Partial Assignments. The Developer may assign this Agreement, including the benefits and obligations thereof, with respect to any portion of the Site comprising no less than twenty (20) acres, provided (i) the assignee is the purchaser of the portion of the Site (the “Transferred Portion”) to which the assignment pertains, and (ii) the Developer and the assignee deliver to the School District and the City an assignment and assumption agreement wherein the assignee assumes the obligations of the Developer with respect the Transferred Portion. For avoidance of doubt, (a) the assignee's obligations will include payment of the Developer Contribution with respect to the Transferred Portion (or, as may be agreed by the Developer and the assignee, so long as the entire Estimated Developer Contribution is paid and the School District is provided an accounting of the funding), (b) if the assignment occurs after the passage of the applicable Phase I TIF Ordinance and payment of the amount due pursuant to Section 5(a) above, the assignee shall not be responsible for the payment of the Estimated Developer Contribution described in Section 5a above, and (c) the covenant and agreement regarding a minimum investment of $75,000,000 will remain an aggregate obligation of the Developer and assignee.
Appears in 2 contracts
Sources: Compensation Agreement, Compensation Agreement