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<br />enjoyment ofthe propeliy herein transferred nor shall the contractor or any person <br />claiming under or through it establish or permit any such practice or practices of <br />discrimination or segregation with reference to the selection, location, number, <br />use or occupancy of tenants, lessees, sublessees, subtenants, or vendees in the <br />property herein transferred. The foregoing provisions shall be binding upon any <br />subcontracting Parties, successors, assigns and other transferees under the <br />contract. " <br /> <br />ARTICLE VI <br /> <br />RESTRICTIONS ON TRANSFER, ENCUMBRANCE <br /> <br />6.1 Change Pursuant to this Agreement. Owner and its principals have represented <br />that they possess the neCf~"":'lry expertise, skill and ability to carry out the development ofthe <br />Project on the Property pursuant to this Agreement. The qualifications, experience, financial <br />capacity and expertise. of Owner are of particular concern to the Agency. It is because of these <br />qualifications, experience, financial capacity and expertise that the Agency has entered into this <br />Agreement. No voluntary or involuntary successor, assignee or transferee of Owner shall <br />acquire any rights or powers under this Agreement, except as expressly provided herein. <br /> <br />6.2 Prohibition on Transfer. For the term of the Regulatory Agreement, Owner shall <br />not except as expressly pennitted by the Regulatory Agreement, directly or indirectly, <br />voluntarily, involuntarily or by operation of law make or attempt any total or partial sale, <br />transfer, conveyanct:, assignment or lease (collectively, "Transfer") ofthe whole or any part of <br />the Property, the Project, the Improvements, or this Agreement, without the prior written <br />approval of Agency, which shall not be unreasonably withheld. Any such attempt to assign this <br />Agreement without the Agency's consent shall be null and void and shall confer no rights or <br />privileges upon the purported assignee. In addition to the foregoing, for the full term of the <br />Regulatory Agreement, except as expressly permitted by the Regulatory Agreement, Owner shall <br />not undergo any significant change of ownership without the prior written approval of Agency. <br />For purposes of this Agreement, a "significant change of ownership" shall mean a transfer ofthe <br />beneficial interest of more than twenty-five percent (25%) in aggregate ofthe present ownership <br />and/or control of Owner, taking all transfers into account on a cumulative basis. <br /> <br />6.3 Permitted Transfers. Notwithstanding any contrary provision hereof, the <br />prohibitions set forth in this Article shall not be deemed to prevent: (i) the granting of temporary <br />easements or permits to facilitate development ofthe Property; (ii) the dedication of any property <br />required pursuant to this Agreement; (iii) the lease of individual residential units within the <br />Project; (iv) assignments creating security interests for the purpose of financing the acquisition, <br />construction or permanent financing of the Project or the Property (subject to the requirements of <br />Aliicle VII) or Transfers directlylresulting from the foreclosure of, or giallting of a deed in lieu <br />of foreclosure of, such a security interest. <br /> <br />6.4 Requirements for Proposed Transfers. The Agency may, in the exercise of its <br />sole discretion, approve a Transfer of this Agreement, the Property or portion thereof if all of the <br /> <br />818642.2 <br /> <br />11 <br />