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� <br /> I <br /> 6.1.J. - Page 15 <br /> 37. Authori , Each party executing this Agreement on behalf of a party represents and <br /> warrants that such person is duly and validly authorized to do so on behalf of the sntity it purports to bind <br /> and if such party is a partners�ip, corporation or trustee, that such partnarship, carporation or trustee has <br /> full right and authority to enter i�to this Agreement and pei�or� all af its obligations hereunder, <br /> 38. Time is af the Essence. Time is of the essence of this Agreement and of each and every <br /> term and condition hereo£ <br /> 39. Runs with the Land; Recordation. This Agreement pertains to and shalt rt�n with the <br /> Property. Upon execution, this Agreement sha�l be recorded in the Of�cial Records of San Matea <br /> County. Upon completion o�' perfo�nance and satisfaction by Deveioper of its obligations under this <br /> Agreement, including warra�ty obiigations, a written statement shall be recorded by City in the Official <br /> Records of San Mateo County tei�ninating this Agreement and releasing all of the Properiy. Th�e recorded <br /> written statement doas not�•elease the parties from obligations that survive termination of the Agreement, <br /> inoluding indemnifieatian, Prior to terminatio� of this Agreerrient, City shall be required to deliver to <br /> Developer and or its lenders a written statement ar estappel certificate setting fot�th that there are no <br /> defaults under this Agrestt�ent to the knawledge of the City, or if thare are defaults, set�ing out the <br /> speciFics of eaeh defauit. <br /> �,�ignatu�e Page FollowsJ <br /> i <br /> ATTYlAGR12012.065l2580 ECR(IiRBAN HOU511VG)SUB�IVISEaN INlPROVENiEN7 AGRE�MElVT <br /> REV:E�B-05-12 VR <br /> Page 12 of 1fi <br />