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Developer's failure to commence or complete construction of the Project within the time <br />periods set forth in Section 2 above, Developer's transfer of the Property in violation of <br />the Agreement, and the occurrence of certain other events of default, as more <br />particularly described in the Agreement. <br />4. Restrictions on Transfer. The Agreement further provides that (i) except as <br />permitted by the Agreement, Developer shall not voluntarily or involuntarily make or <br />attempt any total or partial sale, transfer, conveyance, assignment or lease of the whole <br />or any part of the Property or the Project without the prior written approval of the City; <br />and (ii) any transferee of all or part of the Property shall be subject to and shall <br />expressly assume all of the covenants, obligations and restrictions of the Agreement <br />which pertain to the portion of the Property transferred, including without limitation, the <br />provisions of the Regulatory Agreement. <br />5, Agreement Controls. The Parties have executed and recorded this instrument to <br />give notice of the Agreement and the respective rights of the Parties thereunder. <br />Copies of the unrecorded Agreement are available at the offices of the City, 1017 <br />Middlefield Road, Redwood City, CA 94063, and such document is incorporated by <br />reference in its entirety in this Memorandum. This Memorandum is solely for recording <br />purposes and shall not be construed to alter, modify, amend or supplement the <br />Agreement. In the event of any inconsistency between this Memorandum and the <br />Agreement, the Agreement shall control. <br />6. Interpretation; Counterparts, This Memorandum shall be interpreted and <br />enforced in accordance with California law without regard to principles of conflict of <br />laws. This Memorandum may be executed in counterparts, each of which shall be an <br />original and all of which together shall constitute one instrument. <br />7. Binding Effect. The Agreement shall bind and inure to the benefit of the Parties <br />and their respective successors and assigns, subject to the provisions of the Agreement <br />concerning assignment. <br />SIGNATURES ON FOLLOWING PAGE <br />ATY/AGR/2417.218/RWC — BRADFORD — DDA <br />REV, 09-18-17 VR <br />Page 58 of 94 <br />