Assignment or Transfer of Property. Subject to the terms hereof and of the Real Estate Purchase and Sale Agreement, Developer represents and warrants it will not sell or otherwise convey its contract interest or its title to the Property to be acquired by Developer or transfer or assign or approve any transfer or assignment of any beneficial interest in the Property other than to an affiliated entity or to the purchaser of all interest of the Developer, until Final Completion of the Project.
Assignment or Transfer of Property. (a) Before Final Completion of a Project, Developer may not transfer or assign its interest in the Property to another entity without the Village’s consent, which shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, the Village shall not be obligated to consent to any transfer to any owner or user that would be exempt from payment of taxes under the Illinois Property Tax Code. (35 ILCS 200/1-1 et seq.) Any such transferee shall be bound by the terms of this Agreement.
(b) Upon execution of this Agreement, the parties shall also execute a Memorandum of Agreement in the form attached as Exhibit D to this Agreement. Village shall record that Memorandum of Agreement upon transfer of title to Developer or Developer’s nominee under the Purchase Agreement between Village and Developer. Upon Developer’s compliance with its transfer obligations under this Agreement, Village shall release the Memorandum of Agreement.
Assignment or Transfer of Property. (a) Subject to the terms hereof and of the Real Estate Purchase and Sale Agreement, Developer represents and warrants it will not sell or otherwise convey its contract interest or its title to the Property to be acquired by Developer or transfer or assign or approve any transfer or assignment of any beneficial interest in the Property other than to an affiliated entity or to the purchaser of all interest of the Developer, until Final Completion of the Project.
(b) After transferring title in the Subject Property, the obligations of Developer under this Agreement may be modified as defined in Section 12.(b) below.
(c) Upon execution of this Agreement, the parties shall also execute a Memorandum of Agreement in the form attached as Exhibit D to this Agreement. The Village shall record that Memorandum of Agreement upon transfer of title to Developer or Developer’s nominee under the Purchase Agreement between Village and Developer. Upon Developer’s compliance with its transfer obligations under this Agreement, Village shall release the Memorandum of Agreement.
Assignment or Transfer of Property. (a) Subject to the terms hereof and of the Real Estate Purchase and Sale Agreement (Exhibit A), Developer represents and warrants that it will not sell or otherwise convey its contract interest or its title to the property (the “Property”) to be acquired by Developer as provided therein, or transfer or assign or approve any transfer or assignment of any beneficial interest in the Property other than to an affiliated entity or to the purchaser of all interest of the Developer, until Final Completion of the Project.
(b) Upon transferring title in the Subject Property, the obligations of Developer under this Agreement may be modified as defined in Section 12 below.
(c) Upon execution of this Agreement, the parties shall also execute a Memorandum of Agreement in the form attached as Exhibit H to this Agreement. Village shall record that Memorandum of Agreement upon transfer of title to Developer or Developer’s nominee under the Purchase Agreement between Village and Developer. Upon Final Completion, Village shall release the Memorandum of Agreement.
