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81005739
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Last modified
1/14/2010 10:49:36 PM
Creation date
1/14/2010 10:48:31 PM
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DEEDS
Inst Number
81005739
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8-°~f;573~ <br />HU6.62098 <br />(4-69) <br />under the Agreement and agreed to be subject to all the <br />conditions and restrictions to which the Redeveloper i., <br />subject {OP, in the event the transfer is of or relates to <br />part or the Property, such obligations, ~:onditions, and <br />restrictions to the extent that they relate to such part); <br />Provided, That the fact that any transferee of, or any <br />other successor in interest whatsoever ta, the Property, <br />or any part thereof, shall, whatever the reason, not have <br />assumed such obligations or so agreed, shall not (unless <br />snd only to the extent otherwise specifically provided in <br />the Agreement or agreed to in writing by the Agency) <br />relie~c or except such transferee or successor pf or from <br />such obligations, conditions, or restrictions, or deprive <br />or limit the Agency of or with respect to any rights or <br />remedies or controls with respect to the Property or the <br />construction of the Improvements; it being the intent of <br />this, together with other provisions of the Agreement, <br />that {to the fullest extent permitted by law and equity <br />and excepting only in the manner and to the extent <br />specifically provided otherwise in Lhe Agreement) no <br />transfer of, or change with respect to, ownership in the <br />Property or any part thereof, or any interest therein, <br />however consummated or occurring, and whether voluntary or <br />involuntary, shall operate, legally or practically, to <br />deprive or limit the Agency of ar with respect to any <br />rights or remedies or controls provided in or resulting <br />frown the Agreement with respect to the Property and the <br />construction of the Improvements that the Agency would have <br />had, had-there been no such transfer or change. <br />(3) There shall be submitted to the Agency for review all <br />instruments and other legal documents involved in effecting <br />transfer; and if approved by the Agency, its agproval shall <br />be indicated to the Redeveloper in writing. <br />(b} The consideration payable for the transfer by the transferee <br />or on its behalf shall not exceed an amount representing the <br />actual cast {including earrying charges) to the Redeveloper <br />of the Property (ar allocable Lo the part thereof ar interest <br />therein transferred} and the Improvements, if any, <br />theretofore a thereon by it; it being the intent oz Lhis <br />provision to greciude assignment of the Agreement ar transfer <br />of the Progeny (or any parts thereof other than those <br />referred to in subdivision {2 ), Paragraph (a) of this Section <br />903}for profit prior to the completion of the Improvements <br />and to gravide that in the event any such assignment or <br />transfer is made (and is not canreled), the Agency shall be <br />entitled to increase the Purchase Price to the Redeveloper by <br />the amount that the consideration payable for the assignment <br />or transfer fa in excess of the amount that may be authorized <br />pursuant to this subdivision (4 ), and such consideration <br />shall, to the extent it is in excess of the amount so <br />authorized, belong to and forthwith be paid to the Agency. <br />• - 1D - <br />
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