RecDoc 2013-166544 Conf - Laserfiche WebLink

Browse Search

Assignee shall succeed to the rights, duties and obligations of Developer only with respect to the parcel or parcels, or portion of the Property so purchased, transferred, ground leased or assigned, and Developer shall continue to be obligated under this Agreement with respect to any remaining portions of the Property retained by Developer and not assigned. In addition, Stanford University shall remain fully obligated under Section 3.8 of this Agreement to provide the Economic Development Contribution described in Exhibit C, as long as Stanford University, as the original developer, owns or occupies at least 50°Io of the Property. 6.2 Release of Transferring Developer. Except with respect to a permitted transfer and assignment to an Af�liated Party, notwithstanding any sale, transfer or assignment of all or a portion of the Property, Developer shall continue to be obligated under this Agreement as to all or the portion of the Property so transferred unless City has consented to the assignment as provided above. 6.3 Assignment to Financial Institutions or Mort�agee. Notwithstanding any other provisions of this Agreement, Developer may assign all or any part of its rights and duties under this Agreement to any financial institution or Mortgagee from which Developer has borrowed funds for use in constructing the Project or otherwise developing the Property. Developer shall provide a complete copy of any such financing assignment to City within 10 business days following execution thereof. A conditional assignment or other transfer by a financial institution or Mortgagee back to Developer as part of any financing transaction shall not require the City's consent. In addition, nothing contained in this Agreement shall prevent a transfer or assignment of the Property, or any portion thereof, to a financial institution or Mortgagee as a result of a foreclosure of a Mortgage or deed in lieu of foreclosure, and any lender or Mortgagee acquiring the Property, or any portion thereof, as a result of foreclosure of a Mortgage or a deed in lieu of foreclosure shall take such Property subject to the terms of this Agreement; provided, however, in no event shall such lender or Mortgagee be liable for any Defaults of the Developer arising prior to acquisition of title to the Property by such lender or Mortgagee (other than continuing Defaults for which Mortgagee shall be liable); and provided further in no event shall any lender or Mortgagee or its successors or assigns be entitled to a building permit or occupancy certificate for any portion of the Project until all outstanding obligations of the Developer have been performed, and until any and all outstanding Defaults have been cured. 6.4 Successive Assi n�. In the event there is more than one Assignment under the provisions of this Article 6, the provisions of this Article 6 shall apply to each successive Assignment and Assignee. ARTICLE 7 GENERAL PROVISIONS 7.1 Compliance With Laws. Developer, at its sole cost and expense, shall comply with the requirements of, and obtain all permits and approvals required by local, State and Federal agencies having jurisdiction over the Property or Project. Furthermore, Developer shall carry out the Project work in conformity with all Applicable Law, including applicable state labor laws and standards; Applicable City Regulations; and all applicable disabled and handicapped access requirements, including the Americans With Disabilities Act, 42 U.S.C. Section 12101, et seq., 32 ATT'Y/AGR/2013.134/STANFORD DEVELOPMENT AGREEMENT REV: OS-14-13 PT