Transfer of the Project and Interests in Owner. (a)From the Effective Date and until attainment of the applicable Development Benchmark(s), with the exception of a Permitted Transfer, Owner will not, without the prior written consent of the ACC, which consent may be withheld, granted or conditioned in the discretion of ACC, Transfer any Phase of the Project (or portion thereof) which is necessary to achieve the satisfaction of the applicable Development Benchmark(s). Following attainment of the Development Benchmark(s) which relate to a particular Phase of the Project and the delivery of a Completion Certificate, in connection with any Transfer of such Phase of the Project (or any portion thereof) to a third-party that is not an Affiliate of Owner, Owner will provide ACC no less than fifteen (15) days’ notice of such Transfer and the related anticipated closing date; provided, however, ACC shall have no consent right to any such Transfer. Permitted Transfers do not require the prior written consent of ACC, regardless of the status of Completion of any Phase or of the overall Project, provided that no Default on the part of Owner has occurred and is continuing.
Appears in 7 contracts
Samples: Community Benefits Agreement, Community Benefits Agreement, Community Benefits Agreement
