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77-038
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77-038
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Last modified
1/3/2012 12:34:15 PM
Creation date
6/26/2003 10:46:49 AM
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City Clerk
Doc Type
Resolution
Doc #
77-38
Date
3/29/1977
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· 'HUD.6209S <br /> <br />The Redeveloper and its transferee shall comply with such <br />other conditions as the A~ency may find desirable in order <br />to achieve and safeguard the purposes of the Urban Renewal <br />Act and the Urban Renewal Plan. <br /> <br />Provided, That in the absence of specific written e~reement by the Agency <br />to the contrary, no such transfer or approval by the Agency thereof shall <br />be deemed to relieve the Redeveloper, or ~ny other par~y bound in ~ny ray <br />by the A~reement or otherwise with respect to the construction of the <br />Improvements, from any of itu obligations with respect thereto. <br /> <br /> SEC. 504. Information As to Stockholders. ~n order to assist in the <br />effectuation of the purposes, of this Article V and the statutory objectives <br />generally, the Redeveloper agrees that during the.period between execution <br />of the Agreement and completion of the Tmprovements as certified by the <br />Agency, (a) the Redeveloper will promptly notify the Agency of any and all <br />changes whatsoever in the ownership of stock, legal or beneficial, or of <br />any other act or transaction involving or resulting in any change in the <br />ownership of such stock or in the relative distribution thereof, or with <br />respect to the identity of the parties In control of the Redeveloper or <br />the degree thereof, of which it or any of its officers have been notified <br />or otherwise have knowledge or information; and (b) the Redeveloper shall, <br />at such tEme or times as the Agency may request, furnish the Agency with a <br />'complete statement, subscribed and sworn to by the President or 6ther <br />executive.officer of the Redeveloper, setting forth all of the stockholders <br />of the Redeveloper and the extent of their respective holdings, and in the <br />event any other parties have a beneficial interest in such Stock their <br />ne~nes and the extent of such interest, all as determined or indicated by <br />the records of the Redeveloper, by specific inquiry made by any such <br />officer, of all parties who on the basis of such records own 10 percent or <br />more of the stock In the Redeveloper, and by such other knowledge or <br />information as .such officer shall have. Such lists, 'dat~, and information <br />shall in any event be furnished the Agency lm~ediately prior to the <br />delivery of the Deed to the Redeveloper and as a condition precedent thereto~ <br />and annually thereafter on the anniversary of the date of the Deed untl~ the <br />issuance of a certificate of completion for all the Property. <br /> <br />A~TICLE VI. MORI~E FINAN¢II~; RIOBTS OF MOI~EES <br /> <br /> SEC. 601. Limitation Upon Encumbrance of Property. Prior to the <br />completion of the Improvements, as certified by the Agency, neither the <br />Redeveloper nor any successor in interest to the Property or any part thereof <br />shall engage in any financin~ or any other transaction creating any mortgage <br />or other encumbrance or lien upon the Property, whether by express a~reement <br />or operation of law, or suffer any encumbrance or lien to be suede on or <br />attach to the Property, except for the purposes of obtaining (a) ftmds only <br />to the extent necessary for making the Improvements end (b) such additional <br />funds, if any, in an amount not to exceed the Purchase Price paid by the <br />Redeveloper to the Agency.' The Redeveloper (or s~ccessor in interest) shall <br />notify the Agency in advance of any financing, secured by mortgage or other <br /> <br />- 12 o <br /> <br /> <br />
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