Common use of Special Purpose Entities Clause in Contracts

Special Purpose Entities. The Village acknowledges that Developer will not actually be the title holder of the Development Parcel, that certain special purpose entities shall be utilized by Developer to own and finance the Development Parcel and that Developer shall have the right to assign to one or more of such entities rights and obligations hereunder, but no assignment shall relieve Developer of any obligation to Village. In connection therewith, it is contemplated that title to the Development Parcel shall be held in entities tentatively called Bradford Westmont 1 LLC and Bradford Westmont 3 LLC, and that Bradford Westmont 1 LLC will in turn ground lease its portion of the Development Parcel to an entity tentatively called Bradford Westmont 2 LLC, which in turn executed the Lease as landlord. In no event may any such entity be owned directly or indirectly by Persons other than officers and employees of Developer or its affiliates or their respective family members.