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NET DEVELOPMENT CO. - 2016
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NET DEVELOPMENT CO. - 2016
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Last modified
6/9/2017 9:42:02 AM
Creation date
11/9/2016 1:47:33 PM
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Contracts
Company Name
NET DEVELOPMENT CO.
Contract #
A-2016-277
Agency
PLANNING & BUILDING
Council Approval Date
9/20/2016
Expiration Date
3/31/2017
Destruction Year
0
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reasonable efforts to complete discussions relating to the terms and conditions of a DDA and <br />such other matters, as may be mutually acceptable to the Parties, in their respective sole <br />discretion. The exact terms and conditions of a DDA, if any, shall be determined during the <br />course of these negotiations. Nothing in this Agreement shall be interpreted or construed to be <br />a representation or agreement by either the City or the Developer that a mutually acceptable <br />DDA will be produced from negotiations under this Agreement. Nothing in this Agreement shall <br />impose any obligation on either Party to agree to a definitive DDA in the future. Nothing in this <br />Agreement shall be interpreted or construed to be a guaranty, warranty or representation that any <br />proposed DDA that may be negotiated by City staff and the Developer will be approved by the <br />governing bodies of the City. The Developer acknowledges and agrees that the City's <br />considerations of any DDA is subject to the sole and absolute discretion of their City Council <br />and all legally required public hearings, public meetings, notices, factual findings and other <br />determinations required by law. <br />6. Restrictions Against Change in Ownership, Management and Control of <br />Developer and Assignment of Agreement. <br />(a) The qualifications and identity of the Developer and its principals are of <br />particular concern to the City. It is because of these qualifications and identity that the City has <br />entered into this Agreement with the Developer. During the Negotiation Period, no voluntary or <br />involuntary successor -in -interest of the Developer shall acquire any rights or powers under this <br />Agreement, except as provided in Section 6(c). <br />(b) The Developer shall promptly notify the City in writing of any and all <br />changes whatsoever in the identity of the business entities or individuals either comprising or in <br />Control (as defined in Section 6(d)) of the Developer, as well as any and all changes in the <br />interest or the degree of Control of the Developer by any such person, of which information the <br />Developer or any of its shareholders, partners, members, directors, managers or officers are <br />notified or may otherwise have knowledge or information. Upon the occurrence of any <br />significant or material change, whether voluntary or involuntary, in ownership, management or <br />Control of the Developer (other than such changes occasioned by the death or incapacity of any <br />individual) that has not been approved by the City, prior to the time of such change, the City may <br />terminate this Agreement, without liability to the Developer or any other person, by sending <br />written notice of termination to the other Parties, referencing this Section 6(b). <br />(e) Notwithstanding anything in this Agreement to the contrary, Developer <br />may assign its rights under this Agreement to an Affiliate (as defined in Section 6(d)), on the <br />condition that such Affiliate expressly assumes all of the obligations of the Developer under this <br />Agreement in a writing reasonably satisfactory to the City and further provided that Net <br />Development Company, Inc., a California corporation, shall, at all times, Control any such <br />Affiliate. <br />(d) For the purposes of this Agreement, the term "Affiliate" means any <br />person, directly or indirectly, controlling or controlled by or under common control with the <br />Developer, whether by direct or indirect ownership of equity interests, by contract, or otherwise, <br />including Kevin Coleman, K. Gregory Wohl or Peter Desforges. For the purposes of this <br />agreement, "Control" means possession, directly or indirectly, of the power to direct or cause <br />W <br />
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