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6.1.A. - Page 25 37. Time is of the Essence. Time is of the essence of this Agreement and of each and every term and condition hereof. 38. Runs with the Land: Recordation. This Agreement pertains to and shall run with the Property. Upon execution, this Agreement shall be recorded in the Official Records of San Mateo County. Upon completion of performance and satisfaction by Developer of its obligations under this Agreement, including warranty obligations, a written statement shall be recorded by City in the Official Records of San Mateo County terminating this Agreement and releasing all of the Property. The recorded written statement does not release the parties from obligations that survive termination of the Agreement, including indemnification. 39. Esto�el Certificate. Developer may deliver written notice to the City requesting that the City execute and return an estoppel certificate (the `Bstoppel Certificate") which has been requested by its prospective or current lender, investor or purchaser. The Estoppel Certificate shall contain a certification by City that to the City's current actual knowledge: (i) this Agreement is in full force and effect, or if applicable, has been fully performed and has terminated; (ii) this Agreement has not been amended or modified or, if so amended, an identification of the amendments or modifications; and (iii)no default in the performance of the Developer's obligations under the Agreement or, if the City asserts that Developer is in Default, a brief explanation of the nature of the alleged default. The City shall provide a signed certificate to the requesting Party within forty five (45) days after receipt of the request. The City Manager shall be authorized to sign Estoppel Certificates on behalf of City without further action by the City. [Signature Page FollowsJ ATTY/AGR/2013.042/ELAN(145 MONROE)IMPROVEMENT AGR REV:03-28-13 VR Page 13 of 14