Ord 1985-119 - Laserfiche WebLink

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ARTICLE X ASSIGNMENT OF AGREEMENT Developer, its successors and assigns may, from time to time, transfer, convey or assign all or any part of its rights and obligations under this Agreement with respect to all or any part of the land within the District owned by it. Upon approval by the City Council of the City of the assignee or assignees, which approval shall not be unreasonably withheld, and provided that the assignee or assignees assume the liabilities, responsibilities and obligations of the assignor under this Agreement, the party assigning its rights and obligations under this Agreement, shall be released from the liabilities, responsibilities and obligations hereof to the extent of the land involved in such assignment or assignments or to the extent otherwise approved by the City. Neither the District nor the City shall assign this Agreement without written consent of each of the other parties hereto. Developer is specifically authorized to assign this Agreement to the District upon its creation with respect to the rights, duties, privileges and obligations of the District hereunder; provided, however, that such assignment shall not relieve or affect Developer with respect to its rights, duties, privileges and obligations hereunder. ARTICLE XI TERM OF AGREEMENT This Agreement shall be effective from the date of execution hereof by the City and Developer and shall continue in effect for a period of forty (40) years from the date of the execution hereof by the District; provided, however, if the District is not created by order of the Texas Water Commission within eighteen (18) months after execution of this Agreement by the City, this Agreement shall be terminated and the same shall be of no further force and effect, and the City may rescind its consent to the creation of the District, unless all parties agree -29-