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f • • 3. [Section 107] The Agreement The Agreement is this Agreement between the Agency and Participant and all references to sections, paragraphs, exhibits or addenda shall mean the sections, paragraphs, exhibits or addenda of this Agreement. E. [Section 108] Parties to the Agreement 1. [Section 109] The Agency The Agency is a public body corporate and politic, organized and existing under the Community Redevelopment Law of the State of California. The office of the Agency is located at City Hall, 835 East 14th Street, San Leandro, California 94577. 2. [Section 110] The Participant The Participant is a party to a purchase and sale agreement to acquire the Site and at the close of said purchase shall qualify as an owner participant as that term is used in the Plan and in the California Community Redevelopment Law. II. [Section 200] PROPERTY OWNERSHIP A. [Section 201] Existing Property Ownership Participant is a party to a purchase and sale agreement to acquire the Site and develop it pursuant to this Agreement. The Agency agrees that once Participant gains ownership in the Site, Participant may retain ownership for uses specified in this Agreement and in the Plan. B. [Section 202] Assignment and Sale Participant may assign this Agreement and transfer or sell the Site without the approval of the Agency to any third party; provided any assignee, transferee or purchaser shall agree to be bound in writing by all of the terms and conditions of this Agreement. Upon assignment, sale or transfer, Participant shall be relieved of any further responsibility under this Agreement with respect to such transferred property. Participant shall promptly notify the Agency of any proposed assignment, sale or transfer of the Site and shall advise any prospective purchaser or transferee of the terms of this Agreement. C. [Section 203] Waiver of Right of Eminent Domain by Agency The Agency desires at this time to forego its legal right to acquire the Site by eminent domain to enable the Participant to use the Site in accordance with the Plan. This waiver applies only to development in accordance with the current provisions of the Plan. Should the Plan be amended in the future to modify permissible uses or change development standards then this waiver shall be of no force and effect. Participant and Agency each agree to join in and record any agreements, restrictions, and covenants to be imposed upon the use of the Site Owner Participation Agreement Page 2 of 9