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8. Binding Effect of Contract. Owner hereby subjects the Historic Property to the <br />covenants, reservations and restrictions as set forth in this Contract. City and Owner hereby <br />declare their specific intent that the covenants, reservations and restrictions as set forth herein <br />shall be deemed covenants running with the land and shall pass to and be binding upon <br />Owner's successors and assigns in title or interest to the Historic Property. Each and every <br />contract, deed or other instrument hereinafter executed, covering or conveying the Historic <br />Property, or any portion thereof, shall conclusively be held to have been executed, delivered <br />and accepted subject to the covenants, reservations, and restrictions expressed in this Contract <br />regardless of whether such covenants, reservations, and restrictions are set forth in such <br />contract, deed or other instrument. <br />City and Owner hereby declare their understanding and intent that the burden of the <br />covenants, reservations and restrictions set forth herein touch and concern the land in that <br />Owner's legal interest in the Historic Property is rendered less valuable thereby. City and <br />Owner hereby further declare their understanding and intent that the benefit of such covenants, <br />reservations and restrictions touch and concern the land by enhancing and maintaining the <br />historic characteristics and significance of the Historic Property for the benefit of the public and <br />Owner. <br />9. Binding On Successors In Interest. All of the Contracts, rights, covenants, <br />reservations and restrictions contained in this Contract shall be binding upon and shall inure to <br />the benefit of the parties herein, their heirs, successors, legal representatives, assigns and all <br />persons acquiring any part or portion of the Historic Property, whether by operation of law or in <br />any manner whatsoever. <br />10. Indemnification. Owner shall indemnify, defend, and hold harmless the City of <br />Redwood City and all of its boards, commissions, committees, departments, agencies, agents <br />and employees (for purposes of this Section 10, individual and collectively, "City") from and <br />against any and all liabilities, losses, costs, claims, judgments, settlements, damages, liens, <br />REV: 08-27-2021 SK <br />