►uedies or controls regarding the Project and the <br /> constcuction thereof that the City would have had, had tliere been no <br /> such transfec. <br /> c. Tl�ere shall be submitted to the City for review alt instruments and other <br /> legal documents involved 'ui effecting the transfer. <br /> d. The Redeveloper and its transferee shall comply with such other <br /> reasonable conditions as the City may find desirable in order to achieve <br /> and safeguacd the purposes of the Redevelopment Plan and tl�is <br /> Agreement. <br /> e. The considei•ation payable for the t�•ansfer a• assignment by the <br /> transferee or assignee or on its behalf sliall nofi exceed an amount <br /> representing the actual cost (includin� cacrying charges) to the , <br /> Redeveloper of the Project (or allocable pai�t) and tlie pmpose of this <br /> provision is to preclude assignment of this Agreement or b•ansfer of the <br /> Project or the Project Site (or any parts thereo� for pecuniary gain or <br /> profit prior to Substantial Completion of the Project and to provide that <br /> in the event any such assignment or t��nsfec is inade (and is not <br /> cancelled),the City shall be entitled to increase the purchase price of the <br /> Project Site to the Redeveloper by the amount that the considecatio�i <br /> payable for the assignment or t�•ansfer is in excess of the amount th�.t <br /> may be authorized pursuant to this Sectiou 11.1.2(e) and such <br /> consideration shall, to the extent it is in excess of the amount so <br /> authorized, belong to and forthwith be paid to the City at the satne time <br /> as or prior to the transfer. <br /> 10.2 Trat�sfer of Project After Completion of Construction. After Substantial Completion <br /> of constcuction of the Project as certified by the City(in accordance with Sections 2.9 and <br /> 2.10 hereo�,the Redeveloper(and any subsequent Owner of a Phase or any part thereo fl <br /> may transfer the Project (or any portion thei�eo fl without the conseut of the City by <br /> instrument in writing reasonably satisfactoty to tl�e City, aud in a form recordable among, <br /> the land records, pursuant to which the transfe�•ee shall expressly assucne with regard to <br /> the Phase (or any poirtion thereo� all of the obligations of the Redeveloper under fhis <br /> Agreement and agree to be subject to alI the conditions and restrictions to which the <br /> Redeveloper is subject with regard to the Project or any poi�tion thereof. Provided, that <br /> the fact that any transferee of,or any other successor in interest whatsoever to,the Phase <br /> (or any portion thereof�, shall not have assvmed such obligations or so agreed, shall not <br /> (unless and only to the extent otEiecwise specifically provided in the Agreement or agreed <br /> to in writing by#he City) relieve oc except such transferee or successor of or fi•om such <br /> obligations, agreements, conditions, or restrictions,or deprive or limit the City of or with <br /> respect to airy rights or remedies or controls with respect to the Project or tl�e <br /> construction thareof; it being the intent of'this, to�etIler with otlier provisions of this <br /> Agreement, that(to the fullest extent pec•mitted by law and equity and excepting only in <br /> tlie manner and to the extent specifically provided otherwise in this Agreetnent) no <br /> transfer of the Project, a Phase (or any poition theceo fl, or aiiy intei•est therein, however <br /> cousummated or occurring, and whether volunta�y or i��voluntary,shall operate legally or <br /> practically,to deprive or limit the City of any i•ights or remedies or controls regarding tlie <br /> City of Decatur/Pines Sho�ping Center RedevelopmenC Agreemeut 13 <br />
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