Common use of City and Authority Consideration of Requested Transfer Clause in Contracts

City and Authority Consideration of Requested Transfer. The City and Authority agree that they will not unreasonably withhold approval of a request made pursuant to this Section 504, provided (a) the Developer delivers written notice to the City and Authority requesting such approval, and (b) the proposed assignee or transferee possesses comparable operational experience and capability, and comparable net worth and resources, as the proposed transferor or assignor, and (c) the assignee or transferee assumes the obligations of the Developer under this Agreement in a form which is reasonably acceptable to the City and Authority, and (d) the assignee or transferee is a Community Housing Development Organization. Such notice shall be accompanied by evidence regarding the proposed assignee’s or purchaser’s qualifications and experience and its financial commitments and resources sufficient to enable the City and Authority to evaluate the proposed assignee or purchaser pursuant to the criteria set forth in this Section 504(c) and other criteria as reasonably determined by the City and Authority. The City and Authority shall approve or disapprove the request within thirty (30) days of its receipt of the Developer’s notice and all information and materials required herein. In no event, however, shall the City or Authority be obligated to approve the assignment or transfer of the City Loans, Promissory Note or Deed of Trust pursuant to this Section 504, except to an approved transferee or assignee of the Developer’s rights in and to the Property.