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the payment of fees or a deposit to compensate the City for approximate expenses incurred by
<br />Developer to City, as applicable, for the City's review of the request.
<br />8.1.2 Sale of Pro e�rty/Change of Use: Owner agrees and declares that the
<br />Property and the Project shall be held, conveyed, mortgaged, encumbered, leased, rented, used,
<br />occupied, operated, sold, and approved subject to all obligations set forth or incorporated in this
<br />Agreement, all of which are for the purpose of enhancing and protecting the value and
<br />attractiveness of the Property and the Project. All of the obligations set forth or incorporated in
<br />this Agreement shall constitute covenants which run with the land and shall be binding on Owner
<br />and its successors and assigns, and all parties having or acquiring any right, title or interest in, or
<br />to any part of the Property or Project. Owner further understands and agrees that the Density
<br />Bonus permit approvals received for this Project have been made on the condition that Owner and
<br />all subsequent owners, or other successors and assigns of the Property and/or Project lease and
<br />rent the Units in accordance with the terms and conditions stipulated in Sections 4, 5 and 6 of this
<br />Agreement for a term of 55 consecutive years commencing upon the date that the Project is first
<br />occupied.
<br />8.1.3 Subsequent Assignment. As used in this Agreement, the term 'Developer"
<br />shall be deemed to include any such transferee or assignee after the date such sale, transfer, or
<br />assignment occurs in compliance with this Agreement.
<br />8.1.4 Unpermitted Assigmnents Void. Any sale, transfer, or assignment made in
<br />violation of this Agreement shall be null and void, and City shall have the right to pursue any right
<br />or remedy at law or in equity to enforce the provisions of the restriction against unpermitted sales,
<br />transfers, or assignments.
<br />8.2 Covenants Run with the Land. The Property shall be held, sold, conveyed,
<br />hypothecated, encumbered, used, occupied and improved subject to the covenants, conditions, and
<br />restrictions set forth herein. The covenants, conditions, restrictions, reservations, equitable
<br />servitudes, liens and charges set forth in this Agreement shall run with the Property and shall be
<br />binding upon Developer and all persons having any right, title or interest in the Property, or any
<br />part thereof, their heirs, and successive owners and assigns, shall inure to the benefit of City and
<br />its successors and assigns, and may be enforced by City and its successors and assigns. The
<br />covenants established in this Agreement shall, without regard to technical classification and
<br />designation, be binding for the benefit and in favor of City and its successors and assigns, and the
<br />parties hereto expressly agree that this Agreement and the covenants herein shall run in favor of
<br />City, without regard to whether City is or remains an owner of any land or interest therein to which
<br />such covenants relate. However, all such covenants and restrictions shall be deemed to run in favor
<br />of all real property owned by City which real property shall be deemed the benefited property of
<br />such covenants and this Agreement shall create equitable servitudes and covenants appurtenant to
<br />all real property owned by City and ruining with the Property in accordance with the provisions
<br />of Civil Code Section 1468. Furthermore, all of the covenants, conditions, and restrictions
<br />contained herein shall also constitute easements in gross running in favor of City. City is deemed
<br />the beneficiary of the terms and provisions of this Agreement and of the covenants running with
<br />the land, for and in its own right and for the purposes of protecting the interests of the community
<br />and other parties, public or private, in whose favor and for whose benefit this Agreement and the
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