6.B.(1)&(2) Staff report 118 N. Main St.

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If the aho~~c co~~enants are breached. the Commission shall hay c all ofthe rights and remedies to ~~hich they ur and other bcncliciarv of the coy enant may be entitled. SECT10~~ ~"I1. PROH161T~IONS AGAInST ASSiC1~11E1~T A1~D TR.41'SFER a. Rcnruscntations as to Dc~~clopmcn(. The Dc~~clopcr represents and agrees that its purchase of the Propcrl~~ and its other undertakings under this Contract arc and will he used ~br dc~~clopmcnt ~~i the Properly and not for speculation in land holding. The Dc~clopcr further rcec~~~nizes that: in ~icw of the importance of the de~clopmcnt of the Property to the general ~~cltare of the City. ?. thr substantial tinancial and other public assistance that bias been made a~ailahle b~~ la~a~ and b~ the federal and local go~~ernmcnts for the purpose of making such development possible. and ~. the t~ict that a transicr in o~~~naship ofthe Developer is for practical purposes a transfer or disposition of the Property then uw~ned by the Developer: the qualifications and identity of the De~~cloper and its shareholders, members or partners arc of particular concern h~ the City and the Commission. The Developer fw~thcr recognizes that it is dueto such c{ualifications and identity that the Commission is entering into this Conh~aet ~~~ith the Deveiopa~. and in so doing,! is further ~~~illing to accept and rcla on the obli<~ations of the Dc~ eloper for the faithhil pertornrmce of all undertakings and covenants. B. prohibition A~~ainst Transfer of Interest. ~hhe Dcrcloper agrees that amp transactions ~~~ith respect to the acuity of the lle~~eloper, including any increased capitalization, merger, transfer or transfers of o~~ucrship of the outstanding shares of the Developer, or otherwise. which results in the o~~~nership by persons who arc not presently shareholders. members or partners of the Deg eloper of 5U" ~, or more of the outstanding equity of the Developer at am-time prior to the date of issuanccof a Certificate of Completion. ~~ill constitute a violation of this Contract unless the Commission has given prior written approval to such transfer or transfers, ~~~hich approval will not be unreasonably ~~~ithhcld. C. Prohibition Aeainst Transicr of property or Assi~~nment of Contract. The Developer represents and agrees tax itsclt_ its successors and assigns. that except for security for obtaining financing needed to enable: the De~~cloper to make the improvements under this Contract: and except ibr any other purpose authorized by this Contract. the Developer has not made or ~~~ill not make prior to receiving the Ccrtiticatc of Completion: