RecDoc 2016-063770 City Center Plaza

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1 v , q (2) if a Party fails to raze Improvements in accordance with Section S, the Patty performing such razing may recover the costs incurred far such razing from the Party failing to so perform; (3) Any Party may recover the costs of enforcing the provisions of this Section 17.4, including but not limited to reasonable attorneys' fees; , (4) A Party shall: (a) commit a default of its Restoration obligations or shall have failed to . insure the Improvements in accordance with Article 8 hereof and as result of said failure to insure shall not , receive insurance proceeds to complete required Restoration of the Improvements and (b) determine not to commence and complete Restoration of the Improvements as required pursuant to Article S hereof, the other party may at its election recover from the defaulting party damages equal to the amount that should have been payable had the required insurance been in place; and- . • (5) In the event and to the extent any Patty misappropriates insurance proceeds in violation of thi, REA. 173 Na Pertnership, Joint Venture or Principal-Agent Relationship. Neither anything in this REA nor . any acts of the Parties shalt be deemed by the Parties, or by an any third Person, to create the relationship of . principal and agent, or of partnership, or of joint venture, ur of any association between the Parties and no provisions of this REA are intended to create or constitute any person n third party beneficiary hereof. t '17.6 Successors. This REA shall be binding upon and inure to the benefit of the respective successors and assigns of the Parties. . •, en • ' Cr: I .. . 17.7 Sevcrability. 11 tiny provision of this REA shall to any extent be invalid or unenforceable, the • remainder of this RF_A (or the application of such provision i ) Persons or circumstances other than those in . y r , respect of which it is invalid or unenforceable) shall not be affected thereby. CD 17.8 Governing Laws. This REA shall be construed and governed in accordance with the laws of the . .Ar r - tV • State of California. , , . 17.9 Release, if a Party or other Person obligated to comply with any provisions"of this REA sells. •i transfers or otherwise conveys its Parcels or any part thereof or interest therein,such Patty or Person shall. as respects the Parcel or pan thereof so conveyed, be released from all obligations to thereafter comply with this s REA provided: (1) It gives notice to the other Panics of its sale, transfer or other conveyance promptly after' )' i I the filing for record of the instrument effecting the sumo; , • i (2) All amounts from any insurance pmceeds or condemnation awards required to be used as • , provided in this REA are set aside ind committed for such use. or are transferred to the grantee under such sate. i • transfer or other conveyance: and _ • . (3) Such Party or Person delivers to the other.Parties an instrument signed by its grantee in I recordable form shut acknowledges such grantee's assumption of the duties, responsibilities and obligations imposed on such party or Person by this REA and assumed by-such grantee, which instrument must be'in a form. I reasonably satisfactory to said other Panics. Notwithstanding such Party's or Pcrson's failure to provide the • • other Panics with the document described above in this Subparagraph. the'grantce of any sale, transfer or other • conveyance of Stich Parcel or Property. or any pan hereof, shall be deemed to have automatically assumed all ,, provisions of this REA that such Putty or Person was theretnfore obligated to perform. • ' Nothing, however, relieves a Party of obligations arising before such transfer. 17.1f) Covenants Run with the Lund. It is intended that the covenants, easements, agreements. ` I I 'r ' L • . . . • . . .. . - .. • - �