RecD04 2004-176824 - Laserfiche WebLink

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Section 10. Covenants Running with the Land. a. The covenants and restrictions in favor of the Developer contained herein shall be burdens running with the land upon Parcel B, shall run with and for the benefit of Parcel A, and shall be binding upon the successors and assigns of the City in accordance with California Civil Code Sectionl468. Upon acceptance of an interest in Parcel B, each owner of all or any portion of, or any interest in Parcel B shall be deemed to have assumed the duties of the City hereunder. b. The covenants and restrictions in favor of the City and/or the Agency contained herein shall be burdens running with the land upon Parcel A, shall run with and for the benefit of Parcel B, and shall be binding and enforceable upon the successors and assigns of the Developer in accordance with California Civil Code Section 1468. Upon acceptance of an interest in Parcel A, each owner of all or any portion of, or any interest in Parcel A shall be deemed to have assumed the duties of the Developer hereunder. Section 11. Limitations on Persons Who Can Enforce. Except as set forth in this section, the parties each hereby acknowledge and agree that no tenant, occupant, or any other person or entity except the parties to this Agreement shall have the right to enforce any easement or other rights or interests created under this Agreement; provided, however, that if any person or entity succeeds to all or any portion of a party's interest in or to Parcel A or Parcel B, as applicable, then such person or entity shall be entitled to enforce such easement, rights and interests. It is agreed that the City may enforce any rights hereunder granted to the Agency and the Agency may enforce any rights hereunder granted to the City. Notwithstanding the foregoing, it is agreed that Century Theaters, Inc. shall be a third party beneficiary of this Agreement and may enforce the Developer's rights hereunder. It is agreed that in the event that Center Theaters, Inc. and the Developer should disagree as to any right asserted under this Agreement, Century Theaters, Inc. shall have sole standing to assert the rights of the Developer under this Agreement, and the City is released from any liability to the Developer as a result thereof. Section 12. Default and Enforcement. In the event of a default by any party to this Agreement, or any successor to any party, the non-defaulting party may give notice in accordance with the provisions of this Agreement specifying the nature of the default, and if said default is not cured within thirty (30) days, or if a longer time is reasonably required to cure said default then if the cure is not commenced and diligently pursued to completion, then the non-defaulting party may pursue any remedy available at law or equity against the defaulting party, including, without limitation, specific performance and/or injunctive relief. Notwithstanding any language in this section to the contrary, if the breach materially affects the non-defaulting party's use or operation of its respective parcel, the non-defaulting party may seek injunctive relief or specific performance on twenty-four (24) hours notice. In the event of a declaration of default by the City, the City agrees to provide notice thereof to any lender with a recorded interest against Parcel REDW\0002\007 -9PREF. DOC 6\25\04 1130 law 12