Common use of Consent to Permitted Transfers Clause in Contracts

Consent to Permitted Transfers. The Redevelopment Entity hereby consents, without the necessity of further approvals, to the following Transfers: (1) urban renewal corporations duly formed in accordance with the Tax Exemption Law and controlled by Redeveloper, (2) the giving of a mortgage and related pledges and assignments by Redeveloper and/or in Redeveloper for the purpose of obtaining the financing necessary to enable Redeveloper to perform its obligations under this Agreement, construction of the Project, Completion of the Project, and/or any refinancing thereof or loan structuring or conversion from construction to permanent financing, and any other purpose authorized by this Agreement, (3) any other liens and encumbrances granted by Redeveloper for the purpose of financing costs associated with the development, construction, and marketing of the Project, and (4) any assignment of all or any portion of the Property, the Project, and this Agreement and Redeveloper’s rights and obligations hereunder, to an entity affiliated with and under common control with Redeveloper, provided such assignee expressly assumes in writing all of Redeveloper’s obligations hereunder with respect to the portion of the Project assigned. With respect to any of the Transfers listed in this Section 12.4, Redeveloper shall provide to the Redevelopment Entity written notice of at least fifteen (15) days prior to such Transfer, including a description of the nature of such Transfer, and the name(s) and address(es) of the transferee and any parties, individuals and/or entities comprising such Transfers.

Consent to Permitted Transfers. The Redevelopment Entity hereby consents, without the necessity of further approvals, to the following Transfers: (1) urban renewal corporations entities duly formed in accordance with the Tax Exemption Law and controlled by RedeveloperRedeveloper (i.e. the Redeveloper owns at least 51% of the urban renewal entity), (2) the giving of a mortgage and related pledges and assignments by Redeveloper and/or in Redeveloper for the purpose of obtaining the financing necessary to enable Redeveloper to perform its obligations under this Agreement, construction of the Project, Completion of the Project, and/or any refinancing thereof or loan structuring or conversion from construction to permanent financing, and any other purpose authorized by this Agreement, (3) any other liens and encumbrances granted by Redeveloper for the purpose of financing costs associated with the development, construction, and marketing of the Project, and (4) any assignment of all or any portion of the Property, the Project, and this Agreement and Redeveloper’s rights and obligations hereunder, to an entity affiliated with and under common control with Redeveloper, provided such assignee expressly assumes in writing all of Redeveloper’s obligations hereunder with respect to the portion of the Project assigned. With respect to any of the Transfers listed in this Section 12.4, Redeveloper shall provide to the Redevelopment Entity written notice of at least fifteen (15) days prior to such Transfer, including a description of the nature of such Transfer, and the name(s) and address(es) of the transferee and any parties, individuals and/or entities comprising such Transfers.

Consent to Permitted Transfers. The Redevelopment Entity hereby consents, without the necessity of further approvals, to the following Transfers: (1) urban renewal corporations duly formed in accordance with the Tax Exemption Law and controlled by Redeveloper, (2) the giving of a mortgage and related pledges and assignments by Redeveloper and/or in Redeveloper for the purpose of obtaining the financing necessary to enable Redeveloper to perform its obligations under this Agreement, construction of the Project, Completion of the Project, and/or any refinancing thereof or loan structuring or conversion from construction to permanent financing, and any other purpose authorized by this Agreement, (3) any other liens and encumbrances granted by Redeveloper for the purpose of financing costs associated with the development, construction, and marketing of the Project, and (4) any assignment of all or any portion of the Property, the Project, and this Agreement and Redeveloper’s rights and obligations hereunder, to an entity affiliated with and under common control with Redeveloper, provided such assignee expressly assumes in writing all of Redeveloper’s obligations hereunder with respect to the portion of the Project assigned. With respect to any of the Transfers listed in this Section 12.413.4, Redeveloper shall provide to the Redevelopment Entity written notice of at least fifteen (15) days prior to such Transfer, including a description of the nature of such Transfer, and the name(s) and address(es) of the transferee and any parties, individuals and/or entities comprising such Transfers.