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purported income the project would generate (substantial <br />amount of lost revenue/walking away from money on the <br />table). <br />2.5.1: This provision allows the developer to sell the property <br />provided the new buyer agrees to comply with its terms. The <br />agreement should also bind any lender/holder of a senior <br />interest in the property. Per Section 2.5.1, the assignment only <br />binds a "purchaser, transferee, or assignee". This should be <br />modified to encompass a lender. Section 9 attempts to resolve <br />this agreement by clarifying that a lender who forecloses is <br />bound. However, as the present lender has not signed the <br />agreement and a future lender is not being asked to subordinate <br />its interest, it is unclear whether Section 9 saves the City. <br />***2.5.5: This provision provides that the agreement <br />terminates upon sale or lease of any subdivided lot to a <br />member of the public or final user. This would be appropriate <br />if the property were being subdivided for sale to individual <br />parties. Not appropriate in this instance and creates a <br />significant ambiguity given that the property will be subdivided <br />to accommodate the sale of a portion of the property to the <br />museum. <br />Section 2.7: The agreement is deemed terminated and of no <br />further effect upon the occurrence of expiration of the term in <br />Section 2.4 which is 4 years. However, there are provisions that <br />are intended to carry on for significantly longer periods of time <br />(e.g., 55 years for security patrol). <br />