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Developer's covenants and obligations set forth herein with respect to the Property or the portion <br />thereof so transferred. Any request for transfer or assignment of the Agreement by Developer shall <br />require the payment of fees or a deposit to pay for the City's actual, documented expenses to <br />review the request. Upon the delivery of the assignment and assumption agreement as provided <br />for above for a Permitted Transfer, or in the event of a sale of the Property/Project as provided for <br />in this Section 8.1.1, Developer shall be released from any future obligations under this <br />Agreement. <br />8.1.2 Sale of Property. Developer agrees and declares that the Property and the <br />Project shall be sold, used, occupied, operated, and approved subject to all obligations set forth or <br />incorporated in this Agreement, all of which are for the purpose of enhancing and protecting the <br />value and attractiveness of the Property and the Project. All of the obligations set forth or <br />incorporated in this Agreement shall constitute covenants which run with the land and shall be <br />binding on Developer and its successors and assigns, and all parties having or acquiring any right, <br />title or interest in, or to any part of the Property or Project. Developer further understands and <br />agrees that the Density Bonus permit approvals received for this Project have been made on the <br />condition that Developer and all subsequent owners, or other successors and assigns of the <br />Property and/or Project purchase the Affordable Units in accordance with the terms and conditions <br />stipulated in Sections 4, 5 and 6 of this Agreement for a term of fifty-five (55) consecutive years <br />commencing upon the commencement date described in Section 3.2 above. <br />8.1.3 Sale of Condominiums; Transfer to Homeowners Association. Developer <br />shall have the right to sell each of the Affordable Units to a qualified household in accordance with <br />this Agreement and the procedures listed in Exhibit C, the Notice of Affordability Restrictions, <br />subject to the City's confirmation of the qualified household. Without the City's prior written <br />approval, Developer shall have the right to sell each of the Unrestricted Units to a member of the <br />homebuying public. Without the City's prior written approval, Developer shall have the right to <br />convey all or a part of the common area of the Project to the homeowners association formed to <br />manage the Project, subject to the City's approval of any CC&R's for the Project. <br />8.1.4 Subsequent Assignment. As used in this Agreement, the term "Developer" <br />shall be deemed to include any such transferee or assignee after the date such sale, transfer, or <br />assignment occurs in compliance with this Agreement. <br />8.1.5 Unpermitted Assignments Void. Any sale, transfer, or assignment made in <br />violation of this Agreement shall be null and void, and City shall have the right to pursue any right <br />or remedy at law or in equity to enforce the provisions of the restriction against unpermitted sales, <br />transfers, or assignments. <br />8.2 Covenants Run with the Land. The Property shall be used, occupied and improved <br />subject to the covenants, conditions, and restrictions set forth herein. The covenants, conditions, <br />restrictions, reservations, equitable servitudes, liens and charges set forth in this Agreement shall <br />run with the Property and shall be binding upon Developer and all persons having any right, title <br />or interest in the Property, or any part thereof, their heirs, and successive owners and assigns, shall <br />inure to the benefit of City and its successors and assigns, and may be enforced by City and its <br />successors and assigns. The covenants established in this Agreement shall, without regard to <br />14 <br />