No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters

Home Browse Search

information it deems necessary or desirable in order to achieve and safeguard the purposes of the Act, the Plan, the Development Agreement and this Contract. E. No Transfer of Developer's Obligations. Absent specific written agreement by the Commission to the contrary, no transfer or approval by the Commission thereof shall relieve the Developer or any other party bound in any way by the Contract or otherwise with respect to the construction of the improvements and completion of the Project from any of its obligations with respect thereto. F. Information as to Interest. The Developer agrees that during the period between execution of this Contract and the Commission's issuance of the Project Certificate of Completion, the Developer will promptly notify the Commission of any and all changes in the ownership of stock or partnership interest, or any other act or transaction involving or resulting in any change in the ownership of such interest in the Developer or the relative distribution thereof, of which it or any of its officers have been notified or otherwise have knowledge or information, and which results in the ownership of 50% or more of all outstanding equity of the Developer by persons who are not presently shareholders or members of the Developer. SECTION IX. MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. A. Limitation Upon Encumbrance of Property. Prior to the Commission's issuing a Project Certificate of Completion, the Developer shall not: 1. engage in any transaction creating any encumbrance upon the Property, whether by express agreement or operation of law; or 2. allow any encumbrance to be made on the Property, except for obtaining funds needed to make the improvements constituting the Project. Before securing any financing by mortgage or similar lien instrument with regard to any part of the Property, the Developer shall notify the Commission. The Developer shall promptly notify the Commission of any encumbrance that has been attached to the Property, whether by the Developer's voluntary act or otherwise. For any mortgage financing made under this Contract, the Property may, at the Developer's option, be divided into several parts if such subdivision: in the Commission's opinion is not inconsistent with the purpose of the Plan, the Project and this Contract; and 2. is approved in advance in writing by the Commission. It is understood, and the Commission agrees and consents to, any division necessary to sale, lease or use of the various aspects of the Project, including portions of the Parking Facility and each Retail