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utilized 25 units from its affordable housing allocation for <br />its market rate housing. Also assume that in the year 2003, <br />only 200 of the 250 units available in that year have been <br />allocated for major projects. In August 2002, Developer <br />advises City that it will need only 100 units for the year. In <br />the event the unused units are not utilized by Developer to <br />repay units it borrowed from its affordable housing allocation <br />and Developer seeks to trade these unused units, City would <br />advise other major project developers that Developer has 75 <br />units to trade. Assume developer X has an allocation in 2004 <br />but wants to build 25 units in 2002. In the event Developer <br />desired to trade in 2003, City would permit the Developer to <br />trade 25 of its 2002 units with developer X; Developer would <br />have an additional 25 units in 20031 and Developer could also <br />move the remaining 50 units into 2003, as there would be room <br />to do so if Developer so desired. By way of another example, <br />if Developer elected to repay the 25 units it had utilized from <br />its affordable housing allocation, Developer could move its <br />remaining 50 units into 2003 (as there would be room in that <br />year to do so). <br /> <br />3. SUCCESSORS IN INTEREST <br /> <br />Developer shall have the right to assign, sell or transfer <br />(collectively referred to as an "Assignment") by any means all <br />or any part of its interest in this Agreement and the <br />allocations, or portions thereof, and other rights granted <br />hereunder. An Assignment shall not require City approval. In <br />the event of an Assignment, Developer shall be released from <br />any and all obligations as to that portion of the interest(s} <br />hereunder which is assigned, and the entity to which the <br />Assignment is made ("Assignee"} shall have all the rights and <br />be subject to all of the obligations under this Agreement to <br />the extent applicable to the interest so assigned. At the <br />request of Developer, in the event of an Assignment of some but <br />not all of Develeper's interest in unit allocations under this <br />Agreement to an Assignee, City shall execute a new or separate <br />growth management agreement with such Assignee, in substantial <br />conformance with this Agreement, to establish the rights and <br />obligations of City and the Assignee with respect to the <br />interest(s) conveyed to Assignee. <br /> <br />This Agreement shall run with the land and be binding upon any <br />and all assigns and successors in interest of Developer who <br />have an interest in the Subject Property. <br /> <br /> -6- <br />3/13/00 <br /> <br /> <br />