Excluded Encumbrances and Transfers. The foregoing restrictions on assignment, transfer and conveyance and the restriction in this Article V shall not apply to (i) any security interest granted to secure indebtedness to any construction or permanent lender, (ii) the sale, rental and leasing of portions of the Project Site (not to exceed fifty percent [50%] of the Project Site in the aggregate) for the uses permitted under the terms of this Agreement (but the restrictions on assignment of rights and/or obligations hereunder as set forth in Section 5.01 hereof shall still apply in such circumstances); or (iii) any transfer of the Property and/or some or all of the rights and/or obligations under this Agreement to a person or entity that is controlled by Developer, which Developer controls, or that is under common control with Developer (an "Affiliate"), provided that any such Affiliate shall have a net worth which is equal to or greater than that of the Developer immediately prior to such transfer. Developer hereby agrees to provide the City with written notice of any transfer permitted by this Section 5.03 within ten (10) days after such transfer.
Appears in 4 contracts
Samples: Redevelopment Agreement, Redevelopment Agreement, Redevelopment Agreement
