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<br />
<br />"VO~~l!
<br />(~""l
<br />
<br />purp"'''''' oJ: of t~n' Property /me not ff,r sp.eculaUon in l['_:d
<br />holding. T!:"" Red'Ylfelov,r f,'Tt.l'~'" recognizes thl'!.t, in vie" of
<br />
<br />.
<br />
<br />(e.) the importl'!ll::e of the -redevelop:ooent of the Property to the
<br />'bit?:'} tCE'C': of: th8 cc,t;:nt:rnJ.:ty;
<br />
<br />(0)
<br />
<br />the
<br />l!lI~de av~:,n~1;)l'" by 1"'''' !Mid
<br />for the pur}~ue of m~,ing
<br />
<br />/md other public aids ccat have bee:
<br />bY the Federal and IDcl.l.l Governmen',:;
<br />sucn redevelop:'J'f.ent possible; cU1d
<br />
<br />(c) the fact that e. tl"".mafer of the etock in the Redeveloper or d'
<br />a. llubllt~mti!!J. pal"t thereof, or /mY other act or tr/msactiou
<br />involving or rellulting in a significant change ill the o;mershir
<br />or distribution of such stock or with respect to the identity
<br />of tb~ perties in control of the Redeveloper or the degree
<br />ther'eof, is for practical urpollell a transfer or dispolli 1:.10n or
<br />the Property then owned b the Redeveloper,
<br />
<br />
<br />eloper, and its stockholders,
<br />anil the Af,ency. The Redevelop"1:
<br />of such qUllliflcatiotls and identity
<br />il.greeJllent with tb.e Redeveloper, and,
<br />accept and rely on the obligotio~~ of
<br />of all undertakings end
<br />t requiring in c~ditiou a
<br />sucb perfomance of all undertnll.ing"
<br />
<br />.
<br />
<br />the qualificatiooll and identity of
<br />are of -pIll'ticull',;r:' concern to the c
<br />furthor recogni~ell the.t it is bee
<br />that the Af,ency ill entering into t
<br />in 50 ill further willing to
<br />eloper for the faithful
<br />c e Di?l'-;,by by it to be
<br />surety bond or s:l.milar undert~dng
<br />and covenllnts in the Af,ref'llOOtlt.
<br />
<br />
<br />
<br />.
<br />
<br />SEC. 502. t Transfer of Shl'..:res of Stock; Bindtn&1;
<br />"" , , "" , _,,<..._~__.,,",^_,"ii$i;
<br />~<:>'%'L!:!.~:;r!l21de .'or the foregotng 1",a50118, the RedevlOlojYe','
<br />reprea::?:Ifr.;3 n.;;:;o - ita Ertockliolde:~rs, and, eny StH;CeS80:r 1Jl
<br />interest ot itself and its stockholder6, re8pe~tively, chat: Prior to
<br />completi9l1 of the Irnpro-,ements a.s certified by t.he Agen~y, and vi r,hout tlle
<br />prior written approval of the .4gency, (a) there shl.l.ll be no tra.'15fer by eZlY
<br />party owning 10 percent or lIlOre of the stock in the Redeveloper (""lich tex..,
<br />shall be dee!t-'5'a for th.e purposes of this and rel!4ted provis:l.ons to j,ncl','6.'
<br />successors in interest of such stock or any part thereof or interest
<br />therein), (b) nor shall any such owner suffer W1Y such transfer to be rne.dc,
<br />(c) nor shl.l.ll thore be or be auffered to he by the Redeveloper, or by !'UlY
<br />owner of 10 percent or more of the stock therein, any other similarly
<br />signific~nt change in the ownership of such stock or in the relative
<br />distriln.ltion ther0of, or with respect to the identity of the pnrties <.r,
<br />control of t,l'le ot' the degr'$e th,e:reof'1 by e.ny other met,b,()d (1~'
<br />
<br />~,"i?:0"~i::y \.f>:''',',~t},'',,"!, f,",~r ~,~v:"'''''''''F~:':~ ('~~,,~'~,)'1,},5,7ot~('-y.. r~r,"\".-:c:,~1"" ,)/,!,tl} ?'_\10t~f:C~:' l"'q~"-0f'-~"'" ,q,'
<br />
<br />corporate or Oth0C ~,n~ents, issUtU1Ce of aaditional or new stock or
<br />cla.ssif:l.eatioo 01' stock, or otherwiae. With respect to this provision, the
<br />r:):"flr-;'~)';~: 'Yj;,:,;~~ '''>1 +" :; .1_ _f .'! r;, the OD. b~h:r~.1f of 'r,he-
<br />Redeve101'er c,,;:,t 'they hEve the e\lrt;horHy of all of its existirl'~
<br />to t>::;/<;c to p%:'ovlsion on tb.eir beb1:\lf and to bind thf>:FI
<br />w;l.t,h thereto.
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