75C - 2001 W. MACARTHUR BLVD - Laserfiche WebLink

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from this Agreement until Owner has fully performed its obligations under this Agreement. 4.2. Term of Agreement. The term of this Agreement (the "Term") shall commence on the effective date of City Ordinance No. as set forth in Section 1.6 above. The Term shall end on the 1 ih anniversary of the Effective Date unless the Agreement is terminated or modified sooner as may be allowed by this Agreement. The Term may be extended for three years by the Executive Director of Planning and Building if Owner has provided to City notice of its intent to proceed with the Project within the extension period and is in compliance with the terms of this Agreement. 4.3. Extension of Existing Approvals. All Existing Approvals shall be deemed extended for the duration of the Term. 4.4. Assignment. Owner may transfer or assign the Property, in whole or in part, to any person or entity (public or private) during the Term (an "Assignee"). Any transfer or assignment of the rights under this Agreement (an "Assignment") shall include the assumption of the duties, obligations, and liabilities arising from this Agreement with respect to the portions of the Property assigned or transferred. The recordation of this Agreement shall serve as notice to the Assignee of this requirement. a. During the Term, any Assignee shall perform all of Owner's obligations under this Agreement to the extent that those obligations pertain to the portion of the Property assigned. All Assigns shall have the same rights, benefits, duties, obligations, and liabilities of Owner under this Agreement. If the Property is subdivided, any subdivided parcel may be sold, mortgaged, hypothecated, assigned, or transferred to an Assignee for development in accordance with this Agreement. Upon an Assignment, the obligations of Owner and the Assignee shall be joint and several. 4.5. Amendment or Cancellation of Agreement. This Agreement may be amended from time to time or cancelled by the mutual consent of the Parties, as provided by Government Code Section 65868. 4.6. Enforcement. Notwithstanding Government Code Section 65865.4, this Agreement is enforceable by either of the Parties, subject to the provisions of Section 7 below. 4.7. Hold Harmless. Owner agrees to and shall hold City, its officers, agents, employees, consultants, special counsel, and representatives harmless from liability for construction-related activities arising from the Project, including claims for personal injury and property damage, which may arise from the direct or indirect operations of Owner or its contractors, subcontractors, agents, employees, or other persons acting on their behalf with respect to the Project (collectively, "Claims"). Owner agrees to pay all costs for the defense of the 70020313.6 6/14/04 4 75C-14