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