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development will occur on the northerly 50 feet of the Property; that the ground rent will generate a revenue stream which the Parties will share according to their percentage ownership interests as ~ tenants in common; that the development by the Private Party will be within the scope of permitted uses under the Ground Lease; that a competitive process will be used to select the Private Party; and that the Transit District will have continuing control over the transit relatedness of the Private Party's development under the terms of the Ground Lease. - 5.2 Approval of Principals and Transfers. During the term of this Agreement and until the conveyance of the Condominium interests to the Parties as contemplated by this Agreement, no Party will make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to their respective interests in this Agreement, the Condominium Agreement, or the Project or any part thereof or any interest therein, or any contract or agreement to do any of the same to a Private Party without prior written approval of the other Party. Each Party may require such information concerning the identity, financial resources, experience and reputation of the proposed principal or transferee (including the identity of the natural persons who are the owners of any proposed principal or transferee) as they dec,m necessary or appropriate. The Parties acknowledge and agree that, as governmental units exercising public powers and public trusts, the Parties must maintain the confidence of the public with respect to their undertakings and their relationships with third parties, and to that end the Parties shall have the right, in their sole and absolute discretion, to refuse to grant approval of any proposed principal or transferee for such reasons as they deem suf~cient notwithstanding that such proposed principal or transferee may have the experience and financial resources sufficient to participate in the construction and ownership of the Project Improvements as contemplated herein. Notwit stan ing anyt ing in t is ection . to t e contrary, t e ounty s ave t e ng t to grant a security interest reasonably necessary and beneficial to secure financing for the County Facilities. Such security interest sha11 be limited to the County's interest as a cotenant of the Real Property, the County's interest under this Agreement, under the General Construction Contract and under the other agreements to which the County is a party and which are related to the development ,contemplated herein. Such security interest shall provide that in the event of a foreclosure of the security interest, the secured party shall automatically become a party to this Agreement as if the secured party had been originally named herein in the County's place and stead, and that the District's rights under this Agreement shall be unimpaired and shall continue in full force and effect.~ SECTION 6. DEFAULT; REMEDIES 6.1 Default-Cure. (i) Default by County. The County shall be in default hereunder if it shall breach any of the provisions of this Agreement relating to the payment of money, whether by action or inaction, and such breach shall continue and not be remedied within two (2) business days after any other Party shall have given notice specifying the breach. With respect to defaults other than the payment of money, the County shall be in default hereunder if it shall breach any of the provisions of this Agreement whether by action or inaction, and such breach shall continue and not be remedied within sixty (60) days after any other Party shall have given notice specifying the breach; provided that if the other Party determines that such breach cannot with due diligence be cured within a period of sixty (60) days, it shall allow the County to cure such breach within such additional period of time as the other party shall specify in writing, and in any such event such breach shall not constitute a default hereunder so long as the County diligently proceeds to effect such cure and such cure is accomplished within such specified period of time granted by the other Party. Courthouse Square Development Agreement Page - 14