Common use of Purpose of Restrictions on Transfer Clause in Contracts

Purpose of Restrictions on Transfer. This Agreement is granted to Developer solely to develop the Project and its subsequent use according to the terms hereof, and not for speculation in landholding. Developer recognizes that, in view of the importance of developing the Project to the general welfare of the City and the general community, the Developer’s qualifications and identity are of particular concern to the community and the City. Accordingly, ▇▇▇▇▇▇▇▇▇ acknowledges that it is because of such qualifications and identity that the City is entering into this Agreement with Developer, and, in so doing, the City is further willing to accept and rely on the Developer’s obligations for faithfully performing all its undertakings and covenants.

Purpose of Restrictions on Transfer. This Agreement Lease is granted to Developer solely to develop the Project and its subsequent use according to the terms hereof, and not for speculation in landholding. Developer recognizes that, in view of the importance of developing the Project to the general welfare of the City and the general community, the Developer’s qualifications and identity are of particular concern to the community and the City. Accordingly, ▇▇▇▇▇▇▇▇▇ Developer acknowledges that it is because of such qualifications and identity that the City is entering into this Agreement Lease with Developer, and, in so doing, the City is further willing to accept and rely on the Developer’s obligations for faithfully performing all its undertakings and covenants.