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RES 10340
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RES 10340
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2/25/2010 12:29:33 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
2/16/2010
DESTRUCT DATE
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DOCUMENT NO
RES 10340
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Exhibit "D" <br />(a) In connection with the transfer or assignment by Developer of all or any <br />portion of the Project (other than a transfer or assignment by Developer to an <br />affiliated party, a "Mortgagee" or a "Non-Assuming Transferee" (as defined <br />in Section 8.03), Developer and the transferee shall enter into a written <br />agreement (a "Transfer Agreement") regazding the respective interests, <br />rights and obligations of Developer and the transferee in and under the <br />Agreement, the Project Approvals, and the Subsequent Approvals. Such <br />Transfer Agreement may (i) release Developer from obligations under the <br />Agreement, the Project Approvals, or the Subsequent Approvals that pertain <br />to that portion of the Project being transferred, as described in the Transfer <br />Agreement, provided that the transferee expressly assumes such obligations, <br />(ii) transfer to the transferee vested rights to improve that portion of the <br />Project being transferred and (iii) address any other matter deemed by <br />Developer to be necessary or appropriate in connection with the transfer or <br />assignment. <br />(b) Developer shall seek City's prior written consent to any Transfer <br />Agreement, which consent shall not be unreasonably withheld or delayed. <br />Failure by City to respond within forty-five (45) days to any request made <br />by Developer for such consent shall be deemed to be City's approval of the <br />Transfer Agreement in question. City may refuse to give its consent only if, <br />in light of the proposed transferee's reputation and financial resources, such <br />transferee would not in City's reasonable opinion be able to perform the <br />obligations proposed to be assumed by such transferee. Such determination <br />shall be made by the Director of Planning and Community Development, <br />and is appealable by Developer to the City Council. <br />(c) Any Transfer Agreement shall be binding on Developer, City and the <br />transferee. Upon recordation of any Transfer Agreement in the Official <br />Records of Alameda County, Developer shall automatically be released from <br />those obligations assumed by the transferee therein. <br />(d) Developer shall be free from any and all liabilities accruing on or after the <br />date of any assignment or transfer with respect to those obligations assumed <br />by a transferee pursuant to a Transfer Agreement. No breach or default <br />hereunder by any person succeeding to any portion of Developer's <br />obligations under this Agreement shall be attributed to Developer, nor may <br />Developer's rights hereunder be canceled or diminished in any way by any <br />breach or default by any such person. <br />Section 8.03. Non-Assuming Transferees. Except as otherwise required by <br />Developer in Developer's sole discretion, the burdens, obligations and duties of <br />Developer under this Agreement shall terminate with respect to, and neither a <br />Transfer Agreement nor City's consent shall be required in connection with <br />(i) any single residential pazcel conveyed to a purchaser at issuance of a <br />certificate of occupancy, or (ii) any property that has been established as one or <br />more sepazate legal pazcels for office, commercial, industrial, open space, park, <br />54393~84008v3 <br />
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