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" SATV hereby covenants and warrants for itself and its successors and assigns, that, except as otherwise provided for herein, conveyance of any interest in the SATV Property to the Association shall constitute an assumption by any successors, assigns or transferees of SATV, of the obligations under this Agreement. Upon recording the Declaration for SATV Property, the Association shall have all rights and obligations of SATV set forth in this Agreement, and SATV shall thereafter have no further rights, liabilities or obligations under the Agreement and shall be released from all such liability hereunder. 8. Successors and Assions. This Agreement shall run with the land and shall be binding upon and shall inure to the benefit of the heirs, executors, administrators, successors and assigns of SATV and the City. The covenants, conditions and restrictions set forth in this Agreement shall constitute equitable servitudes which shall run with the land. 9. Affected and Benefited Land. The land ("Affected Land") affected by the covenants contained in this Agreement is the SATV Property and the ROW. The land ("Benefited Land") benefited by the covenants contained in this Agreement is the SATV Property and the ROW. 10. Notices. Unless otherwise provided in this Agreement, all notices, demands, or other communications given pursuant to the terms of this Agreement shall be in writing and shall be deemed to have been given upon personal delivery or as of the second business day after mailing in the United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows or to such other address or to such other erson as either art ma desi nate: If to SATV: If to Association: Santa Ana Transit Village LLC, 25 Enterprise, Suite 250 Aliso Viejo, CA 92656 Attention: Trudie Wilson Keystone Pacific Property Management 16845 Von Karmon, Suite 200 Irvine, CA 92606 Attention: Santiago Street Lofts Maintenance Cor oration If to City: City of Santa Ana Planning Division- Planning Manager Public Works - City Engineer 20 Civic Center Plaza P.O. Box 1988 Santa Ana, CA 92702 11. Lender Protection. Nothing in this Agreement shall be construed as giving any party priority over the rights of beneficiaries of first deeds of trust encumbering any portion of the SA TV Property. No breach of this Agreement shall invalidate the lien of any first deed of trust encumbering the SATV Property. F:\REAL\622\16369101\Grant Esmt & Main - City rv6.doc 5/26/2005