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<br />-14- <br /> <br />fJil)7 <br />(:ì l, ,c <br /> <br />0 <br />0 <br /> <br />f) <br /> <br />VII. <br /> <br />EFFECT OF SALE, ASSIGNMENT OR LEASE OF PROPERTY <br /> <br />A. <br /> <br />The assignment of this Agreement to a party providing project <br /> <br />financing for Factory Stores to construct the improvements <br /> <br />herein contemplated is hereby approved. <br /> <br />Any other assignment <br /> <br />of this Agreement to a new owner or lessee of the Property <br /> <br />will require the written consent of the City Council, which <br /> <br />shall not be unreasonably withheld or delayed. <br /> <br />Review by the <br /> <br />City Council of a proposed assignment shall be limited to the <br />financial responsibility of the proposed assignee. <br /> <br />B. <br /> <br />Any <br /> <br />assignment <br /> <br />shall <br /> <br />provide <br /> <br />that <br /> <br />the <br /> <br />assignee <br /> <br />shall <br /> <br />irrevocably and unconditionally assume all the duties <br /> <br />and <br /> <br />obligations <br /> <br />of <br /> <br />the <br /> <br />assignor <br /> <br />upon <br /> <br />the <br /> <br />same <br /> <br />terms <br /> <br />and <br /> <br />conditions as set out in this Agreement. <br /> <br />Any assignment of <br /> <br />this Agreement shall be to an entity that contemplates the <br /> <br />same improvements to the Property, except to the extent such <br /> <br />improvements <br /> <br />have been completed. <br /> <br />No assignment <br /> <br />shall be <br /> <br />approved if the assignor or the assignee are indebted to the <br /> <br />City for ad valorem taxes or other obligations. <br /> <br />VIII. <br /> <br />INDEMNITY <br /> <br />It <br /> <br />is <br /> <br />understood and agreed between the parties <br /> <br />that <br /> <br />Factory <br /> <br />Stores, in assuming and performing its obligations hereunder, is acting <br /> <br />independently, and the City assumes no responsibilities or liabilities <br /> <br />in connection therewith to third parties and Factory Stores agrees to <br /> <br />indemnify <br /> <br />and <br /> <br />hold <br /> <br />the <br /> <br />City <br /> <br />harmless <br /> <br />therefrom. <br /> <br />It <br /> <br />is <br /> <br />further <br /> <br />understood and agreed among the parties that the City, in assuming and <br /> <br />performing its obligations hereunder, is acting independently, and <br />