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7.3.A. - Page 14 <br /> 37. Authority. Each party executing this Agreement on behalf of a party represents and <br /> warrants that such person is duly and validly authorized to do so on behalf of the entity it purports to bind <br /> and if such party is a partnership, corporation or trustee, that such partnership,corporation or trustee has <br /> full right and authority to enter into this Agreement and perform all of its obligations hereunder, <br /> 38. Time is of the Essence, Time is of the essence of this Agreement and of each and every <br /> term and condition hereof. <br /> 39. Runs with the Land, Recordation. This Agreement pertains to and shall run with the <br /> Property. Upon execution, this Agreement shall be recorded in the Official Records of San Mateo <br /> County. Upon completion of performance and satisfaction by Developer of its obligations under this <br /> Agreement,including warranty obligations, a written statement shall be recorded by City in the Official <br /> Records of San Mateo County terminating this Agreement and releasing all of the Property. The recorded <br /> written statement does not release the parties from obligations that survive termination of the Agreement, <br /> including indemnification. Prior to termination of this Agreement, City shall be required to deliver to <br /> Developer and or its lenders a written statement or estoppel certificate setting forth that there are no <br /> defaults under this Agreement to the knowledge of the City, or if there are defaults, setting out the <br /> specifics of each default. <br /> [Signature Page Follows] <br /> • <br /> ATTY/AGRI2012.06512580 ECR(URBAN HOUSING)SUBDIVISION IMPROVEMENT AGREE IIENT <br /> REV:06-05-12 VR <br /> Page 12 of 16 <br />