Reso 1996-166 to 170 - Laserfiche WebLink

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interests and fees, transfer taxes, real estate taxes, assessments and commissions, escrow fees and costs related thereto. The consideration payable for such Transfer to the extent it is in excess of the amount so authorized, shall belong and be paid to the Agency and until paid, the Agency shall have a lien on such Property in question and any part involved for such amount. In the absence of specific written agreement by the Agency, no Transfer by Developer shall be deemed to relieve the Developer or any successor in interest from any obligations under this Agreement. 6.04 Transferee Subject to All Conditions of Agreement. After filing the Certificate of Completion for a portion of the Property, no approval under this Agreement is needed for a Transfer of any portion of the Property. However, any transferee shall be subject to the all the conditions, covenants and restrictions of this Agreement, including but not limited to the operating covenant of Section 4.04 of Part One, and the Annual Sales requirements of Article Five of this Part. 6.05 Option of Agency to Reacquire Property. The provisions of this Article Six, Part One, are subject to the following provisions regarding Transfers: until the earlier of (a) early termination of the Annual Sales obligation as provided in Section 5.03 of Part One; or (b) termination of the Use of Property requirements of Section 4.04 (b) and (c) of Part One, in the event Developer undertakes any Transfer of all or part of the improvements or Property, except a Transfer allowed by Section 6.06 of Part One, the Agency shall have the option to reacquire the Property, with all the improvements thereon, by paying Developer a sum equal to the initial principal amount of the Note, minus any amounts to be forgiven and exonerated pursuant to Section 3.03, above, and Agency shall reacquire the Property and improvements subject to existing liens and encumbrances, which shall be assumed by Agency. Agency shall notify Developer of Agency's intent to reacquire the Property and improvements within thirty (30) days of Agency's receipt of notice from Developer of Developer's intent to Transfer. Disposition and Development Page 20 of 39 Agreement (Automall) 10/2/96