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7.2. Release upon Transfer. <br /> Upon the Transfer of Developer's rights and interests under this Development Agreement <br /> pursuant to Section 7.1, Developer shall automatically be released from its obligations and <br /> liabilities under this Development Agreement with respect to that portion of the Property <br /> transferred, and any subsequent default or breach with respect to the Transferred rights and/or <br /> obligations shall not constitute a default or breach with respect to the retained rights and/or <br /> obligations under this Development Agreement,provided that(i) Developer has provided to City <br /> written notice of such Transfer, and(ii)the transferee executes and delivers to City a written <br /> agreement in which (a)the name and address of the transferee is set forth and(b)the transferee <br /> expressly and unconditionally assumes all of the obligations of Developer under this <br /> 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 /> 25 <br />