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75A - PH - 1901 E FIRST ST
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75A - PH - 1901 E FIRST ST
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Last modified
7/21/2016 4:11:52 PM
Creation date
9/12/2013 5:37:20 PM
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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Planning & Building
Item #
75A
Date
9/16/2013
Destruction Year
2018
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D Offsite Improvements 5.1.8 <br />4. GENERAL PROVISIONS. <br />4.1 Term of First Amended and Restated Development Agreement (the <br />"Term "). The ten -year term of the Original Agreement started on the <br />Effective Date of May 2, 2007, and would have ended on May 2, 2017. <br />This First Amended and Restated Development Agreement shall extend <br />the end of the Term to ten years after the effective date of the ordinance <br />approving this First Amended and Restated Development Agreement. <br />4.2 Assignment. Owner shall have the right to transfer or assign the <br />Property, in whole or in part, to any person, entity (public or private), <br />partnership, joint venture, firm or corporation at any time during the term of <br />this First Amended and Restated Development Agreement; provided, <br />however, the rights of Owner under this First Amended and Restated <br />Development Agreement may not be transferred or assigned unless the <br />written consent of the Council is first obtained and any transfer or <br />assignment of the rights under this First Amended and Restated <br />Development Agreement shall include in writing the assumption of the <br />duties, obligations, and liabilities arising from this First Amended and <br />Restated Development Agreement if the City grants written consent to <br />transfer the rights. Nor shall the rights of the Owner hereunder be subject <br />to assignment by attachment, execution, or proceedings under any <br />provision of the Bankruptcy Act, and any such assignment or transfer of <br />the rights under this First Amended and Restated Development <br />Agreement shall be wholly void and of no force and effect unless such <br />written consent thereto be obtained from the Council. A transfer or <br />assignment of the rights under this First Amended and Restated <br />Development Agreement without the consent of the City shall not relieve <br />Owner of any accrued duty, obligation or liability to City. No consent shall <br />be required for sale of units to condominium unit buyers. <br />During the term of this First Amended and Restated Development <br />Agreement, any approved assignee or transferee of the rights under this <br />First Amended and Restated Development Agreement shall observe and <br />perform all of the duties and obligations of Owner contained in this First <br />Amended and Restated Development Agreement as such duties and <br />obligations pertain to the portion of the Property transferred or assigned. <br />Any and all approved successors and assignees of Owner shall have all of <br />the same rights, benefits, duties, obligations, and liabilities of Owner under <br />this First Amended and Restated Development Agreement. If the <br />Property is subdivided, any subdivided parcel may be sold, <br />067619A5448832v5 7 <br />75A -28 <br />
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