|
rights and obligations in this Agreement, Developer shall request City's written consent, and City
<br />shall respond within thirty (30) days with a written approval or denial, which City may determine
<br />in its sole and absolute discretion. If City approves such a request, then prior to any such sale,
<br />transfer or assignment, Developer shall pay City's reasonable fees as compensation for the City's
<br />review of the request. City's failure to respond to the request within thirty (30) days shall be
<br />deemed an approval.
<br />7.1.2 Sale of Property. Developer agrees and declares that the Property and the
<br />Project shall be held, conveyed, mortgaged, encumbered, leased, rented, used, occupied, operated,
<br />sold, and approved subject to all obligations set forth or incorporated in this Agreement, all of
<br />which are for the purpose of enhancing and protecting the value and attractiveness of the Property
<br />and the Project. All of the obligations set forth or incorporated in this Agreement shall constitute
<br />covenants which run with the land and shall be binding on Developer and its successors and
<br />assigns, and all parties having or acquiring any right, title or interest in, or to any part of the
<br />Property or Project. Developer further understands and agrees that the approvals received for this
<br />Project have been made on the condition that Developer and all subsequent owners, or other
<br />successors and assigns of the Property and/or Project lease and rent the Affordable Units in
<br />accordance with the terms and conditions stipulated in Sections 4, 5 and 6 of this Agreement for a
<br />term of fifty five (55) consecutive years commencing upon the date that the Project is first
<br />occupied.
<br />7.1.3 Subsequent Assigningnt. As used in this Agreement, the term "Developer"
<br />shall be deemed to include any such transferee or assignee after the date such sale, transfer, or
<br />assignment occurs in compliance with this Agreement.
<br />7.1.4 Unpermitted Assignments Void. Any sale, transfer, or assignment made in
<br />violation of this Agreement shall be null and void, and City shall have the right to pursue any right
<br />or remedy at law or in equity to enforce the provisions of the restriction against unpermitted sales,
<br />transfers, or assignments.
<br />7.2 Covenants Run with the Land. The Property shall be used, occupied and
<br />improved subject to the covenants, conditions, and restrictions set forth herein. The covenants,
<br />conditions, restrictions, reservations, equitable servitudes, liens and charges set forth in this
<br />Agreement shall run with the Property and shall be binding upon Developer and all persons having
<br />any right, title or interest in the Property, or any part thereof, their heirs, and successive owners
<br />and assigns, shall inure to the benefit of City and its successors and assigns, and may be enforced
<br />by City and its successors and assigns. The covenants established in this Agreement shall, without
<br />regard to technical classification and designation, be binding for the benefit and in favor of City
<br />and its successors and assigns, and the parties hereto expressly agree that this Agreement and the
<br />covenants herein shall run in favor of City. City is deemed the beneficiary of the terms and
<br />provisions of this Agreement and of the covenants running with the land, for and in its own right
<br />and for the purposes of protecting the interests of the community and other parties, public or
<br />private, in whose favor and for whose benefit this Agreement and the covenants running with the
<br />land have been provided. Developer hereby declares its understanding and intent that the burden
<br />of the covenants set forth herein touch and concern the land and that the Developer's interest in the
<br />Property is rendered less valuable thereby. Developer hereby further declares its understanding
<br />and intent that the agreement provides a public benefit in furtherance of benefit of such covenants
<br />16
<br />2130 East Fourth Street Density Bonus Agreement
<br />5 53 94.0010 1 \43846773.1
<br />
|