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29. Transfers and Assignments. (a) Except as provided in subsection 29(b), Pacific Shores may partially or wholly sell, assign or transfer this Agreement, and any of its rights, duties and obligations hereunder, to any person at any time during the term of this Agreement, to whom Pacific Shores conveys or assigns an interest in the Property. (b) In no event shall the rights, duties and obligations conferred upon Pacific Shores pursuant to this Agreement be at any time transferred or assigned except through a transfer of an interest of Pacific Shores in the Property, or a portion thereof. (c) Upon the sa1e, transfer or assignment of any of Pacific Shores' rights and interests under this Agreement, Pacific Shores shall be released from those obligations arising subsequent to the effective date of the transfer under this Agreement with respect to the Property, or portion thereof, transfened, or those obligations specifically assigned and assumed as a part of such transfer, i£ (i) Pacific Shores is not then in default under this Agreement; and (ii) The transferee executes and delivers to City a written agreement in which: (1) The name and address of the transferee is set forth; and (2) The transferee expressly and unconditionally assumes all of the obligations of Pacific Shores under this Agreement with respect to the Property, or portion thereof, transferred, or with respect to those specific obligations transferred. (d) Failure to deliver a written assumption agreement does not affect the running of any covenants in this Agreement with the land, nor does that failure negate, modify or otherwise affect the liability of any transferee under this Agreement. (e) All provisions of this Agreement are enforceable as equitable servitudes and constitute covenants running with the land pursuant to applicable law, including, but not limited to, Section 1468 of the Civil Code of the State of Califomia. Each covenant to do or refrain from doing some act on the Property, or with respect to any City-owned property: (i) Is for the benefit of those properties and is a burden upon those properties; (ii) Runs with those properties; and R:\DOC\0002\0033\AGR\CI17.DA6 �O 29-Dec-1998 AT 15:00