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9. Term. This Agreement shall remain in effect through the fiftieth (50`h) <br /> anniversary of the Effective Date. Upon the termination of this Agreement, the Parties <br /> agree to execute and record appropriate instruments to release and discharge this <br /> Agreement; provided, however, the execution and recordation of such instruments shall <br /> not be necessary or a prerequisite to the termination of this Agreement upon the <br /> expiration of the term. <br /> 10. Binding Upon Successors; Covenants to Run with the Land. Owner hereby <br /> subjects its interest in the Property and the Project to the covenants and restrictions set <br /> forth in this Agreement. The City and Owner hereby declare their express intent that <br /> the covenants and restrictions set forth herein shall be deemed covenants running with <br /> the land and shall be binding upon and inure to the benefit of the heirs, administrators, <br /> executors, successors in interest, transferees, and assigns of Owner and City, regardless <br /> of any sale, assignment, conveyance or transfer of the Property, the Project or any part <br /> thereof or interest therein. Any successor-in-interest to Owner, including without limitation <br /> any purchaser, transferee or lessee of the Property or the Project (other than the <br /> tenants of the retail/commercial space within the Project) shall be subject to all of the <br /> duties and obligations imposed hereby for the full term of this Agreement. Each and <br /> every contract, deed, ground lease or other instrument affecting or conveying the <br /> Property or the Project or any part thereof, shall conclusively be held to have been <br /> executed, delivered and accepted subject to the covenants, restrictions, duties and <br /> obligations set forth herein, regardless of whether such covenants, restrictions, duties and <br /> obligations are set forth in such contract, deed, ground lease or other instrument. If any <br /> such contract, deed, ground lease or other instrument has been executed prior to the <br /> date hereof, Owner hereby covenants to obtain and deliver to City an instrument in <br /> recordable form signed by the parties to such contract, deed, ground lease or other <br /> instrument pursuant to which such parties acknowledge and accept this Agreement and <br /> agree to be bound hereby. Owner agrees for itself and for its successors that in the <br /> event that a court of competent jurisdiction determines that the covenants herein do not <br /> run with the land, such covenants shall be enforced as equitable servitudes against the <br /> Property and the Project in favor of City. <br /> 11. Recordation: Subordination. This Agreement shall be recorded in the Official <br /> Records of Alameda County. Owner hereby represents, warrants and covenants that <br /> with the exception of easements of record, absent the written consent of City, this <br /> Agreement shall not be subordinated in priority to any lien (other than those pertaining to <br /> taxes or assessments), encumbrance, or other interest in the Property or the Project. If at <br /> the time this Agreement is recorded, any interest, lien, or encumbrance has been <br /> recorded against the Project in position superior to this Agreement, upon the request of <br /> City, Owner hereby covenants and agrees to promptly undertake all action necessary to <br /> clear such matter from title or to subordinate such interest to this Agreement consistent <br /> with the intent of and in accordance with this Section 7, and to provide such evidence <br /> thereof as City may reasonably request. Notwithstanding the foregoing, the City agrees <br /> that it will not withhold consent to reasonable requests for subordination of this <br /> 1888625.2 5 <br />