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rights and obligations in this Agreement,Developer shall request City's written consent, and City
<br /> shall respond within thirty(30) days with a written approval or denial, which City may determine
<br /> in its sole and absolute discretion. If City approves such a request, then prior to any such sale,
<br /> transfer or assignment, Developer shall pay City's reasonable fees as compensation for the City's
<br /> review of the request. City's failure to respond to the request within thirty (30) days shall be
<br /> deemed an approval.
<br /> 7.1.2 Sale of Property. Developer agrees and declares that the Property and the
<br /> Project shall be held, conveyed,mortgaged, encumbered, leased,rented,used,occupied,operated,
<br /> sold, and approved subject to all obligations set forth or incorporated in this Agreement, all of
<br /> which are for the purpose of enhancing and protecting the value and attractiveness of the Property
<br /> and the Project. All of the obligations set forth or incorporated in this Agreement shall constitute
<br /> covenants which run with the land and shall be binding on Developer and its successors and
<br /> assigns, and all parties having or acquiring any right, title or interest in, or to any part of the
<br /> Property or Project. Developer further understands and agrees that the approvals received for this
<br /> Project have been made on the condition that Developer and all subsequent owners, or other
<br /> successors and assigns of the Property and/or Project lease and rent the Affordable Units in
<br /> accordance with the terms and conditions stipulated in Sections 4, 5 and 6 of this Agreement for a
<br /> term of fifty five (55) consecutive years commencing upon the date that the Project is first
<br /> occupied.
<br /> 7.1.3 Subsequent Assignment. As used in this Agreement,the term "Developer"
<br /> shall be deemed to include any such transferee or assignee after the date such sale, transfer, or
<br /> assignment occurs in compliance with this Agreement.
<br /> 7.1.4 Unpermitted Assignments Void. Any sale, transfer, or assignment made in
<br /> violation of this Agreement shall be null and void,and City shall have the right to pursue any right
<br /> or remedy at law or in equity to enforce the provisions of the restriction against unpermitted sales,
<br /> transfers, or assignments.
<br /> 7.2 Covenants Run with the Land. The Property shall be used, occupied and
<br /> improved subject to the covenants, conditions, and restrictions set forth herein. The covenants,
<br /> conditions, restrictions, reservations, equitable servitudes, liens and charges set forth in this
<br /> Agreement shall run with the Property and shall be binding upon Developer and all persons having
<br /> any right, title or interest in the Property, or any part thereof, their heirs, and successive owners
<br /> and assigns, shall inure to the benefit of City and its successors and assigns, and may be enforced
<br /> by City and its successors and assigns.The covenants established in this Agreement shall,without
<br /> regard to technical classification and designation, be binding for the benefit and in favor of City
<br /> and its successors and assigns, and the parties hereto expressly agree that this Agreement and the
<br /> covenants herein shall run in favor of City. City is deemed the beneficiary of the terms and
<br /> provisions of this Agreement and of the covenants running with the land, for and in its own right
<br /> and for the purposes of protecting the interests of the community and other parties, public or
<br /> private, in whose favor and for whose benefit this Agreement and the covenants running with the
<br /> land have been provided. Developer hereby declares its understanding and intent that the burden
<br /> of the covenants set forth herein touch and concern the land and that the Developer's interest in the
<br /> Property is rendered less valuable thereby. Developer hereby further declares its understanding
<br /> and intent that the agreement provides a public benefit in furtherance of benefit of such covenants
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<br /> 2130 Bast Fourth Street Density Bonus Agreement
<br /> 5 5 3 94.00101\4 3 8 46 773.1
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