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building permit for the Property, Owner shall neither apply for nor obtain a building permit from the County of Alameda unless and until City has approved the design of the plans for any proposed redevelopment, additions, and new construction on the Property. 5. Bonded Debt. Owner's consent that, upon annexation of the Property to the City, said Property shall be taxed to pay their share of existing bonded indebtedness of City. This Agreement shall serve as such consent, and a copy shall be filed with Treasurer-Tax Collector of Alameda County, if evidence of such consent is required; provided, however, that the Owner's Property will be excluded from the City bonded debt existing on the effective date of this Agreement and from and after the annexation of the Property to the City for all utility facilities to which Property is not connected. 6. Benefit or Assessment Districts. Owner shall cooperate with City in the formation of any mutual benefit districts or assessment districts which City deems necessary for the installation of public improvements serving, in whole or in part, the Property, whether such districts are formed at the time of annexation or sometime in the future. In this regard, Owner waives its right to protest the formation of any of said districts and shall do no act calculated or tending to prevent, impede, or defeat the successful formation thereof; provided, however, that this waiver is not intended, nor shall it be construed, to affect or limit the rights of the Owner to participate in the hearings and/or other aspects of the district formation proceedings to the extent necessary and appropriate to protect and further the Owner's interest or the public interests so long as said action does not tend to prevent or defeat the formation of the districts. 7. Covenants Running with the Land. All of the provisions contained in this Agreement shall be binding upon the Owners and Owner's respective heirs, successors and assigns, representatives, lessees, and all other persons acquiring all or a portion of the Property, or any interest therein, whether by operation of law or in any manner whatsoever. All of the provisions contained in this Agreement shall be enforceable as equitable servitudes and shall constitute covenants running with the land pursuant to California law including, without limitation, California Civil Code §1468. 8. Recording. The execution of this Agreement shall be acknowledged before a Notary Public, and the Agreement shall be recorded with the Recorder of Alameda County. Page 5 of 7