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merely end the period as to which such approvals are vested against subsequent changes in applicable law. (e) Upon the expiration or termination of this Agreement for any reason, the City and Owner and its successors and assigns agree to cooperate and execute any document reasonably requested by the other party to remove this Agreement from the public records as to the Property or any applicable portion thereof. 4.3 Assignment. Owner shall have the right to transfer or assign the Property, in whole or in part, to any person, entity (public or private), partnership, joint venture, firm or corporation at any time during the term of this Agreement; provided, however, that except as provided in Section 4.4 of this Agreement the rights of Owner under this Agreement may not be transferred or assigned unless the written consent of the Council is first obtained and any transfer or assignment of the rights under this Agreement shall include in writing the assumption of the duties, obligations, and liabilities arising from this Agreement if the City grants written consent to transfer the rights. The rights of the Owner hereunder shall not be subject to assignment by attachment, execution, or proceedings under any provision of the Bankruptcy Act, and any such assignment or transfer shall be wholly void and of no force and effect unless such written consent thereto be obtained from the Council. Such transfer or assignment shall not relieve Owner of any duty, obligation or liability to City without the consent of the City. During the term of this Agreement, any approved assignee or transferee of the rights under this Agreement shall observe and perform all of the duties and obligations of Owner contained in this Agreement as such duties and obligations pertain to the portion of the Property transferred or assigned. Any and all approved successors and assignees of Owner shall have all of the same rights, benefits, duties, obligations, and liabilities of Owner under this Agreement. If the Property is subdivided, any subdivided parcel may be sold, mortgaged, hypothecated, assigned, or transferred to persons for ownership, investment, use or development by them in accordance with the provisions of this Agreement. 4.4 Assignment to Controlled Assignee. Notwithstanding the above, consent shall not be required in connection with a Permitted Transfer (as herein defined) provided Council is notified of such Permitted Transfer and furnished with copies of the fully executed instruments effectuating same within fifteen (IS) business days after the effective date thereof. For pnrposes hereof, the capitalized terms used herein shall be defined as follows: (i) "Permitted Transfer" shall mean transfer of the Property and/or Transfer (defined below) of direct or indirect interests in Owner if, following the transfer (a) the Property remains under the Legal Control (defined below)Steadfast Residential Properties, a , or (b) foreclosure pursuant to the provisions of Section 8.5 of this Agreement. (ii) "Legal Control" shall mean the power or authority, directly or indirectly through one or more intermediaries, through the ownership of voting securities, by contract or otherwise, to direct the management, activities or policies of such person or entity. (iii) "Transfer" shall mean any change in the direct or indirect members, partners, shareholders or principals in the ownership of an entity or other ownership components of such entity. 5 Ordinance NS-2700 Page 9 0141