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5.8 RECORDING—IMPLEMENTATION AND PERFORMANCE; BINDING ON <br /> SUCCESSORS AND ASSIGNS: <br /> Each party shall take such action (including, but not limited to the execution, acknowledgment <br /> and delivery of documents) as may be reasonably requested by the other party for the <br /> implementation or continuing performance of this Agreement. This Agreement shall be recorded <br /> with the Snohomish County Auditor's office, as necessary to be disclosed on title documents for <br /> the property and shall run with the land as binding on the parties and their successors and <br /> assigns. It is mutually agreed that the terms of this Agreement touch and concern the land and <br /> shall be covenants running with the land. The parties acknowledge that development of the <br /> Property likely will involve sale and assignment of portions of the Property to other persons who <br /> will, subject to this Agreement, own, develop and/or occupy portions of the Property and <br /> buildings thereon. Upon such assignment, the assignee shall be entitled to all interests and rights <br /> and be subject to all obligations under this Agreement. In the event of such sale, the Port shall <br /> thereafter be released of liability hereunder as to that portion of the Property so transferred only <br /> by written approval of the City, which consent shall not be unreasonably withheld. In <br /> considering such release of the Port from liability, the City must determine that the Port is in <br /> compliance at the time of transfer with all of its obligations under this Agreement, that the <br /> transferee has the experience and financial capability to perform its obligations under this <br /> Agreement, and/or that the City has been provided with adequate security to assume such <br /> performance. <br /> S:UBLarsen\rezones\re2po75devagmtfin.DOC 20 <br />