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(a)Effective Date. Following the approval by the Parties of this Agreement, <br />this Agreement shall be in full force and effect and be legally binding upon each Party as <br />of the date first set forth above. <br />(b)Time of the Essence. Time is of the essence under this Agreement. If the <br />last day permitted or the date otherwise determined for the performance of any act <br />required or permitted under this Agreement falls on a Saturday, Sunday or legal holiday, <br />the time for performance shall be the next succeeding weekday that is not a holiday, <br />unless otherwise expressly stated. <br />(c)Parties Interested Herein. Nothing expressed or implied in this Agreement <br />is intended or shall be construed to confer upon, or to give to, any person other than the <br />City, LRC, and Property Owner, any right, remedy, or claim under or by reason of this <br />Agreement or any covenants, terms, conditions, or provisions hereof, and all the <br />covenants, terms, conditions, and provisions in this Agreement by and on behalf of the <br />City, LRC and Property Owner shall be for the sole and exclusive benefit of the City, <br />LRC and Property Owner. The covenants, terms, conditions, and provisions contained <br />herein and all amendments of this Agreement shall inure to and be binding upon the <br />heirs, personal representatives, successors and assigns of the Parties hereto, provided that <br />any assignment has been consented to as provided by Section 8(d) hereof. <br />(d)Assignment. Except for an assignment to, and assumption by, a single <br />entity that is a wholly owned and controlled subsidiary of Property Owner, Property <br />Owner shall not assign its rights or obligations (in whole or in part) under this Agreement <br />without the prior written consent of the City and LRC.The assignee must specifically <br />14 <br />25 <br />