Ord 1987-019 - Laserfiche WebLink

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proposed assignment by LRL of any conveyance of property within the District other than individual residential lots and/or developed commercial or industrial lots. The City's approval of a proposed assignee shall not be unreasonably withheld, and may only be withheld upon notice to LRL of the specific objections to the assignment and the provision of an opportunity to cure. The City agrees that no new or addi tional conditions to its consent to creation of the District or to its agreements herein may be imposed as a part of the approval provided in this Article Four. The purchaser of an undeveloped tract of land within the Dis- trict shall agree to accept assignment of rights and obliga- tions of thi s Agreement with respect to the tract being purchased. The seller shall agree to make such an assign- ment. ARTICLE FIVE TERM OF AGREEMENT Thi s Agreement shall continue in effect from the effective date hereof for a period of forty (40) years from such date or until the District is annexed by the City, whichever occurs first, renewable so long as District bonds remain outstanding. If the District is not created within eighteen (18) months of the effective date hereof this Agreement shall be of no force and effect unless all parties agree to an extension hereof. ARTICLE SIX SEVERABILITY The provisions of this Agreement are severable and, in the event any word, phrase, clause, sentence, paragraph, section or other provision of this Agreement, or the appli- cation thereof to any person or circumstance, shall ever be held or determined to be invalid, illegal or unenforceable for any reason, the remainder of this Agreement shall remain in full force and effect and the application thereof to any other person or circumstance shall not be affected thereby. The invalid, illegal or unenforceable provision shall be rewritten to accomplish the parties! original intent, insofar as possible. -6-