ORIENT CORPORATION OF AMERICA, INC. (2)

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Development may exceed in either the short run or the long run the allocated capacities for such demands. After assessing these and other potential adverse environmental impacts associated with the development of the Property, the City has imposed mitigation measures through the ETR, the subdivision review process, and this Development Agreement to the fullest extent the City considers feasible and necessary. The City has determined that phased completion of the Development in the manner contemplated will.itself provide the mitigation measures needed to contribute to alleviate short run and long run potential adverse environmental impacts, and that the public benefits of the Development override any potential adverse environmental impacts which may arise during the development period; therefore, the City agrees that, except as otherwise 'required by California Public Resources Code Section 211661 no subsequent or supplemental environmental impact report shall be required by the City for the subsequent discretionary approvals which are a part -of the entire Project contemplated by this Development Agreement. 14. Assignment. Developer (including the owner of any Transferred Property (as defined below) ) shall have the right from time to time and on such number of occasions as it.may.choose, to sell, assign, or transfer ("Transfer") all of its interest in the Property, or any portion thereof, along with all of its right, title and interest in and to this Development Agreement as applicable to the Property, or the portion thereof which is the subject of the Transfer ("Transferred Property") to any person, firm or corpora- tion ("Transferee") at any time during the term of this Development Agreement without the consent of City. Nothing herein shall be construed to allow the Developer to -transfer a portion of the Property is such a manner as to deprive any building or building site of its necessary parking or access rights. Developer's rights and obligations hereunder shall run with the land, and shall be binding upon and inure to the benefit of the Property and each portion thereof, provided that upon a Transfer, Developer and the Transferee shall enter into and record an.Assignment and Assumption Agreement, setting forth the executory mitigation measures, exactions and conditions, if any, associated with the Transferred Property ("Transferred Property Exactions and Conditions") and pursuant to which the Developer shall assign. and the Transferee shall assume the Transferred Property Exactions and Conditions. The City shall be furnished with a recorded copy of such Assignment and Assumption Agreement and from and after the effective date of such Assignment and Assumption Agreement, the Developer shall cease to have any liability or responsibility with respect to the Transferred Property Exactions and Conditions. All executory exactions or conditions which are not part of the Transferred Property *Exactions and Conditions shall remain with the balance of the Property. 21