Common use of Assignment to Third Party Clause in Contracts

Assignment to Third Party. Subject to the terms of this Section 7.1.2, Owner shall have the right to sell or transfer the Property, and assign its interests in this Agreement, to a non-affiliate third party (any of the foregoing, a “Transfer”). Not less than sixty (60) days prior to any Transfer, Owner shall notify City, in writing, of the proposed Transfer, and shall provide to City an assignment and assumption agreement pursuant to which the transferee will agree to assume all of the obligations of Owner hereunder for review and approval by City, such approval not to be unreasonably withheld, conditioned or delayed. The proposed transferee shall meet with City’s Director of Community Development regarding the implementation of the affordable housing obligations hereunder prior to the City countersigning or otherwise approving any such assignment and assumption agreement. Notwithstanding the foregoing, Owner shall not be required to obtain City’s prior written approval for each individual lease entered into between Owner and a tenant of a Unit during the Total Density Bonus Agreement Term (so long as Owner complies with the terms and conditions of this Agreement and the form of the lease for Affordable Units complies with the Regulatory Agreement).