Common use of Restrictions on Changes Clause in Contracts

Restrictions on Changes. 13.1 Provided there is no event of default by the Proponent under this Agreement, that is continuing, it is understood and agreed that the City shall subordinate and postpone the City Charge to other charges and all prior and subsequent advances thereunder and enter into any standstill agreement(s) (pursuant to which it agrees, among other things, to take no enforcement action under the City Charge, pending repayment of such prior charge) which may be requested by the Proponent or the holder of a charge on the Land, provided that, in the opinion of the City, sufficient equity remains in the Lands to secure the City Charge. The City reserves the right to request, at the Proponent’s expense, such appraisals, financial statements, mortgage statements or other information as it deems appropriate prior to executing the postponement. 13.2 Upon the Proponent's request, the City shall provide a status certificate to the Proponent, a certificate in writing stating (if such be the case) that this Agreement is unmodified and in full force and effect or if there had been any modifications, stating the modifications and stating whether there are any outstanding events of default under this Agreement and the City Charge and, if so, the nature of the default. Each of the foregoing shall be delivered within fifteen (15) days of a written Notice being made by the Proponent. 13.3 Provided the Proponent is in good standing under this Agreement, it is understood and agreed that the City will consent to an assignment of this Agreement to secure a mortgage.

Restrictions on Changes. 13.1 Provided there is no event of default by the Proponent under this Agreement, that is continuing, it is understood and agreed that the City shall subordinate and postpone the City Charge to other charges and all prior and subsequent advances thereunder and enter into any standstill agreement(s) (pursuant to which it agrees, among other things, to take no enforcement action under the City Charge, pending repayment of such prior charge) which may be requested by the Proponent or the holder of a charge on the Land, provided that, in the opinion of the City, sufficient equity remains in the Lands to secure the City Charge. The City reserves the right to request, at the Proponent’s expense, such appraisals, financial statements, mortgage statements or other information as it deems appropriate prior to executing the postponement. 13.2 Upon the Proponent's request, the City shall provide a status certificate to the Proponent, a certificate in writing stating (if such be the case) confirming that this Agreement there is unmodified and in full force and effect or if there had been any modifications, stating the modifications and stating whether there are any no outstanding events event of default under this Agreement and setting out the unforgiven balance of the City Charge and, if so, the nature of the defaultFunds. Each of the foregoing shall be delivered within fifteen (15) days of a written Notice request being made by the Proponent. 13.3 Provided the Proponent is in good standing under this Agreement, it is understood and agreed that the City will consent to an assignment of this Agreement to secure a mortgage.

Restrictions on Changes. 13.1 Provided there is no event Event of default Default by the Proponent under this Agreement, that is continuing, it is understood and agreed that the City shall subordinate and postpone the City Charge to other charges and all prior and subsequent advances thereunder and enter into any standstill agreement(s) (pursuant to which it agrees, among other things, to take no enforcement action under the City Charge, pending repayment of such prior charge) which may be requested by the Proponent or the holder of a charge on the Land, provided that, in the opinion of the City, sufficient equity remains in the Lands to secure the City Charge. The City reserves the right to request, at the Proponent’s expense, such appraisals, financial statements, mortgage statements or other information as it deems appropriate prior to executing the postponement. 13.2 Upon the Proponent's request, the City shall provide a status certificate to the Proponent, a certificate confirming in writing stating (if such be the case) that this Agreement is unmodified and in full force and effect or if there had been any modifications, stating the modifications and stating whether there are any outstanding events of default under this Agreement and the City Charge and, if so, the nature of the default. Each of the foregoing shall be delivered within fifteen (15) days of a written Notice being made by the Proponent. 13.3 Provided the Proponent is in good standing under this AgreementAgreement and the Proponent has provided valid proof of insurance required pursuant to Article 12, it is understood and agreed that the City will consent to an assignment of this Agreement to secure a mortgage.

Restrictions on Changes. 13.1 The Project shall not be sold or transferred by the Proponent unless the purchaser or transferee has first entered into an agreement with the City assuming the covenants set forth herein and the City Charge, which agreement shall be duly executed by the purchaser or the transferee and delivered to the City prior to sale or transfer. 13.2 Provided there is no event of default by the Proponent under this Agreement, that is continuing, it is understood and agreed that the City shall subordinate and postpone the City Charge to other charges and all prior and subsequent advances thereunder and enter into any standstill agreement(s) (pursuant to which it agrees, among other things, to take no enforcement action under the City Charge, pending repayment of such prior charge) which may be requested by the Proponent or the holder of a charge on the Land, provided that, in the opinion of the City, sufficient equity remains in the Lands to secure the City Charge. The City reserves the right to request, at the Proponent’s expense, such appraisals, financial statements, mortgage statements or other information as it deems appropriate prior to executing the postponement. 13.2 13.3 Upon the Proponent's request, the City shall provide a status certificate to the Proponent, a certificate in writing stating (if such be the case) confirming that this Agreement there is unmodified and in full force and effect or if there had been any modifications, stating the modifications and stating whether there are any no outstanding events event of default under this Agreement and setting out the unforgiven balance of the City Charge and, if so, the nature of the defaultFunds. Each of the foregoing shall be delivered within fifteen (15) days of a written Notice request being made by the Proponent. 13.3 13.4 Provided the Proponent is in good standing under this Agreement, it is understood and agreed that the City will consent to an assignment of this Agreement to secure a mortgage.