Authorizing the execution of a contract for the purchase of certain disposition parcels inthe Urban Renewal Central Downtown Project

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-9- Sec. 3. Enforceability by Agency and United States. In amplification, and not in restriction of the provisions of Section 2 of this Article IV, it is intended and agreed that the Agency shall be deemed a beneficiary of the agree- ments and covenants provided in Section 1 of this Article IV, and the United States shall be deemed a beneficiary of the covenants provided in subdivision (b) of such Section 1, both for and in their or its own right and also for the purposes of protecting the interests of the community and the other parties, public or private, in whose favor or for whose benefit such agreements and covenants have been pro- vided. Such agreements and covenants shall, and each Deed shall so state, run in favor of the Agency and the United States for the entire period during which such agreements and covenants shall be in force, without regard to whether the Agency or the United States is or has been an owner of any land or interest therein to, or in favor of, which such agreements and covenants relate . The Agency shall have the right, in the event of any breach of any such agreement or covenant, and the United States shall have the right, in the event of any breach of the covenants provided in subdivision (b) of Section 1 of this Article IV, to exercise all the rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant, to which it or any other beneficiaries of such agreement or covenant may be entitled. ARTICLE V. PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER Sec. 1. Representation as to Redevelopment. The City represents and agrees that its purchase of the Property shall be for the purpose of redevelopment of the Property in accordance with the Urban Renewal Plan and the Agreement. Sec. 2 . Prohibition Against Transfer of Property and Assignment. Except only by way of security for, and only for, the purpose of obtaining financing necessary to enable the City to perform its obligations with respect to making the Improvements under this Agreement, the City has not made or created, and will not, prior to the proper completion of the Improvements, as certified by the Agency, make or create, or suffer to be made or created, (a) any total or partial sale, conveyance or lease of the Property, or any part there- of or interest therein, or (b) any assignment of the Agree- ment, or any part thereof, or (c) any agreement to do any of the foregoing, without the prior written approval of the Agency. Such approval shall be on such condition as the Agency may in its exclusive discretion determine, including, but not limited to, the assumption by the proposed transferee, by instrument in writing, for itself and its successors and assigns, and for the benefit of the Agency, of all obligations of the City under the Agreement .