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37. Authori . Each party axecuting this Agreement on behalf of a party represents and <br /> warrants that such person is duly and validiy authorized ta do so on behalf of the entity it purports to bind <br /> and if such party is a partnership,corporation or trustee, that such partnership,corporation or trustee has <br /> full right and authority to enter into this Agreement and pei�form all of its obligations hereunder, <br /> 38. Time is of the Essence. Time is of the essence of this Agreemsnt and of each and every <br /> term and condition hereof. <br /> 39. Runs with the Land: Recordation. This Agreement pertains to and sha.11 ran with the <br /> Property. Upon execution, this Agreement sha11 be recorded in the Official Records of San Mateo <br /> County. Upon completion of parformance and satisfaction by Developer of its obligations under this <br /> Agreement, including warranty obligations, a written statement shall be recorded by City in the Official <br /> Records of San Mateo County teiminating this Agreement and raleasing all of the Property. The recorded <br /> written sta.tement does not release the parti.es from obligations that survive termination of the Agreement, <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 Bstoppel certificate setting foith that there are no <br /> defaults under this Agreennent to the knowledge of the City, or if there are defauits, setting out the <br /> specifics of each default. <br /> [Signature Page FallowsJ <br /> i <br /> ATTY/AGRl2012.065/2580 ECR(l3RBAN HOLtSING)SUBDIVISION IMPROVEMEN7AGREEMENT <br /> REV:06-05-12 VR <br /> Page 12 of 1S <br />