Reso 2022-062 Vacation of Easement at 960 San Leandro Boulevard

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derived by the Agency from the Property or pan thereof in connection with such management), all taxes, assessments and water or sewer charges with respect to the Property or part thereof which the Developer has not paid, any payments trade or necessary to be trade to discharge any encumbrances or (tens existing on the Property or pan thereof at die utne or revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer, its successors or transferees, any expenditures made or obligations incurred with respect to the making or completion of the improvements or any part thereof on the Property, or pan thereof; and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then 11 Second, to reimburse the Agency anidlor City for costs incurred in maintaining, managing, and lo.ating and retaining a matmeriance company (or governmental agency, such as the City, including a reasonable allocation of its Wanes and overhead) to maintain the Adjacent City Property, [it Third, to repay any outstanding loans or other obligations owed by Developer to the City and/or die Agency; Iv Fourth, to the Developer up to the sum of the amount paid to the Agency for the Property and the reasonable cost of the improvements Developer has placed on the portion of the Property reverting to the Agency; and v Fifth, any balance to the Agency. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this Section 7 are not intended to be exclusive of any other right, power or remedy, but each and every such nght, power, and remedy shall be cumulative and concurrent and shall be in add.tnon to any other nght, power and remedy authorized hetem or now or hereafter existing at law or in ixryrty. These rights are to be interpreted in light of lice fact that the Agency will have conveyed the Property to the Developer for redevelopment purposes, particularly for development and operation of a Conforming Office Facility and not for speculation in undeveloped land 8. Violations Do Not Impair Letts. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in tins Grant Deed shall defeat or render invalid or in any way Impair die lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4 of this Grant Deed; provided, however, that airy subsequent owner of the Property shall be bound by stu:h remaining covenants, conditions, restrictions, limitations and provisions, whether such owines tide was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise 9. Covenants Rim With Land. All covenants contained in tins Gram Deed shall be covenants running with the land All of Developer's obligations hereunder except as provided hereunder shall temunate and shall remain in effect until July 5, 2028 (the termination of the Redevelopment Plan) Everyovenant contained in tins Grant Deed against discrimination contained in paragraph 5 of this Grant Deed shall remain in effect in perpetuity 10. Covenants For Benefit of Agency. All covenants without regard to technical classification or designation shall be binding for the benefit of the Agency, and such covenants shall C-9 DOCSOC\746 W 1 v4W258 0002