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1. Effectiveness. This Development Deferment Agreement <br />shall be dated, and the obligations of the parties hereunder <br />shall be effective, as of the date the Agreement is aporoved <br /> <br />by the City. <br /> <br /> 2. Bindin~ Effect; Assignment. This Agreement, and <br />all of the terms and conditions hereof, shall be binding <br />upon and inure to the benefit of the parties and their <br />respective assigns, heirs or other successors in interest. <br />Foothill and its successors and assigns shall be entitled to <br />assign the rights and. obligations hereunder to any entity <br />that becomes the o~.~er of the Property, or anv portion <br /> <br /> ("Owner"), subject to the limitations of Paragraph <br /> <br />thereof <br />5. <br /> <br /> 3. Sewer Permits. <br /> <br /> A. The ProDertv Sewer Permits. Six Hundred Twenty- <br /> <br />seven (627) Dwelling Unit Equivalents sewer-system connection <br />permits are associated with the lands comprising Property and <br />Parcel C combined. Of these, four hundred sixteen (416) of the <br />Dwelling Unit Equivalents. permits were originally issued to <br />SDC on July 3, 1~80. They were assigned pursuant to the forms <br />of assignment attached hereto as Exhibit A-1 and A-2 to Foothill <br />and SAB. The remaining two hundred eleven (21!) Dwelllng Unit <br />Equivalents permits are part of another Sewer Connection Permit <br />issued to SDC on November 24, 19~0. Such remain~nE Dwelling <br />Unit Equivalents permits were assigned by SDC to SAB norsuant <br />to the' forms of ;~ssignment attached here,to as Exhibit A-2. <br /> <br /> As part of the acquisitiop of the Property, Foothill <br />has contracted to sell ~nd Mozart has contracted to buy Three <br /> <br />SE? <br /> <br />-3- <br /> <br /> <br />