Laserfiche WebLink
b. As between the City and the District, the term of this Agreement will commence <br />on the date that the District Board of Directors executes this Agreement and will continue for <br />40 years thereafter, unless the District is annexed by the City on an earlier date. <br />Section 7.02. Assignment. <br />a. The rights and obligations of the Developer under this Agreement may be <br />assigned by the Developer in accordance with the provisions of Section 7.02(b) and (c). <br />b. If the Developer assigns its rights and obligations hereunder as to a portion of <br />the Land, then the rights and obligations of any assignee and the Developer will be severable, <br />and the Developer will not be liable for the nonperformance of the assignee and vice versa. <br />However, Developer will continue to be responsible and liable for all obligations up to the <br />effective date of the assignment. In the case of nonperformance by one developer, the City <br />may pursue all remedies against that nonperforming developer, but will not impede <br />development activities of any performing developer as a result of that nonperformance. <br />c. Developer, as Owner, may assign this Agreement and including any obligation, right, <br />title or interest of Developer under this Agreement, to the District or any resulting district (after <br />the District Confirmation Date), and to any person or entity (an "Assignee ") provided that the <br />following conditions are satisfied: (1) the City has also given its written consent to allow the <br />Assignee to assume all of the obligations of the Developer under the Development Agreement <br />as amended; (2) if not the District or resulting district, Assignee is a successor owner of all or <br />any part of the Land or is a lender to a successor owner of all or any part of the Land; (3) if not <br />the District or any resulting District, Assignee has a contractual right to be reimbursed for <br />water, sewer or drainage improvements from Bonds (or has a lien or other security interest in <br />such reimbursements); (4) the assignment is in writing executed by Developer, as Owner, <br />Assignee and the City in the form of assigned attached as Exhibit D; (5) Assignee expressly <br />assumes in the assignment any assigned obligations and expressly agrees in the assignment to <br />observe, perform, and be bound by this Agreement to the extent this Agreement relates to the <br />obligations, rights, titles, or interests assigned; (6) Developer is then in compliance with all <br />terms and conditions of the Development Agreement as amended; (7) a copy of the executed <br />assignment is provided to all Parties within 15 days after execution; and (8) Assignee has <br />executed a Partial Assignment of Reimbursement Rights in favor of the City in substantially <br />the same form as Exhibit D. Provided all of the foregoing conditions are satisfied, from and <br />after the date the assignment is executed by Developer and Assignee, the City agrees to look <br />solely to Assignee for the performance of all obligations assigned to Assignee and agrees that <br />Owner shall be released from performing the assigned obligations and from any liability that <br />results from the Assignee's failure to perform the assigned obligations. No assignment by <br />Owner shall release Owner from any liability that resulted from an act or omission by Owner <br />that occurred prior to the effective date of the assignment. Owner shall maintain written records <br />of all assignments made by Owner (including, for each Assignee, the Notice information <br />required by this Agreement, and including a copy of each executed assignment) and, upon <br />written request from any Party or Assignee, shall provide a copy of such records to the <br />requesting person or entity. <br />10 <br />