Common use of Restriction on Transfer to Tax-Exempt Entities Clause in Contracts

Restriction on Transfer to Tax-Exempt Entities. During the term of this Assignment (the "Restricted Period"), no sale, transfer, or other conveyance of any of the Subject Property may be made to an entity that claims exemption, or is exempt, from real property taxes for all or part of the real property in the Redevelopment Area (a "Restricted Entity") without the prior written approval of the City. In the event that Company seeks to make any such transfer to a Restricted Entity during the Restricted Period, such transfer may only occur upon the prior written approval of the City, which approval shall not be unreasonably withheld, and upon the prior execution of a separate agreement between the purchasing Restricted Entity and the City. This requirement shall be a covenant running with the land and shall be enforceable, as applicable, during the Restricted Period as if the purchaser, transferee, or possessor of the real property were originally a party to and bound by this Agreement.

Restriction on Transfer to Tax-Exempt Entities. During the term of this Assignment (the "Restricted Period"), no sale, transfer, or other conveyance of any of the Subject Property Proeprty may be made to an entity that claims exemption, or is exempt, from real property taxes for all or part of the real property in the Redevelopment Area (a "Restricted Entity") without the prior written approval of the City. In the event that Company Developer seeks to make any such transfer to a Restricted Entity during the Restricted Period, such transfer may only occur upon the prior written approval of the City, which approval shall not be unreasonably withheld, and upon the prior execution of a separate agreement between the purchasing Restricted Entity and the City. This requirement shall be a covenant running with the land and shall be enforceable, as applicable, during the Restricted Period as if the purchaser, transferee, or possessor of the real property were originally a party to and bound by this Agreement.

Restriction on Transfer to Tax-Exempt Entities. During the term of this Assignment Agreement (the "Restricted Period"), no sale, transfer, or other conveyance of any of real property within the Subject Property Redevelopment Area may be made to an entity that claims exemption, or is exempt, from real property taxes for all or part of the real property in the Redevelopment Area (a "Restricted Entity") without the prior written approval of the City. In the event that Company Developer seeks to make transfer any such transfer property in the Redevelopment Area to a Restricted Entity during the Restricted Period, such transfer may only occur upon the prior written approval of the City, which approval shall not be unreasonably withheld, and upon the prior execution of a separate agreement between the purchasing Restricted Entity and the City. This requirement shall be a covenant running with the land and shall be enforceable, as applicable, during the Restricted Period as if the purchaser, transferee, or possessor of the real property were originally a party to and bound by this Agreement.