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Agreement Wgether with the Transferred Property Interest. The Transfer of interests, rights, or obligations under this Agreement or the other Project Approvals shall not require City approval. $.2 ]~erformanc~ of Obllv~tions Unon Assignment. It is the intent of the Parties that all applicable requirements of the Existing Standards and the Project Appwvals shall be met as the ~ is developed. If Property Owner Transfers all or any portion oftbe Pwperty or any interest therein to a Transferee, Property Owner shall continue to be responsible for performing the obligations under this Agreement and the other Project Approvals as to the Transferred Property Interest until such time as there is delivered to City a legally binding instrument whereby Transferee agrees to perform the obligations of this Agreement and the other Project Approvals described in the Assignment to be assumed by Transferee (the "Specified Obligations"). 8.3 (a) Upon the Transfer by Pwper~ Owner of all or a portion of the Property or any interest therein, including Propen'y Owner's rights and interests under this Agreement and the other Project Approvals under Section $.1, Property Owner shall be released from the Specified Obligations under this Agreement and the other Pwject Approvals so transferred; provided, however, that: (i) Property Owner is not then in breach of the Specified Obligations; (ii) Property Owner has provided written notice of such Transfer to City that discloses the identi~y of the Transferee and the Transferee's address; and (iii) subject to the exceptions stated herein below, the Transferee executes and delivers to City an Assignment in which the Transferee expressly and unconditionally assumes all of the Specified Obligations. Failure of the Transferee to deliver an Assignment hereunder shall not affect the running of any covenants herein with the land, as provided in Article 9 below, nor shall such failure negate, modify, or otherwise affect the liability of any Transferee pursuant to the provisions of this Agreement and the other Project Approvals. (b) Following anY assumption of obligations by a Transferee in accordance with the terms of this Article 8, the Transferee's Specified Obligations shall be severed from the surviving rights, obligations and interests of the property Owner and the property Owner's rights, obligations and interests shall be severed from the Transferee's Specified Obligations such that each party's subsequent performance shall be considered independently from the other's and a breach of the Specified Obligations by one party shall not affect the rights, obligations and interests of the other party. Transferee(s) shall be responsible for the reporting and annual review requirements relating to the portion of the property owned by such Transferee(s),. and any amendment to this Agreement between City and a Transferee shall only affect the portion of the Property owned by such Transferee. 8.4 ~e_~gre_-o~tion of Obli~atiuns. In the event of s Transfer of all or any part of the Property, upon request of the Property Owner or any Transferee, City shall use its best efforts and shall cooperate in good faith with Property Owner and any Transferee in segregating those obligations necessary as a prerequisite to and in connection with development of that portion(s) of the Project which is to be developed by the Transferee and to which such Transferee is . n establishing those obligations to which the Transferee. is subject, City shall subject Upo ~ ~ , -, ---'-~- -.,,-4**~n release indicating those conditions provide the Transferee, at iransreree s request, w~m -25- 35690~49375v$