Deed - 2420-2424 Merced St - File 1356, 2002

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1.05 Public Purpose Completion of the Project pursuant to this Agreement is in the best interests of the City and the Agency, and the health, safety and welfare of residents and taxpayers of the Project Area and the City, and is in accord with the public purposes and provisions of applicable state and local laws. ARTICLE TWO PROPERTY OWNERSHIP 2.01 Existing Property Ownership Participant represents and warrants that it will be the current owner of the Site sixty days from the effective date of this Agreement. 2.02 Assignment and Sale Except as otherwise provided herein, Participant may assign this Agreement, including the Project Loan, and transfer or sell the Site or any portion thereof without the approval of the Agency to any third party; provided any assignee, transferee or purchaser shall agree to be bound in writing by all of the terms and conditions of this Agreement and the Project Loan. Upon assignment, sale or transfer of its entire interest in this Agreement and the Site, the Participant shall be relieved of any further responsibility under this Agreement with respect to the Project Loan and the Site. Participant shall promptly notify the Agency of any proposed assignment, sale or transfer of the Site and shall advise any prospective purchaser or transferee of the terms of this Agreement. 2.03 Waiver of Right of Eminent Domain by the Agency The Agency desires at this time to forego its legal right to acquire the Site by eminent domain to enable the Participant to use the Site in accordance with the Redevelopment Plan. This waiver applies only to development in accordance with the current provisions of the Redevelopment Plan. Should the Redevelopment Plan be amended in the future to modify permissible uses or change development standards then this waiver shall be of no force and effect. The Participant and the Agency each agree to join in and record any agreements, restrictions, and covenants to be imposed upon the use of the Site consistent with this Agreement and the uses currently permitted by the Redevelopment Plan if required of either by the other. ARTICLE THREE DEVELOPMENT OF THE SITE 3.01 Uses The Participant intends to construct and make the Improvements as set forth in Subsection 3.06.D, and conduct activities which comply with the uses specified for the Site in the Redevelopment Plan. The Participant covenants and agrees for itself, its successors, its assigns and every successor in interest to the Site or any part thereof, that the Participant, such successors and assignees, shall devote the Site to, and only to, those uses permitted by the Redevelopment Plan. 3.02 Obligation to Refrain from Discrimination There shall be no discrimination against or segregation of any person, or group of persons, on account of sex, marital status, race, color, creed, religion, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Site, or any part thereof, nor shall the Participant itself or any persons claiming under or through it establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees of the Site.