Transfer or Assignments. In the event of a sale or transfer of any portion of the Development, except to a bona fide residential home buyer of a completed owner-occupied home, the seller or transferor and the purchaser or transferee shall be jointly and severally liable for the performance of each of the obligations contained in this Agreement unless, prior to the transfer or the sale, a written agreement satisfactory to the Town delineating and allocating the various rights and obligations for the Subdivision Improvements has been approved and executed by the Town.
Transfer or Assignments. In the event of a sale or transfer of any portion of the Development, except to a bona fide residential home buyer of a completed owner-occupied dwelling unit, Developer shall remain responsible for Public Improvements, while the seller or transferor and the purchaser or transferee (collectively “Builder”) shall be responsible for the Private Improvements. Developer and Builder shall be jointly and severally liable for the performance of each of the obligations contained in this Agreement unless, prior to the transfer or the sale, a written agreement satisfactory to the Town delineating and allocating the various rights and obligations for the Subdivision Improvements has been approved and executed by the Town.
Transfer or Assignments. In the event of a sale or transfer of any portion of the Property, the seller or transferor and the purchaser or transferee shall be jointly and severally liable for the performance of each of the obligations contained in this Development Agreement unless, prior to the transfer or the sale, a written Agreement delineating and allocating the various rights and obligations for the Improvements, has been approved and executed by the City Council. Notwithstanding anything herein to the contrary, Developer shall have the right to transfer and/or assign its rights and interests in this Agreement to any entity that controls, is controlled by, or is under common control with Developer without the approval of the City or City Council, provided the City is given written notice within 30 days of such transfer.
Transfer or Assignments. In the event of a sale or transfer of not all, but any portion which amounts to less than all, of the Development, except to a bona fide residential home buyer of a completed owner-occupied home, the seller or transferor and the purchaser or transferee shall be jointly and severally liable for the performance of each of the obligations contained in this Agreement unless, prior to the transfer or the sale, a written agreement satisfactory to the Town delineating and allocating the various rights and obligations for the Subdivision Improvements has been approved and executed by the Town Council. Notwithstanding the foregoing or anything herein to the contrary, in the event of a sale or transfer of all of the Development, upon written approval of the Town, the seller or transferor may be relieved of its obligations hereunder, in which case the purchaser or transferee shall become liable for the performance of the obligations contained in this Agreement. For purposes of clarity, in the event of a sale or transfer of all of the Development, the Town shall return any letter of credit, bond or cash deposited with the Town which secures a Performance Guarantee, Maintenance Guarantee, or any other obligation hereunder on the condition that the Town does not have grounds, based on work to date, to withhold such guarantee, and the purchaser or transferee of the Development shall be required to deposit a letter of credit, bond or cash to secure such Performance Guarantee, Maintenance Guarantee, or other obligation in the then-applicable amount of said Performance Guarantee, Maintenance Guarantee, or other guaranteed obligation.
Transfer or Assignments
