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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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10/18/2012 1:33:20 PM
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available by law and by the federal and local governments for the purpose of <br />making such development possible, and <br />3. the fact that a transfer in ownership of the Developer is for practical purposes <br />a transfer or disposition of the Property then owned by the Developer; <br />the qualifications and identity of the Developer and its members, shareholders, and/or partners are of <br />particular concern to the City and the Commission. The Developer further recognizes that it is due to <br />such qualifications and identity that the Commission is entering into this Contract with the <br />Developer, and in so doing is further willing to accept and rely on the obligations of the Developer <br />for the faithful performance of all undertakings and covenants. <br />B. Prohibition Aszainst Transfer of Interest. The Developer agrees that any transactions <br />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 Project <br />Certificate of Completion, will constitute a violation of this Contract 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 Contract. The Developer <br />represents and agrees for itself, its successors and assigns, that except for security for obtaining <br />financing needed to enable the Developer to make the improvements under this Contract; and except <br />for any other purpose authorized by this Contract, the Developer has not made or will not make prior <br />to receiving the Project 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 Contract or the <br />Property or any part thereof, any interest therein; or <br />(d) any contract or agreement to do any of the above <br />without the express written 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 />0 <br />
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