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AGREEMENT <br />NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties <br />contained herein, and for other good and valuable consideration, the receipt and sufficiency of <br />which is hereby acknowledged, the Parties agree as follows: <br />Section 1. <br />That subsection I.I(4) of the First Amended DA is hereby amended to read that the <br />approved project will consist of 271 residential units. <br />Section 2. <br />That subsections 4.3 and 4.3.1 of the First Amended DA are hereby deleted in their entirety <br />and are replaced with the following: <br />"4.3 Assignment. Owner shall have the right to transfer or <br />assign the Property, and its interests in and rights and obligations <br />under this Agreement, in whole or in part, to any person, entity <br />(public or private), partnership, joint venture, firm or corporation at <br />any time during the term of this Agreement; provided, however, <br />that except as provided in Section 4.3.1 of this Agreement, the <br />rights of Owner under this Agreement may not be transferred or <br />assigned unless the written consent of the Council is first obtained <br />and any transfer or assignment of the rights under this Agreement <br />shall include in writing the assumption of the duties, obligations, <br />and liabilities arising from this Agreement if the City grants <br />written consent to transfer the rights. The rights of the Owner <br />hereunder shall not be subject to assignment by attachment, <br />execution, or proceedings under any provision of the Bankruptcy <br />Act, and any such assignment or transfer shall be wholly void and <br />of no force and effect unless such written consent thereto be <br />obtained from the Council. Such transfer or assignment shall not <br />relieve Owner of any duty, obligation or liability to City without <br />the consent of the City. <br />During the term of this Agreement, any approved assignee or <br />transferee of the rights under this Agreement shall observe and <br />perform all of the duties and obligations of Owner contained in this <br />Agreement as such duties and obligations pertain to the portion of <br />the Property transferred or assigned. Any and all approved <br />successors and assignees of Owner shall have all of the same <br />rights, benefits, duties, obligations, and liabilities of Owner under <br />this Agreement. If the Property is subdivided, any subdivided <br />parcel may be sold, mortgaged, hypothecated, assigned, or <br />transferred to persons for development by them in accordance with <br />the provisions of this Agreement. Upon assignment or transfer of <br />the rights of Owner under this Agreement, the obligations of <br />Owner and the transferee or assignee shall be joint and several. <br />3 <br />11 B -8 <br />