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1.6.2 Developer agrees not to sell, assign or transfer any interest under flus
<br /> Agreement wrth respect fv the Propry,or any porronktl3fer+�of, Svrtho�xtIrl
<br /> i 'prtor i+ rit"''MAW, nsen
<br /> of the County, which consent sltall�ro�tbeattesrsI
<br /> t�ed andegrahe �b" t� all
<br /> be concttioned-upon such Bald asst t'or w "
<br /> C , ���,3 i5?::�s �v, �r ,171,�jClt� Y� e•'.
<br /> coneut`rertt recordation o f the 4r i f r-3N r § 1 r
<br /> Assutpton Agrerteit,rferrEc to.tr� ehd#� s $ e�atf%all
<br /> ^ "tv �." ? } 4
<br /> of the condrtrons descnbed 1n Seat©ns 6'4 AtIYhi� *D cfoi�x i �6 3met r`
<br /> y fix F' r si
<br /> is yf , � x � �j _ _"� c� r, �i���if` '�✓ n- y
<br /> o -
<br /> 1 63. Untrl.tncltrsron of the�figy�n S pert tierof rind}{ tueftlt
<br /> Deve(oprrrentAgreement,;the Developer agreesivt;t6s'
<br /> Ass0orasf?er any infest}wider
<br /> i -a +; « ; any 3k
<br /> this Agreement with respect tv the Ptoeilty,or atyporf�ort fihdrop
<br /> f,t �tlibt tlterio �wrttte
<br /> consent of the County, which consent shall not be uiirea 'd#dbly rtthh ld a>ti by ll be g ai t "d
<br /> (but shall be conditioned iupon Such sale,asstgnmeynt or transfer b`e><ng t #rielyompletea vrrlth the
<br /> concurrent.recordation of the assumption ag�reernent deferred to [r 'Seetton 1 t5F4 B''hereof) f all;;
<br /> of the conditions describediri ough 1 Sections" 6.4A thr6 4.1D of Section :& 4 are f met ::Any
<br /> sale, assignment or transfer consented:to by the Comity pursuant to Section i61oc`thO Si; lion
<br /> 1.6.3. shall be deemed a Permitted Assignment acid..the purchaser,assignee or.I,r feree shall be
<br /> deemed a Recognized Assignee under this Agreement: When the'hrnitafrons set forth in this`
<br /> paragraph of this subsection 1.6.3. are no longer applicable as to the Property or portion thereof
<br /> included within a Subsequent Development Agreement:, the County shall,upon'wriften request
<br /> from the Developer, issue to the Developer a-certificate in recordable forth acknowledging that
<br /> such limitations no longer apply, provided that the other provisions of this.Section 1.6 shall
<br /> continue to be applicable. Whether or not such a certificate is requested, the Subsequent
<br /> Development Agreement shall govern as to any restrictions on, and the effect of, any sale,
<br /> assignment or transfer of the Property, or such portion thereof, included under the Subsequent
<br /> Development Agreement.
<br /> 1.6.3.A. A sale,assignment or transfer of any interest cumulatively of
<br /> fifty percent(50%) or more in the ownership or control of the Developer(including transfers of
<br /> stock and changes in ownership or control by reason of corporate mergers, buy-outs,
<br /> reorganizations or dissolutions resulting in a cumulative change in ownership or control of fifty
<br /> percent (50%)or more) shall constitute a sale, assignment or transfer subject to the provisions of
<br /> Section 1.6.2. and this Section 1.6.3. Provided, however, that the following shall not constitute
<br /> a sale,assignment or transfer subject to the provisions of Section 1.6.2. and this Section 1.6.3:
<br /> transfers of interests of less than fifty percent(50%), cumulatively of the Developer to joint
<br /> venturers or new partners provided that sole management and control is retained by the
<br /> Developer; and provided, further, that any change in the legal status or identity of the Developer
<br /> pursuant to the foregoing provisions must be accompanied by notice to the County together with
<br /> an executed Assumption Agreement pursuant to Section 1.6.4.13. hereof in order to be effective
<br /> for the purposes of this Agreement.
<br /> 1.6.3.13, A Recognized Assignee shall be obligated and bound by the
<br /> terms of this Agreement, and shall be the beneficiary thereof and a party thereto, only with
<br /> respect to the Property, or such portion thereof, sold, assigned or transferred to it under a
<br /> Permitted Assignment. Any such Recognized Assignee shall observe and fully perform all of the
<br /> duties and obligations of the Developer contained in this Agreement, as such duties and
<br /> W02-SF:FPD%61481 145-2 _19—
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