Developer’s Faithful Performance. The Parties acknowledge and agree that Xxxxxxxxx’s faithful performance in developing the Project on the Property and in constructing and installing certain public improvements pursuant to this Agreement and complying with the Existing Regulations will fulfill substantial public needs. The City acknowledges and agrees that there is good and valuable consideration to the City resulting from Xxxxxxxxx’s assurances and faithful performance thereof and that same is in balance with the benefits conferred by the City on the Project. The Parties further acknowledge and agree that the exchanged consideration hereunder is fair, just and reasonable. Developer acknowledges that the consideration is reasonably related to the type and extent of the impacts of the Project on the community and the Property, and further acknowledges that the consideration is necessary to mitigate the direct and indirect impacts caused by Developer on the Property.
Developer’s Faithful Performance. The Parties acknowledge and agree that Xxxxxxxxx’s faithful performance in developing the Project on the Property and the 100% Affordable Senior Housing Project at 711 Colorado (unless a Notice of Election is recorded to provide the Affordable Units on-site) and in constructing and installing certain public improvements pursuant to this Agreement and complying with the Existing Regulations will fulfill substantial public needs. The City acknowledges and agrees that there is good and valuable consideration to the City resulting from Xxxxxxxxx’s assurances and faithful performance thereof and that same is in balance with the benefits conferred by the City on the Project and the 100% Affordable Senior Housing Project. The Parties further acknowledge and agree that the exchanged consideration hereunder is fair, just and reasonable. Developer acknowledges that the consideration is reasonably related to the type and extent of the impacts of the Project and the 100% Affordable Senior Housing Project on the community and the Property and 711 Colorado, and further acknowledges that the consideration is necessary to mitigate the direct and indirect impacts caused by Developer on the Property and on 711 Colorado.
Developer’s Faithful Performance. It is understood and agreed by the parties hereto that, in the event that Developer shall assign, convey or otherwise transfer its interest in this Agreement or in any portion of the Village Property subject to this Agreement to a third party for development purposes at any time during the term of this Agreement, all the obligations and responsibilities of the Developer, as herein set forth shall devolve upon and be assumed by such assignee, grantee or transferee, and the Developer shall be released from all obligations related thereto but only upon the presentation to and approval by the Village of a written instrument executed by such proposed assignee, grantee or transferee assuming and agreeing to be bound by the terms and conditions of this Agreement.
