Common use of GOVERNING BOARD APPROVAL Clause in Contracts

GOVERNING BOARD APPROVAL. The Parties understand and agree that this Agreement is subject to review and approval by the City Council for the City of Portland, and that the Parties shall have no obligation hereunder unless and until such approval is obtained, and the required ordinance is adopted and becomes effective. Specific procedures and timelines for approval and effective dates are set forth in City Charter Sections 2-120 through 2-124 and are incorporated here by reference. In the event the City Council for the City of Portland shall decline to approve this Agreement, this Agreement shall be null and void, all obligations hereunder shall cease and the Parties shall be returned to the status quo existing before February 3, 2025. The City shall submit this Agreement, and the proposed ordinance effectuating it, to the City Council for its approval within thirty (30) calendar days of the Parties’ agreeing on the final text of this Agreement, as indicated in writing by counsel for each party. In the event that the City Council fails to approve this Agreement within ninety (90) calendar days of presentation, either Party may give written notice to counsel for the other Party that it withdraws its agreement to this Agreement, in which case this Settlement Agreement shall immediately be null and void and all obligations hereunder shall cease. Should that happen, the litigation shall resume the status it held before February 3, 2025. The parties further understand and agree that this Settlement Agreement is subject to review and approval by the Prosper Portland Board of Commissioners, and that the Parties shall have no obligation hereunder unless and until such approval is obtained, and the required ordinance or resolution is adopted and becomes effective. In the event the Prosper Portland Board of Commissioners shall decline to approve this Settlement Agreement, this Settlement Agreement shall be null and void, all obligations hereunder shall cease and the Parties shall be returned to the status quo before February 3, 2025. Prosper shall submit this Agreement, and the proposed resolution effectuating it, to its Board of Commissioners for its approval within thirty (30) calendar days of the Parties’ agreeing on the final text of this Agreement, as indicated in writing by counsel for each party. In the event that the Board of Commissioners fails to approve this Agreement within ninety (90) calendar days of presentation, either Party may give written notice to counsel for the other Party that it withdraws its agreement to this Agreement, in which case this Agreement shall immediately be null and void and all obligations hereunder shall cease. Should that happen, the litigation shall resume the status it held before February 3, 2025.