Agmt13 Redwood City Partners, LLC

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respect to the construction and installation of the Project, as if a Certificate of Completion had been issued by the City pursuant to this Agreement, and the same shall irrevocably be deemed to have been issued as of such date for all purposes of this Agreement. In such an event, at Developer's written request, City shall execute a Certi�cate of Completion in the form attached hereto as Exhibit G which shall state that Developer has satisfied the requirements of this Agreement with respect to the construction and installation of the Project. 4.13.2 Effect. A Certificate of Completion shall constitute evidence of the ' City's conclusive determination of satisfactory Completion of the construction and installation of the parking garage or the Project, as the case may be, in accordance with the terms of this Agreement. A Certificate of Completion shall not constitute a Notice of Completion under Section 8182 or 9204 of the Califomia Civil Code, nor shall it act to terminate the continuing reservations, covenants, restrictions or conditions contained in the City Deed or; any other instruments recorded against the Site or set forth in this Agreement, except to the extent that the City Deed, other recorded instrument or this Agreement provides that it or any portion of it is terminated upon the issuance of a Certificate of Completion. Except as otherwise provided herein, after the issuance of a Certificate of Completion, neither the City nor any other person shall have any rights,remedies or controls with respect to the Site that it would otherwise have or be entitled to exercise under this Agreement as a result of a default in or breach of any provision of this Agreement. After the recordation of a Certificate of Completion for the pazking garage or the Project, as the case may be, any Person then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Site or the Project shall not (because of such ownership, ' purchase, lease or acquisition) incur any obligation or liability under this AgreemenC as to the portion of the Project as to which a Certificate of Completion has been issued, but such Person : shall be bound by any reservations, covenants, conditions, restrictions and other interests ' affecting the Site as set forth in the City Deed or other recorded instrument. Such Certificate of '' Completion shall not constitute evidence of compliance with or satisfaction of any obligations of , Developer to any holder of a Mortgage or any insurer of a Mortgage securing money loaned to fmance the Project or any portion thereof. : ARTICLE 5 ' SPECIAL DEVELOPMENT COVENANTS OF THE DEVELOPER : 5.1 No Conveyance to Taic Exempt Entity. ' S.1.1 Covenant. The Developer covenants and agrees that during the Covenant Period, neither the Developer, nor its successors or assigns shall Transfer all or any portion of the Site or the Project to any Person or use all or any portion of the Site or the Project for any use, that is partially or wholly exempt from the payment of property taxes or that would cause the exemption of the payment of all or any portion of property taxes otherwise assessable regarding the Site or the Project, without the prior written consent of the City, prior to the expiration of the Covenant Period. 5.1.2 Coyenant RunninQ with the Land. The covenants of this Section 5.1 shall run with the land, binding successive owners of the Site from the Close of Escrow until the end of the Covenant Period, and shall be enforceable by the City. 38 2013.118/BLOCK 2 HUNTER STORM REV:07-2E13 PT