Laserfiche WebLink
36. Authoritv. Each party executing this Agreement on behalf of a party represents and <br />warrants that such person is duty 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 />37. Time is of the Essence. Time is of the essence of this Agreement and of each and every <br />term and condition hereof. <br />38. Joint and Several Liabilitv. The parties agree that Property Owner and Lessee shall be <br />jointly and severally liable under this Agreement. Notwithstanding the foregoing, the parties acknowledge <br />and agree that the relationship between Property Owner and Lessee is strictly that of landlord and <br />tenant under the Ground Lease described in Recital B and this Agreement shall not be construed as <br />to create or imply any agency or joint venture relationship between Property Owner and Lessee. <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. <br />[Signature Page Follows] <br />REV: 0831.17 PR <br />Page 12 of22 <br />ATTY/AGR.2017.195/Lane - Broadway, LLC - IA <br />