Laserfiche WebLink
City Draft <br /> 6128113 <br /> interest in any property benefited by any such co��enants. The Developer <br /> irrevocably stipulates and agrees that breach of any of the special development <br /> covenants set forth in this ARTICLE 5 will result in great and irreparable damage <br /> to the City, and will result in damages to the Czty that are eitl�e�r iz�apracticable or <br /> extremely difficult to quantify. Accordingty, upon the breach of any special <br /> development covenant set forth in this ARTICLE 5, t1�e City may institute an <br /> action for injunctive relief regaxding such breach. <br /> 5.6.4 Automatic Termination. Upon the expiration of the dme periads set forth <br /> in this ARTICLE 5 for each of the special development covenants, such special <br /> development covenant shall be of no further force or effect without the necessity <br /> of notice of further agreement. Upon the written request of Developer following <br /> the expiration of any special development covenant, City agrees to confirm in <br /> writing the expiry af such special development covenant and execute and deliver <br /> to Developer such documents or ag�reements, including quitcIaim deeds, as are <br /> necessary to remove such expired special deveIopment covenant form any <br /> recarded document." <br /> "79 City 4ption to Purchase Following Conveyance. <br /> 7.9.1 The City shall have the right at its option to terminate this Agreernent and <br /> to purchase the Site ("Option to Purchase") with all improvennents thereon, if after <br /> conveyance of the City Property to the Developer and prior to the date of issuance by the <br /> City of a Certificate of Completion parsuant to Section 4.13 of this Agreennent, the <br /> Developer shalI: <br /> (a) Subject to the provisions of Section 8.15, abaz�.dax� or <br /> substantially suspend construction of the improvements for a period of three {3) <br /> consecutive months after written notice of such abandonment or suspension from the <br /> City; or <br /> (b) Without the prior written consent of the City, a Transfer of a11 <br /> or any portion of or any interest in the Site, ather than a Permitted Encumbra.nce or a <br /> Permitted Transfer, has occurred, except for any mechanic's liens, preliminary notices <br /> fram contractars or other encumbrances related to the constructian of the Project) and <br /> such unpermitted Transfer has not been voided, cured or reversed within sixty (60) days <br /> after the First Option Notice from the City (as defined in Section 7.9.2 below). For the <br /> purpose of this paragraph, the terms "sell" and "transfer" shall include, in addition to the <br /> common and ordinary meaning of those terms and witlzaut limiting their generality, <br /> transfe�rs made to subsidiary or ai�iliated entities, and any "change in ownership"' as that <br /> term is used from tiane to�ime in California real property taxation law. <br /> This option shall be subordinate and subject to and be limited by and shall <br /> not defeat, render invalid or limit: <br /> Exhibit"F" <br /> Form Of Notice Of Agreement <br /> Page 6 <br /> 82483.0000917571312.10 <br />