RES 17916 - Laserfiche WebLink

Parcel to Sunflower Hill, as well as transmit the payment described in Section 3, above, to support the Sunflower Hill development, however, Developer acknowledges that the Sunflower Hill Concept Proposal may not be developed for reasons of financing, management or other issues. Developer agrees that if the Sunflower Hill Concept Proposal or similar proposal on the Dedication Parcel is not built, or cannot be built, in the City's reasonable determination, that the City may use the Dedication Parcel and the payment described in Section 5, above, for other affordable housing purposes as provided in the Pleasanton General Plan. 8. Disclosure to Project Homebuyers. Developer shall provide written and recorded disclosure, in a form approved by the City's Housing Division, to each purchaser of a market rate home in the Project advising that the Dedication Parcel is to be developed with affordable multi- family housing. 9. Covenants Running With The Land. All of the provisions contained in this Agreement are binding upon and benefit the Parties and their respective heirs, successors and assigns, representatives, lessees, and all other persons acquiring all or any portion of the Property, or any interest therein, whether by operation of law or in any manner whatsoever. All of the provisions of this Agreement shall be enforceable as equitable servitudes and shall constitute covenants running with the land pursuant to California law, including, without limitation, Civil Code section 1468. Each covenant herein to act or refrain from acting is for the benefit of or a burden upon the Project, as appropriate, runs with the Property and is binding upon each owner, including Developer and all successive owners, of all or a portion of the Property during its ownership of such property. 10. Recordation. This Agreement shall be recorded in Alameda County concurrently with the subdivision map for the Project and shall run with the land. Upon any transfer of the Project, the transferring entity shall be released from liability under this Agreement upon acknowledgement of responsibility by transferee entity. 11. Default, Remedies and No Waiver. Except as provided in Sections 4, 5 and 6 as grounds for the City to withhold the issuance of building permits, as well as withhold building inspections for the entire Project, if Developer fails to perform an obligation hereunder, and such failure continues for thirty (30) days after receipt of written notice of such failure by the City (or such longer period of time as may be reasonably necessary to cure such failure) then Developer shall I be in default hereunder. After notice and expiration of the thirty-day period, the City, at its option, may institute legal proceedings for specific performance or other injunctive or declaratory relief to enforce this Agreement. No waiver by either Party of any provision of this Agreement shall be considered a waiver of any other provision of any subsequent breach of the same or any other provisions, including the time for performance of any such provisions, and shall have no effect with respect to any other Party's rights and obligations hereunder. The exercise by a Party of any right or remedy as provided in this Agreement or provided by law shall not prevent the exercise by the Party of any other remedy provided in this Agreement or under the law, and shall have no effect with respect to any other Party's rights and remedies as provided herein. 5