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Article II Project Development and Management 5 Section 2.1. General Provisions (A) The Grantee shall enforce the Owner's obligations both through this Agreement and the HDG requirements set forth in section 5.03(a) -(f) as covenants running with the land, attached herein as Attachment J. The covenants shall be in effect for at least the Project Term and shall be binding upon the Owner and its successors, assigns, heirs, grantees or lessees to the land or the Project for the Project Term, unless earlier terminated in accordance with the provisions set forth in the HDG covenants at Attachment J of this Agreement. (B) The Grantee shall monitor the Owner's performance and shall take legal action, as appropriate, to enforce the HDG requirements and compliance with the Owner's responsibilities under this Agreement. (C) Any duly authorized representative of HUD shall, at all reasonable times, have access to any portion of the Project. Section 2.2. Development Phase (A) The Grantee shall carry out the Grantee obligations under the Grant Agreement, including the Grantee Activities set forth in Exhibit B of the Grant Agreement and Attachment B of this Agreement, and the Owner shall carry out the Non - Grantee Activities set forth as the Owner's responsibilities in Exhibits C and D of the Grant Agreement. (B) The Owner shall execute a security instrument which shall secure the Owner's compliance with its obligations under this Agreement and HUD regulations. The terms of the security instrument shall be set by the Owner and the Grantee and be approved by HUD, but at a minimum the instrument shall evidence, in accordance with section 7.04 and Exhibit D of the Grant Agreement, that the HDG is a debt on the Project, which may be called in the event of Substantive Violation, in accordance with section 12.03 of the Grant Agreement. Such security instrument is attached as Attachment I of this Agreement. (C) Development of the Project shall commence at the time specified in section 1.01(b) of the Grant Agreement and shall be completed by the time specified in section 1.01(c) of the Grant Agreement, in accordance with Exhibit E of the Grant Agreement and Attachment E of this Agreement. (D) The Project shall be developed in accordance with applicable State and local building codes or, in the absence of these codes, with a nationally recognized model building code.