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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 entity it purports to bind <br /> and if such party is a partnership,corporation or trustee,t�►at such partnership,corporation or trustee has <br /> full right and authority to enter in#o this Agreement and pei�form all of its obligations hereunder. <br /> 38. Time is of the Essence, Time is of the essence of this Agreement and of each and every <br /> term and condition hereof. <br /> 39. Runs with the Land: Recordation. This Agreement pertains to and shall run with the <br /> Property. Upon execution, this Agreement shall be recorded in the Official Records o£ San Mateo <br /> County. Upon completion of performance and satisfaction by Developer of its obligations under this <br /> Agreement,including�c�rarranty obligations, a written statement shall be recorded by City in the Offiaial <br /> Records of San Mateo County teirninating this Agreement and releasing all of the Property. The recorded <br /> written statament does not release the parties from obligations that survive termination of the Agreeman� <br /> including indemnification. Prior to termination of this Agreement, City shall be required to deliver to <br /> Developer and or its lenders a written statement or estoppel certificate setting forth that there are no <br /> defaults under this Agreement to the knowledge of the City, or if there are defaults, set�ing out the <br /> specifics of each default. <br /> (Signature Page FollowsJ <br /> ATTY/AGR12012.065l2580 ECR(lJRBAN NOUSING}SUBDIVfSfON IMPROV�MENT AGREEIIAENT <br /> REV:06-05-12 VR <br /> Page 12 of 16 <br />