Agmt08 R.C. Peninsula Park, LLC - Laserfiche WebLink

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either case (i) Developer is not then in default under this Agreement, (ii) the transferee demonstrates to the reasonable satisfaction of the City that it has sufficient financial resources and development experience to complete the Developer's obligations for which it will become responsible and (iii) the transferee executes and delivers to City a written agreement in form acceptable to the City Community Development Director in which the name and address of the transferee is set forth, and the transferee expressly and unconditionally assumes all of the transferred obligations of Developer under this Agreement with respect to the Property, or portion thereof transferred. Failure to deliver a written assumption agreement hereunder shall not affect the running of any covenants with the land, nor shall such failure negate, modify or otherwise affect the liability of the transferee pursuant to the provisions of this Agreement. Any subsequent transfer, sale or assignment shall be subject to the provisions of this Article Three. 3.2 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 of law or in any manner whatsoever. All of the provisions of this Agreement shall be enforceable as equitable servitudes 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: DEVELOPMENT STANDARDS AND REQUIREMENTS 4.1 Compliance with State and Federal Law. Developer, at its sole cost and expense, shall comply with requirements of, and obtain all permits and approvals required by, regional, state and federal agencies having jurisdiction over the Project. 4.2 Prevailing Wage Requirements. (a) Developer acknowledges and agrees that all improvements to be constructed on public property ("Public Property Improvements"), including those identified in the Infrastructure and Financing Plan, constitute public works projects for which prevailing wages are required to be paid. Accordingly, Developer shall comply with, and shall cause its contractors and subcontractors to comply with all California Labor Code requirements and implementing regulations of the California Department of Industrial Relations pertaining to "public works" (collectively, "Prevailing Wage Laws"), including the payment of prevailing wages in connection with construction of the Public Property Improvements. Developer shall require the general contractor for the Public Property Improvements to submit to City, upon City's request, certified copies of payroll records, and to maintain and make available to City and its designees, payroll records for inspection and copying to ensure compliance with Prevailing A TTY / AGR/2008.0 13 022708 13