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Development Agreement with respect to that portion of the Property transferred. Upon any <br /> transfer of any portion of the Property and the express assumption of Developer's obligations <br /> under this Agreement by such transferee, City agrees to look solely to the transferee for <br /> compliance by such transferee with the provisions of this Agreement as such provisions relate to <br /> the portion of the Property acquired by such transferee. A default by any transferee shall only <br /> affect that portion of the Property owned by such transferee and shall not cancel or diminish in <br /> any way Developer's rights hereunder with respect to any portion of the Property not owned by <br /> such transferee. The transferor and the transferee shall each be solely responsible for the <br /> reporting and annual review requirements relating to the portion of the Property owned by such <br /> transferor /transferee, and any amendment to this Agreement between City and a transferor or a <br /> transferee shall only affect the portion of the Property owned by such transferor or transferee. <br /> Failure to deliver a written assumption agreement hereunder shall not affect the running of any <br /> covenants herein with the land, as provided in Section 7.3 below, nor shall such failure negate, <br /> modify or otherwise affect the liability of any transferee pursuant to the provisions of this <br /> Development Agreement. <br /> 7.3. Covenants Run with the Land. <br /> All of the provisions, agreements, rights, powers, standards, terms, covenants and <br /> obligations contained in this Development Agreement shall be binding upon the Parties and their <br /> respective successors (by merger, reorganization, consolidation, or otherwise) and assigns, <br /> devisees, administrators, representatives, lessees, and all of the persons or entities acquiring the <br /> Property or any portion thereof, or any interest therein, whether by operation of law or in any <br /> manner whatsoever, and shall inure to the benefit of the Parties and their respective successors <br /> (by merger, consolidation or otherwise) and assigns. All of the provisions of this Development <br /> Agreement shall be enforceable as equitable servitudes and constitute covenants running with the <br /> land pursuant to applicable law, including but not limited to, Section 1468 of the Civil Code of <br /> the State of California. Each covenant to do, or refrain from doing, some act on the Property <br /> hereunder (i) is for the benefit of such Property and is a burden upon such Property, (ii) runs with <br /> such Property, (iii) is binding upon each Party and each successive owner during its ownership of <br /> such Property or any portion thereof, and (iv) each person or entity having any interest therein <br /> derived in any manner through any owner of such Property, or any portion thereof, and shall <br /> benefit the Property hereunder, and each other person or entity succeeding to an interest in such <br /> Property. <br /> ARTICLE 8. <br /> MORTGAGEE PROTECTION; CERTAIN RIGHTS OF CURE <br /> 8.1. Mortgagee Protection. <br /> This Agreement shall not prevent or limit Developer in any manner, at Developer's sole <br /> discretion, from encumbering the Property or any portion thereof or any improvement thereon by <br /> any mortgage, deed of trust or other security device securing financing with respect to the <br /> Property ( "Mortgage "). This Development Agreement shall be superior and senior to any lien <br /> placed upon the Property or any portion thereof after the date of recording this Development <br /> Agreement, including the lien of any Mortgage. Notwithstanding the foregoing, no breach <br /> hereof shall defeat, render invalid, diminish or impair the lien of any Mortgage made in good <br /> 20 <br />