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assist it in constructing the Facility and installing the Equipment. PART 7. EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY Section 7.01. This Agreement will be assignable to each new owner of the Property for the balance of the term of this Agreement. An assignment which results in a continuation of the business in the same general manner as previously operated by Owner does not require City Council approval, but Owner or its assignee will give written notice to the City within 10 days after the assignment has occurred and BDI will be released of any further duties or obligations under this Agreement. Section 7.02. If a proposed assignment of this Agreement to a new owner of the Property will not result in a continuation of business in the same manner as previously operated by Owner, then written consent of the City Council shall be required but shall not be unreasonably withheld. Section 7.03. Following an authorized assignment of this Agreement, the new owner of the Property will assume all the duties and obligations of Owner upon the same terms and conditions as set out in this Agreement. An assignment of this Agreement will be invalid if the assignor or the assignee is indebted to the City for ad valorem taxes or other obligations. PART 8. PROPERTY TAX APPRAISED VALUE Section 8.01. It is understood and agreed between the parties that the Property and the improvements upon the Property will be appraised at market value for the purposes of property tax assessment throughout the term of this Agreement, and that this value may change during the term of this Agreement. The calculation of abated taxes will make use of this appraised value as it is determined for each year of the Abatement Period. PART 9. INDEPENDENT CONTRACTOR/INDEMNITY Section 9.01. It is understood and agreed between the parties that the City and Owner, in executing this Agreement, and in performing their respective obligations, are acting independently, and not in any form of partnership or joint venture. The City assumes no responsibilities or liabilities to any third parties in connection with this Agreement, and Owner agrees to indemnify, defend and hold the City harmless from any such liabilities. PART 10. NOTICE Section 10.01. All notices called for or required by this Agreement will be delivered to the following by certified mail, postage pre-paid, effective five days after mailing, or by hand delivery or 4