Common use of Assignments by Developer Clause in Contracts

Assignments by Developer. The rights, duties and obligations hereunder of the Developer may not be assigned, in whole or in part, to another entity, without the prior approval of the City's governing body, which approval may be granted or withheld in its sole discretion based upon the governing body's findings about whether or not the proposed assignee shall have the commercially reasonable qualifications, experience and financial responsibility which are necessary and adequate to fulfill the obligations of the Developer with respect to the portion of the District and/or this Agreement being transferred. The City hereby understands and agrees that any approval of the City's governing body pursuant to the prior sentence shall release Developer from the obligations set forth in this Agreement. Any proposed assignee shall, by instrument in writing, for itself and its successors and assigns, and expressly for the benefit of the City, assume all of the obligations of the Developer under this Agreement and agree to be subject to all the conditions and restrictions to which the Developer is subject (or, in the event the transfer is of or relates to a portion of the TDD Project, such obligations, conditions and restrictions to the extent that they relate to such portion). The Developer agrees, at Developer’s cost, to promptly record all assignments in the office of the Department of Records and Tax Administration of ▇▇▇▇▇▇▇ County, Kansas, in a timely manner following the execution of such agreements. The City shall provide written notice to the Secretary of any assignment approved by the City under this section.

Assignments by Developer. The rights, duties and obligations hereunder of the Developer may not be assigned, in whole or in part, to another entity, without the prior approval of the City's governing body, which approval may be granted or withheld in its sole discretion based upon the governing body's findings about whether or not the proposed assignee shall have the commercially reasonable qualifications, experience and financial responsibility which are necessary and adequate to fulfill the obligations of the Developer with respect to the portion of the District Project and/or this Agreement being transferred. The City hereby understands and agrees that any approval of the City's governing body pursuant to the prior sentence shall release Developer from the obligations set forth in this Agreement. Any proposed assignee shall, by instrument in writing, for itself and its successors and assigns, and expressly for the benefit of the City, assume all of the obligations of the Developer under this Agreement and agree to be subject to all the conditions and restrictions to which the Developer is subject (or, in the event the transfer is of or relates to a portion of the TDD Project, such obligations, conditions and restrictions to the extent that they relate to such portion). The Developer agrees, at Developer’s cost, to promptly record all assignments in the office of the Department of Records and Tax Administration of ▇▇▇▇▇▇▇ County, Kansas, in a timely manner following the execution of such agreements. The City shall provide written notice to the Secretary of any assignment approved by the City under this section.