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SECTION 12: PERFORMANCE FINANCIAL ASSURANCE The City may request the Property Owner to provide a performance bond, security or other appropriate financial assurance providing for the maintenance of the stormwater treatment measure(s) and HM controls (if any) pursuant to the City's ordinances, guidelines, criteria or written direction. SECTION 13: TRANSFER OF PROPERTY This Agreement shall run with the title to the land. The Property Owner further agrees whenever the Property is held, sold, conveyed or otherwise transferred, it shall be subject to this Agreement which shall apply to, bind and be obligatory to all present and subsequent owners of the Property. SECTION 14: SEVERABILITY The provisions of this Agreement shall be severable and if any phrase, clause, section, subsection, paragraph, subdivision, sentence or provision is adjudged invalid or unconstitutional by a court of competent jurisdiction, or the applicability to any Property Owner is held invalid, this shall not affect or invalidate the remainder of any phrase, clause, section, subsection, paragraph, subdivision, sentence or provision of this Agreement. SECTION 15: RECORDATION This Agreement shall be recorded by the Property Owner, or by the City by mutual agreement, within 15 days after the execution date of this Agreement as stated above among the deed records of the County Recorder's Office of the County of Alameda, California at the Property Owner's expense. SECTION 16: RELEASE OF AGREEMENT In the event that the City determines that the stormwater treatment measures and/or HM controls (if any) located on the Property are no longer required, then the City, at the request of the Property Owner, shall execute a release of this Inspection and Maintenance Agreement, which the Property Owner, or the City by mutual agreement, shall record in the County Recorder's Office at the Property Owner's expense. The stormwater treatment measure(s) and/or HM controls (if any) shall not be removed from the Property unless such a release is so executed and recorded. SECTION 17: EFFECTIVE DATE AND MODIFICATION This Agreement is effective upon the date of execution as stated at the beginning of this Agreement. This Agreement shall not be modified except by written instrument executed by the City and the Property -Owner at the time of modification. Such modifications shall be effective upon the date of execution and shall be recorded. 5 K:\OAK LDEV\197051001 -Williams Street -DCT San Leandro\KHA Reports & Documents\Stormwater\O&M\O&M Agreement_Williams.doc