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City Draft <br /> 5/28113 <br /> instruments recorded against the Site or set forth in this Agreement, except to the extent that the <br /> City Deed, other recorded insh�ument or this Agreement provides that it or any portion of it is <br /> terminated upon the issuance of a Certificate of Completion. Except as otherwise provided <br /> herein, af�er the issuance of a Certificate of Completion, nezther the City nor any other person <br /> sha11 have any rights,remedies or controls with respect to the Site that it would otherwise have or <br /> be entitled to exercise under this Agreernent as a result of a default in or breacb of any provision <br /> of this Agreement. After the recordation of a Certificate of Completion for the parking garage or <br /> the Project, as the case may be, any �erson then owning or thereaf�er purchasing, leasing or <br /> otherwise acquiring any interest in the Site or the Project shall not (bacause of such ownership, <br /> purchase, iease or acquisition) incur any obligation or liability under this Agreement as to the <br /> portion of the Project as to which a Certificate of Completion has been issued, but such Person <br /> shall be bound by any reserva�ions, covenants, conditions, restrictions and other interests <br /> affecting the Site as set forth in the City Deed or other recorded instrument. Such Certif cate of <br /> Completion sha11 not constitute evidence of compliance with or satisfaction of any obligations of <br /> Developer to any holder of a Mortgage or any insurer of a Mortgage securing money laaned to <br /> finazice the Project or any portion thereof. <br /> ARTYCLE 5 <br /> SPECIAL DEVELOPMENT C4VENANTS OF THE DEVELOPER <br /> 5.1 No Coaveyance to Tax Exempt Entity. <br /> 5.1.1 Covenant. The Developer covenants and agrees that during the <br /> Covenant Period, neither the Developer, nor its successors or assigns shall Transfer alZ or any <br /> portion of the Site or the Project to any Person or use all or any portion of the Site or the Project <br /> for any use, that is partially or wholly exempt fro�n the payment of property taxes or that would <br /> cause tI�e exemption of the payment of all or any portion of property taxes otherwise assessable <br /> regarding �e Site or tbe Project, without the prior written consent of the City, pz�iar to the <br /> expiration of the Covenant Period. <br /> 5.1.2 Covenax�t Runxiin� with the Land. The covenants of this Sec#io�z 5.1 <br /> s�all run with the land, binding successive owners of the Site from the Close of Escrow until the <br /> end of the Covenant Period, and shall be enforceable hy the City. <br /> 5.2 M�intenance Condition of the Site. The Developer for itself, its successors and <br /> assigns, cavenants and agrees that: <br /> 5.2.1 Maintenance Standard. The entirety of the Site and the Project shall <br /> be rnaintained by the Developer in good condition and repair and in a neat, clean and arderly <br /> condition, ordinary wear and #ear and casualty excepted, including, without limitation, <br /> maintenance, repair, reconstruction an.d replacement of any and all asphalt, cancrete, <br /> lazxdscaping, utility systerns, irrigation systems, drainage facilities or systems, grading, <br /> subsidence, retaining walls or similar support structures, foundations, signage, otnamentation, <br /> and all other irnprovements on or to the Site, now existing ar rnade in the future by or with the <br /> consent of the Developer, as necessary to maintain the appearance and character of the Project <br /> and the Site. The Developer's obligation to maintain the Project and the Site described in the <br /> 82483.000091757I312.I0 38 <br />