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Sectiou 6. Severabilitv. If any part of this Agreement is held to be illegal or <br /> unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall be <br /> given effect to the fullest extent reasonably possible. <br /> Section 7. Successors and Assiens. This Agreement shall be binding upon and inure to <br /> the benefit of the successors and assigns of the parties hereto, including any purchaser of the <br /> property within the CFD currently owned by the Property Owners. <br /> Section 8. Limited Liabilitv of District. The City, no member of the City Council, or <br /> City staff inember, employee or agent shall incur any liability whatsoever to the Property <br /> Owners or any other party in their individual capacities by reason of Iheir execution hereof or <br /> any subsequent action or inaction by all or any of them. <br /> Section 9. Counterparts. This Agreement may be executed in counterparts, each of <br /> which shall be deemed an original. <br /> Section 10. Term. This Agreement shall terminate and be of no further force or effect <br /> in the event the Refunding Bonds are not issued on or before Mareh 15, 2012; provided, the <br /> provisions of Section 8 hereof shall survive the termination of this Agreement. <br /> [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] <br /> 3 <br /> ATTV/AGR/2011.119/REDWOOD (PACIFIC SHORES) REFUNDING AGREEMENT.DOC <br /> 102511 <br />