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To Developer: 112 Vera Ave., L.P. <br />20750 Ventura Blvd., Suite 155 <br />Woodland Hills, CA 91364 <br />Attn: Lori Koester <br />Email: Ikoester@corpoffices.org <br />jhardt@icdemail.com <br />With a copy to: Palm Drive Associates, LLC <br />26050 Mureau Road <br />Calabasas, CA 91302 <br />Attn: General Counsel <br />To City: City of Redwood City <br />1017 Middlefield Road <br />Redwood City, California 94063 <br />Attn: City Manager <br />With a copy to: City of Redwood City <br />1017 Middlefield Road <br />Redwood City, California 94063 <br />Attn: City Attorney <br />14. Assignment by Developer. Developer may assign its obligations under this <br />Agreement only with the prior written approval of the City Manager. In connection with <br />any such assignment, Developer and its assignee will execute and deliver to City a written <br />assignment and assumption agreement in a form acceptable to City Attorney. <br />Notwithstanding the above, City hereby agrees and acknowledges that Owner's limited <br />partner shall have the right without consent of the City to (i) remove and replace the Owner's <br />general partners in the event of a default as set forth in the Owner's Amended and Restated <br />Agreement of Limited Partnership (the "Partnership Agreement"), and (ii) assign its limited <br />partner interest to any party as permitted under the Partnership Agreement. <br />15. Assignment by City. City may assign its rights and obligations under this <br />Agreement to a municipal services district or other public agency without Developer's <br />consent. <br />16. Covenant Running with the Land. This Agreement pertains to and runs with the <br />Property in perpetuity, and will be recorded against the Property at Developer's expense. <br />This Agreement binds the assigns and successors -in -interest of Developer, including any <br />transferee of a fee interest in any unit located within the Property. City and its successors <br />and assigns, in the event of any breach of this Agreement, will have the right to exercise <br />all of the rights and remedies, and to maintain any actions at law or suits in equity or other <br />proper proceedings against Developer or its permitted successors and assigns to enforce <br />the curing of such breach. <br />REV: 04-07-25 JB <br />