Res 2010-148 - Laserfiche WebLink

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including but not limited to the City's Capital Improvements Program funds, upon such terms as the City and Carma may agree. ARTICLE IV Assignment 4.01 Assignment. As of the Effective Date, Carma owns the Property. Carma may assign its rights and obligations under this Agreement to any third party (ies) after having first obtained the prior written consent of the City and, if applicable, the TIRZ Board hereto; provided however that a written copy of said assignment shall be delivered to the City. Notwithstanding the above, no prior written consent shall be required for Carma to sell, lease, grant interests in or rights to or otherwise transfer or encumber portions of the Property that it owns, together with the assignment of all development rights and obligations relating to such portions of the Property that it owns contained in this Agreement. The terms of this Agreement shall be covenants running with the land and binding on successors and assigns. ARTICLE V Term, Authority, and Vesting of Rights 5.01 Term. (a) Initial Term. The initial term (the "Initial Term ") of this Agreement will commence on the Effective Date and continue for 15 years thereafter. (b) Extensions. After the Initial Term, the Agreement may be extended for successive periods (any such extension not to exceed 15 years) as to all of the Property by mutual written agreement of the City and Carma or only as to a portion of the Property by the mutual written agreement of the City and Carma of only the portion of the Property affected by and described in such agreement of extension. The total duration of the Agreement, including the Initial Term and all extensions, shall not exceed 30 years (the Initial Term as extended by any extensions, the "Term" (c) Expiration. After the Term, this Agreement will be of no further force and effect, except that termination will not affect any right or obligation arising from Project approvals previously granted, or any entitlement relating to the Project assigned under Chapter 245, Local Government Code. (d) Termination or Amendment. This Agreement may be terminated or amended as to all of the Property or a portion thereof at any time by mutual written agreement of the City and Carma. 5.02 Authority. This Agreement is entered into, in part, under the statutory authority of Section 212.172 of the Local Government Code and the applicable provisions of the Texas