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HUD.620~B purpose of redevelopment of the Property and not for speculation in l~nd holding. The Redeveloper further recognizes that, in view of (a) the importance of the redevelopment of the Property to the general welfare of the community; (b) (e) the substantial financing and other public aids that have been made available by law and by the Federal and 16cal Governments for the purpose o'f making such redevelopment possible;. the fact that's transfer of the stock in the Redeveloper· or uf- a substantial part thereof, or any other act or tr~nsaction involving or resulting .in a significant change in the ownership or distribution of such stock or with respect to the identity of the parties in control of the Redeveloper or the degree 'thereof, is for practical purposes a transfer or disposition of the Property then Owned by the Redeveloper, the qualifications and identity of the Redeveloper, and its stockholders, are Of particular concern to the community and the A~ency.. The Redeveloper further recognizes that it is because of such qualifications and identity that the A~ency is e~tering into the A~reement with the Redeveloper, and, in so doing, is further willing to accept and rely on the obligations of the Redeveloper for the faithful performance of all undertakings and covenants hereby by it to be performed without requiring in addition a surety bond or similar undertaking for such performance of all undertakings' and covenants In the A~reement. SEC. ~02. Prohibition A~ainst Transfc~ of Shares of Stock[ Bindin~ O~on Stockholders Indlviduatl~. For the foregoing reasons, the Redeveloper represents and agrees for ltsctf, its stockholders, and any successor in interest of itself and its stockholders, respectively, that: Prior to co~pletion of the l~provements as certified by the A~ency, and ~ithout the prior ~itten approval of the Agency, (a) there shall be no transfer by an~ party o~ning l0 percent, or more of the stock in thc Hedevelopvr (which term shall be dee~ed for the purposes of this and related provisions to include successors in interest of su~h stock or any part thereof or interest therein), (b) nor shall any such owner suffer any such transfer to be made, {c) nor shall there be or be suffered to be by the Redeveloper, or by any owner of 10 percent or more of the stock therein, any other similarly significant change in the ownership of such stock or in the relative distribution thereof, or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, by any other methOd or means, ~hether by increased capitalization, merger with another corporation, corporate or other aee. ndmcnts, issuance of additional or new stock or classification of stock, or otherwise. ~lth respect Lo this provision, the Redeveloper and the parties nighing the Agree~mt on behalf of thc Redeveloper represent that they have the authoriLy of all of ils' existing stockholders to agree to this provision on their behalf m~d to bind them with respect thereto. -9-