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Developers request and with City Council approval, for up to two successive ten -year <br />periods. <br />b. As between the City and the District, the term of this Agreement will <br />commence on the date that the District Board of Directors executes this Agreement and will <br />continue for 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, <br />right, title or interest of Developer under this Agreement, to the District or any resulting <br />district (after the District Confirmation Date), and to any person or entity (an "Assignee ") <br />provided that the following conditions are satisfied: (1) the City has also given its written <br />consent to allow the Assignee to assume all of the obligations of the Developer under the <br />Development Agreement as amended; (2) if not the District or resulting districtAssignee is a <br />successor owner of all or any part of the Land or is a lender to a successor owner of all or any <br />part of the Land; (3) if not the District or any resulting District, Assignee has a contractual <br />right to be reimbursed for water, sewer or drainage improvements from Bonds (or has a lien <br />or other security interest in such reimbursements); (4) the assignment is in writing executed <br />by Developer, as Owner, Assignee and the City in the form of assigned attached as Exhibit D; <br />(5) Assignee expressly assumes in the assignment any assigned obligations and expressly <br />agrees in the assignment to observe, perform, and be bound by this Agreement to the extent <br />this Agreement relates to the obligations, rights, titles, or interests assigned; (6) Developer is <br />then in compliance with all terms and conditions of the Development Agreement as amended; <br />(7) a copy of the executed assignment is provided to all Parties within 15 days after execution; <br />and (8) Assignee has executed a Partial Assignment of Reimbursement Rights in favor of the <br />City in substantially the same form as Exhibit D. Provided all of the foregoing conditions are <br />satisfied, from and after the date the assignment is executed by Developer and Assignee, the <br />City agrees to look solely to Assignee for the performance of all obligations assigned to <br />Assignee and agrees that Owner shall be released from performing the assigned obligations <br />and from any liability that results from the Assignee's failure to perform the assigned <br />obligations. No assignment by Owner shall release Owner from any liability that resulted <br />from an act or omission by Owner that occurred prior to the effective date of the assignment. <br />Owner shall maintain written records of all assignments made by Owner (including, for each <br />Assignee, the Notice information required by this Agreement, and including a copy of each <br />executed assignment) and, upon written request from any Party or Assignee, shall provide a <br />copy of such records to the requesting person or entity. <br />10 <br />