Laserfiche WebLink
4.3.1 Permitted Assignments. The prohibition against transfer <br />of ownership of the Property as defined in section 4.3 above shall <br />not apply to, and the City hereby consents to, the following: <br />(a) Associations, including limited partnerships, limited <br />liability companies, or joint ventures with other entities for the <br />purpose of performing Owner's obligations under this Agreement, <br />provided Owner retains sole operational and managerial control. <br />(b) Easements or temporary permits to facilitate development <br />of the Property. <br />(c) Deeds of trust or other financing documents executed for <br />the purpose of securing loans to Owner made to finance the <br />development of the Property, and transfers to any person or entity <br />pursuant to a foreclosure or deed in lieu of foreclosure of such <br />deed of trust or other, similar, financing documents and any <br />subsequent transfer by any such person or entity. <br />Section 3. ASSIGNMENT. <br />The City Council of the City of Santa Ana hereby approves the assignment of this <br />Agreement from VDC, pursuant to the authority granted by Los Angeles Superior Court Judge <br />James C. Chalfant to the receiver appointed with full control over VDC and the subject property, <br />to First Rock, subject to the finalization of the sale of the subject property to First Rock. <br />Section 4. INTEGRATION. <br />Except as expressly provided to the contrary herein, all provisions of the First Amended <br />DA shall remain in full force and effect. The First Amended DA and this Second Amendment <br />shall collectively be referred to as the "Agreement" throughout this document. The Agreement <br />integrates all of the terms and conditions of agreement between the Parties, and supersedes all <br />negotiations and previous agreements between the Parties with respect to the subject matter hereof. <br />Section 5. EFFECTIVE DATE <br />This Second Amendment shall take effect upon the completion of both the closing of <br />escrow on the property subject to the Agreement by First Rock and the date the ordinance <br />approving this Second Amendment takes effect. <br />4 <br />11 B -9 <br />