Ord04 2265 - Laserfiche WebLink

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3.02 Agreement Runs with the Land. All of the provisions, rights, terms, covenants, and obligations contained in this Agreement shall be binding upon the parties and their respective heirs, successors and assignees, representatives, lessees, and all other persons acquiring the Property, or any portion thereof, or any interest therein, whether by operation oflaw or in any manner whatsoever. All of the provisions of this Agreement shall be enforceable as equitable servitude and shall constitute covenants running with the land pursuant to applicable laws, including, but not limited to, Section 1468 of the Civil Code of the State of California. Each covenant to do, or refrain from doing, some act on the Property hereunder, or with respect to any owned property, (a) is for the benefit of such properties and is a burden upon such properties, (b) runs with such properties, and (c) is binding upon each party and each successive owner during its ownership of such properties or any portion thereof, and shall be a benefit to and a burden upon each party and its property hereunder and each other person succeeding to an interest in such properties. ARTICLE 4: DEFAULT 4.01 Developer's Right to Terminate. The Developer may, in its sole discretion, determine not to proceed with the Project or remaining portions thereof, provided that Developer's decision not to proceed shall not relieve Developer of any obligation previously incurred under this Agreement, except to the extent Developer's performance is affected by the City's breach of one or more material provisions of this Agreement. 4.02 Events of Default. Subject to any extensions of time agreed upon by the mutual written consent of City and Developer, and subject to any Enforced Delays as provided in Section 7.04 any failure by either Developer or City to perform any material term or provision of this Agreement shall constitute an Event of Default and shall entitle the nonbreaching party to terminate this Agreement ifit so elects (i) if such defaulting party does not cure such failure within thirty (30) days following written notice of default from the other party, where such failure is of a nature that can be cured within such thirty (30) day period, or (ii) if such failure is not of a nature that can be cured within such thirty (30) day period, the defaulting party does not within such thirty (30) day period commence substantial efforts to cure such failure, or thereafter does not within a reasonable time prosecute to completion with diligence and continuity the curing of such failure. Any notice of default given hereunder shall be in writing and shall specify in detail the nature of the failure in performance which the noticing party claims constitutes the Event of Default and the manner in which such Event of Default may be satisfactorily cured in accordance with the terms and conditions of this Agreement. During the periods herein specified for cure of a failure of performance: (1) the party charged therewith shall not be considered to be in default for purposes of termination of this Agreement or institution of legal proceedings with respect thereto; and (2) the City shall not be obligated to issue building permits or other approvals, but shall consider 1289\02\ 175277 .12 9