A development agreement shall run with the land and bind all successors, heirs and assignees of the developer. The development agreement, including addenda, shall be filed with the county recorder to give notice to any prospective purchaser. The development agreement would expire at the agreed upon date set forth within the agreement or, when the city shall file a release with the county recorder, when the terms of the agreement have been satisfied or are no longer valid. (2003 Code § 12-05-08)