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3 IV. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators and assigns. However, in no event shall this Agreement be binding or impose any obligations on an owner of a condominium unit located on the Property. 2. Developer shall have the right to transfer and assign all of its rights, duties and obligations under this Agreement to any person or entity acquiring fee simple title to any portion of the Property. Developer shall be immediately released from its obligations under this Agreement upon such assignment so long as: (i) Developer was not in default of this Agreement at the time of conveyance; (ii) Developer provided to City prior written notice of such transfer; and (iii) the transferee executes and delivers to City a written assumption agreement in which: (a) the name and address of the transferee is set forth; and (b) the transferee expressly assumes the obligations of Developer under this Agreement. Failure to deliver a written assumption agreement hereunder shall not negate, modify or otherwise affect the liability of any transferee pursuant to the provisions of this Agreement. Nothing herein contained shall be deemed to grant the City discretion to approve or deny any such transfer. 3. This Agreement shall be recorded in Alameda County, shall run with the land, and shall bind the parties and their successors in interest. THIS AGREEMENT is executed the date and year first above written. CITY OF PLEASANTON, a Municipal corporation ______________________________ Gerry Beaudin, City Manager ATTEST: ______________________________ Jocelyn Kwong, City Clerk APPROVED AS TO FORM: ______________________________ Daniel Sodergren, City Attorney DEVELOPER: CITY VENTURES HOMEBUILDING, LLC A Delaware Limited Liability Company ______________________________ Samantha Hauser, EVP DR A F T