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t other Persons, and acknowledges and agrees:that a.condition entitling the Pxoperty to the benes of this.Agreement is that Developer shall et, requt1, the holders�f sit h secur�ty,ufter�sta to f execund te aagree to be'bound by the terms of this Agreement or to causeaY sut �4trtterests a to,,be subordinated or removed; as provided in Sep ion 1 3y 2 ft is trate t �di'art d e n hat :thefovllstors of this Agreement shall constttutet �ea +h � Y r f a1 e ' s and tAA he burdens and benefits hereofshll b!rid and trture tb all sttecesS >�t tnte� t r hereto:except as.otlerwtse.provided tn.tht� S'ectton C 3 1 and 5eetto < est L12.2. Encumbered ProaertX. The Persons h 4dttt the securit utters§tS #� sign riesto.this Agreement. Developer represents that it controls the:mangy' > tarts .use of the Encumbered Property on the Effective Date of this Agreement Aceordtrigly�t r e'E;t3Gibered L . Property is subject to, and shall lie developed to accordance with the E' tsttng Approvals and°the: terms of this Agreement; provided, however, that r o Person, including the Developer,shall be entitled to the benefits of this Agreement with respect to the Encunt erect Property dr portion . thereof, including without limitation the provisions of Sections 2 , 3. and S hereofunless=arid' until: (i) all Persons having a legal or equitable interest in the Eneuml}er4p_roperty or pQrtton. thereof(except claimants or holders of easements or other interests not deemed material 1y mutual concurrence of the Developer and County).have either executed this Agree 6fit orhave entered into a separate recordable instrument to the satisfaction of the Corriln4ntty,Deveiopment Director and County Counsel by which such Persons agree to be bound by andcomply with the terms of this Agreement; or(2) Developer submits evidence satisfactory to the:Community Development Director and County Counsel that such security interests have either been,:. subordinated to this Agreement or have been removed, and that ail Persons holding-a legator equitable interest in the Encumbered Property or portion thereof(except claimants or holders of easements or other interests not deemed material by mutual concurrence of the Developer and Count have executed this Agreement.eement. U an satisfaction of the condi gT p tions of either clause 1 or (2), above, the Community Development Director shall record, at Developer's cost, an instrument acknowledging that said Encumbered Property or portion thereof is subject to and entitled to the benefits of this Agreement and that the provisions of this Section 1.3.2. are no longer applicable to such portion of the Property. E t.3.3. Developer's Authority to Act. The Developer and other Persons holding a legal or equitable interest in the Property(except claimants or holders of easements or other interests not deemed material by mutual concurrence of the Developer and County), all of which are signatories to and are bound by the terms and conditions of this Agreement, agree and represent to the County(as a material inducement to the County to enter into this Agreement) that the Developer has sole and exclusive authority to act for and on behalf of Developer and each and all of the other initial signatory Parties with respect to all obligations hereunder, with respect to all applications for approvals and permits pursuant to the Existing Approvals and this Agreement, with respect to receipt of all notices required to be given or received hereunder, and with respect to all remedies and other rights of County hereunder. Without limiting the foregoing, Developer shall be responsible for all acts or failures to act by other signatory Parties in carrying out the Existing Approvals and this Agreement, and performing and complying with the terms and conditions of this Agreement; without limiting, however, the separate ate obligations of each of the other signatory Parties with respect thereto or the County's rights and remedies p }�' g dies as to each of the other signatory Parties,jointly or severally.The other signatory Parties,jointly and WO2-S F+PD161481 145.2 45-