Prohibition Against Assignment and Transfer. 13.1. Prohibition Against Transfers of Interests in Redeveloper. Redeveloper recognizes the importance of the Project to the general welfare of the community and that the identity of Redeveloper and its qualifications are critical to the Redevelopment Entity in entering into this Agreement, particularly in view of the public aids that have been or will be made available for the purpose of making such redevelopment possible. The Redevelopment Entity considers that a transfer in full of the ownership in Redeveloper or of a substantial part thereof, or any other act or transaction involving or resulting in a significant change in the ownership of or with respect to the identity of the parties in control of Redeveloper or the degree thereof, unless specifically authorized in this Agreement, is for practical purposes a transfer or disposition of the Project then owned by Redeveloper. Redeveloper recognizes that it is because of such qualifications and identity that the Redevelopment Entity is entering into this Agreement with Redeveloper, and, in so doing, the Redevelopment Entity is relying on the obligations of Redeveloper and not some other person or entity for the faithful performance of all undertakings and covenants to be performed by Redeveloper hereunder. As a result, prior to completion the Project as evidenced by the issuance of a Certificate of Completion, and without the prior written approval of the Redevelopment Entity, which approval shall not be unreasonably withheld, or unless specifically authorized elsewhere herein, Redeveloper agrees for itself and any successor in interest that:
Prohibition Against Assignment and Transfer. The qualifications and identity of Participant (i.e., the sole member of the Participant entity) are of particular concern to the City Parties. In reliance of Participant’s qualifications and identity that the City Parties have entered into this Agreement. Accordingly, Participant shall not, whether voluntarily, involuntarily, or by operation of law, undergo any change in ownership or membership or assign, transfer or convey all or any part of this Agreement or any rights hereunder or in any Home or in any Rehabilitation Project.
Prohibition Against Assignment and Transfer. Prior to completion of the Project as evidenced by the issuance of a Certificate of Completion (unless with the prior written approval of the City, which approval shall be within the sole discretion of the City), Redeveloper agrees that there will be no transfer of any equity interest in the Redeveloper. The following would be exempt from the prohibition against transfers:
Prohibition Against Assignment and Transfer. As security for the obligations of Developer under this Agreement, Developer represents and agrees that, prior to the Termination Date, Developer will maintain its existence as a company and will not wind up or otherwise dispose of all or substantially all of its assets and will not transfer, convey, or assign its interest in the Development Property, Minimum Improvements, or this Agreement to any other party unless: (i) the transferee partnership, corporation, corporation or individual assumes in writing all of the obligations of Developer under this Agreement; and (ii) the City consents thereto in writing in advance thereof, which consent shall not be unreasonably withheld, conditioned, or delayed.
Prohibition Against Assignment and Transfer
