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, 7 other Persons, and acknowledges and agrees-that a condition entitling the Property to the tenefts of tfus.Agreement is that Developer sh4ll either rcquife the h t(lbtsAT,"'sudh security it ter�es(s o execute and agree to be bound by the terms of oris Agreement or to causeaid snttxtfet'ests tb be subordinated ar removed, as provided ori Beckton 1 3 2 ltiS iplen `� d;�� ltak the provr h const ute c f1 � f �� firEt� k Bions of this Agreement and the burdens and-benef is hereof sbijll bind aho all s[ �eartiit` ` ts �._} - �3 3 � t�& Kra sw r lererto except as otter�vise,prvVided itthi Sectioh 3 i aid et�ons d jee 1 3;2. Encumbered,Property The Persons holds>ag,theseeunty=�atest�, re;not signator<es to.this Agreement..Developer represents:that rt`contra�ls the man�gerriett arty use of fire lyncumbered Property on the Effective Date of this Agreement" p poXIt. ithe°Er�ctiberecl Property is subject to, and shall be deyewith the ErstIng" { iApprovais and the term-s'of this Agreement; provided, however, that no"Person, including the Developer, shall be entitled to the benefits of this Agreement with respect.to the Encumbered Er�perty fir portion . thereof, including without limitation the provisions of Sections 2;, 3. and 5 hereof, artless:and` until:• (1) all Persons having a legal or equitable interest in the Encumbered Property=or portion thereof(except claimants or holders of easements or other interests not deerrreJ.d material l y mutual concurrence of the Developer and County)•have either executed this Agreement orhavc entered into a separate recordable instrument to the satisfaction of the Community Development Director and County Counsel by which such Persons agree to be bound`by and comply.-with the terms of this Agreement; or(2) Developer submits evidence satisfactory to-they Development Director and County Counsel that such security interests have either been. subordinated to this Agreement or have been removed, and that all Persons holding a legal or 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 County) have executed this Agreement..Upon satisfaction of the conditions 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. 1.3.3. 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 obligations of each of the other signatory Parties with respect thereto or the County's rights and remedies as to each of the other signatory Parties,jointly or severally. The other signatory Parties,jointly and WOMPFPD161481145.2 —15—