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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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10/18/2012 1:30:59 PM
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with respect to the equity of the Developer, including any increased capitalization, merger, transfer <br />or transfers of ownership of the outstanding stock of the Developer, or otherwise, which results in <br />the ownership by persons who are not presently members or shareholders of the Developer of 50% or <br />more of the outstanding equity of the Developer at any time prior to the date of issuance of a <br />Certificate of Completion, will constitute a violation of this Agreement unless the Commission has <br />given prior written approval to such transfer or transfers, which approval will not be unreasonably <br />withheld. <br />C. Prohibition Against Transfer of Property or Assignment of Agreement. The <br />Developer represents and agrees for itself, its successors and assigns, that except for security for <br />obtaining financing needed to enable the Developer to make the improvements under this <br />Agreement; and except for any other purpose authorized by this Agreement, the Developer has not <br />made or will not make prior to receiving the Certificate of Completion: <br />(a) any total or partial sale, assignment, conveyance, or lease; or <br />(b) any trust or power; or <br />(c) any transfer in any other mode or form, with respect to the Agreement or the <br />Property or any part thereof, any interest therein; or <br />(d) any contract or agreement to do any of the above without prior written <br />approval of the Commission, which approval shall not be unreasonably <br />withheld. <br />D. Approval of Qualifications Prior to Transfer. The Commission may require as <br />conditions precedent to any approval of transfer or assignment any and all information regarding the <br />qualifications, financial responsibility, legal status, experience, background, and any and all other <br />information it deems necessary or desirable in order to achieve and safeguard the purposes of the <br />Act, the Plan, and this Agreement. <br />E. No Transfer of Developer's Oblijzations. Absent specific written agreement by the <br />Commission to the contrary, no transfer or approval by the Commission thereof shall relieve the <br />Developer or any other party bound in any way by the Agreement or otherwise with respect to the <br />construction of the improvements and completion of the Project from any of its obligations with <br />respect thereto. <br />F. Information as to Interest. The Developer agrees that during the period between <br />execution of this Agreement and the Commission's issuance of the Certificate of Completion, the <br />Developer will promptly notify the Commission of any and all changes in the ownership of stock or <br />partnership interest, or any other act or transaction involving or resulting in any change in the <br />ownership of such interest in the Developer or the relative distribution thereof, of which it or any of <br />its officers have been notified or otherwise have knowledge or information, and which results in the <br />ownership of 50% or more of all outstanding equity of the Developer by persons who are not <br />presently shareholders or members of the Developer. <br />
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