Reso13 PC 13-14 2879 Planning Commission Recommending Approval of DDA for 950 Middlefield Road

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City Dr�ft b128/13 5. THE COVENANTS IN THIS CITY DEED SHALL BE BINDING FOR THE BENEFIT OF GR.ANTOR,THE CITY OF REDWOOD CITY AND, IF APPLICABLE, ANY SUCCESS4R IN INTEREST TO SAID PARTIES. SUCH COVENANTS SHALL RUN IN FAVOR OF THE GRANTOR AND SUCH AFOREMENTIONED PARTIES F4R THE ENTIRE PERIOD DURING WHICH SUCH COVENANTS SHALL BE IN FORCE AND EFFECT, WITHOUT REGARD TO WHETHER THE GRANTOR IS OR REMAINS AN OWNER OF ANY LAND OR INTEREST THEREIN TO WHICH SUCH COVENANTS RELATE. THE RIGHT TO EXERCISE ALL OF THE RIGHT AND REMEDIES,AND TO MAINTAIN ANY ACTIONS AT LAW OR SUITS TN EQUITY OR CONTAINED AND THIS GRANT DEED SHALL BE FOR THE BENEFIT OF AND �HALL BE ENFORCEABLE ONLY BY THE GRANTOR AND SUCH AFOREMENTIONED PARTIES............................................ 3 6. THE COVENANTS CONTAINED IN THIS CITY DEED SHALL BE DEEMED TO BE COVENANTS RUNNING WITH THE LAND AND SHALL BIND AND BENEFIT FUTURE PURCHASERS, ENCUMBRANCES AND TRANSFEREE. ................................................................................................................. 3 "5.� No Conveyance to T�x Exempt Entity.............................. .......2 .......................... "5.2 Mai�tenance Condition of the Site. The Deveioper for itself, its successors and assigns, covenants and agrees that: ...............................................3 ��5.6 Survival and Enforcement of 3pecial Development Coven�nts. ..................... 5 "7.9 City Op�ion to Purchase Foilowing Conveyance............................................... 6 Section 2. Upon(i)the expiration of a covenant period, consistent with the terms set forth above, and(zi)written request of the Deve�oper or its successors or assigns, City agrees to quitclaim or execute any other appropriate document evidencing the ternunation of such covenant..................... 8 824$3.00Q0917571312.10 xx