RecD96 1996-123535 - Laserfiche WebLink

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2. Mortgagee Protection. No violation or breach of the covenants, agreements and restrictions contained in this Agreement shall affect or impair the liens or rights of the holder of a First Mortgage (as hereinafter defined) given in good faith and for value which is now or in the future recorded against Lot Ai provided, however, that the purchaser at a foreclosure sale or other party taking title to Lot A shall be bound by this Agreement and the covenants, agreements and restrictions set forth herein from and after the date it acquires title to Lot A. This Agreement shall be senior to the security interest under the First Mortgage. The term "First Mortgage" shall mean any duly recorded mortgage or deed of trust encumbering Lot A that has priority under the California recording statutes over all other mortgages or deeds of trust encumbering the same real property. <0 0') 3. Binding Effect and Governing Law. The covenants, agreements and restrictions set forth in this Agreement constitute covenants running with the land and shall be binding upon the parties hereto and their respective successors and assigns. This Agreement shall be governed and construed in accordance with the laws of the state of California. N (...) U1 (...) U1 IN WITNESS WHEREOF, THIS AGREEMENT is executed as of the date and year first above written. "GRANTOR": REDWOOD SHORES PROPERTIES, a California joint venture general partnership By: KG SHORES CORPORATION, a California corporation, its genera partner By: By: KG PENINSULA SHORES CORPORATION, a California corporation, its genera partner By: "GRANTEE": E:\RE\70140\O62\ESMT3.WPD 2