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7.2.D. - Page 20 <br /> five years of the Effective Date, and (vi) waive and release any claims against each other with <br /> respect to the Right -of -Way Improvements. <br /> V. The City Council expressly finds that this Agreement between the City and the <br /> Property Owners represents a fair compromise that provides some level of benefit to all Parties <br /> and the general public. Specifically, Property Owners would pay up -front fees and move <br /> forward with the development of the Property authorized by the Planning Commission; City <br /> would receive funds to be applied toward the future improvement of Alameda de las Pulgas; and <br /> the affected property owners along Alameda de las Pulgas would get the sidewalk and right -of- <br /> way improvements they were promised at the time of annexation. <br /> W. The City Council considered this Agreement at a duly noticed public meeting on <br /> July 28, 2014. <br /> AGREEMENT <br /> In this factual context and intending to be legally bound, the Parties agree as follows: <br /> ARTICLE 1 <br /> GENERAL PROVISIONS <br /> 1.1 Incorporation of Recitals. <br /> The foregoing recitals are true and correct and are hereby incorporated into and expressly form a <br /> part of this Agreement. <br /> 1.2 Property Description and Binding Covenants. <br /> The Property is described in Exhibit A. Property Owners represent that they have a legal or <br /> equitable interest in the Property. The Parties expressly intend and have determined that the <br /> provisions of this Agreement shall constitute covenants that shall run with the Property, and the <br /> burdens and benefits hereof shall bind and inure to all successors in interest to the parties hereto <br /> as more fully provided in Section 8.4 below. <br /> 1.3 Waiver of Provisions. <br /> No waiver of any provision of this Agreement shall be effective unless in writing and signed by a <br /> duly authorized representative of the Party against whom enforcement of a waiver is sought. No <br /> waiver of any right or remedy in respect of any occurrence or event shall be deemed a waiver of <br /> any right of remedy in respect of any other occurrence or event. <br /> ATTY /AGR/2014.125/ ROW IMPROVEMENT AGREEMENT— ALAMEDA DE LAS PULGAS <br /> REV: 07 -21 -14 VR <br /> Page 4 of 15 <br />