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Agreement shall remain effective and fully binding for the full term hereof regardless of(i)any
<br /> sale, assignment, transfer, or conveyance of the Project or Owner's leasehold interest in the
<br /> Property, or any part thereof or interest therein,(ii)any payment, prepayment or extinguishment of
<br /> the Loan,the Note or the City HOME Note,or(iii)any reconveyance of the Deed of Trust or the
<br /> City HOME Deed of Trust.
<br /> 4.3 Reconveyance. Upon the termination of this Agreement,the Parties agree to
<br /> execute and record appropriate instruments to release and discharge this Agreement; provided,
<br /> however,the execution and recordation of such instruments shall not be necessary or a
<br /> prerequisite to the termination of this Agreement upon the expiration of the term.
<br /> 5. Binding Upon Successors; Covenants to Run with the Land. Owner hereby subjects
<br /> its interest in the Property and the Project to the covenants and restrictions set forth in this
<br /> Agreement. The City and Owner hereby declare their express intent that the covenants and
<br /> restrictions set forth herein shall be deemed covenants running with the land and shall be binding
<br /> upon and inure to the benefit of the heirs, administrators, executors, successors in interest,
<br /> transferees,and assigns of Owner and City, regardless of any sale,assignment,conveyance or
<br /> transfer of the Property,the Project or any part thereof or interest therein. Any successor-in-interest
<br /> to Owner, including without limitation any purchaser,transferee or lessee of the Property or the
<br /> Project(other than the tenants of the individual dwelling units within the Project) shall be subject
<br /> to all of the duties and obligations imposed hereby for the full term of this Agreement. Each and
<br /> every contract,deed,ground lease or other instrument affecting or conveying the Property or the
<br /> Project or any part thereof, shall conclusively be held to have been executed, delivered and accepted
<br /> subject to the covenants,restrictions, duties and obligations set forth herein, regardless of whether
<br /> such covenants,restrictions, duties and obligations are set forth in such contract,deed, ground lease
<br /> or other instrument. If any such contract, deed, ground lease or other instrument has been
<br /> executed prior to the date hereof, Owner hereby covenants to obtain and deliver to City an
<br /> instrument in recordable form signed by the parties to such contract, deed, ground lease or other
<br /> instrument pursuant to which such parties acknowledge and accept this Agreement and agree to
<br /> be bound hereby. Owner agrees for itself and for its successors that in the event that a court of
<br /> competent jurisdiction determines that the covenants herein do not run with the land, such
<br /> covenants shall be enforced as equitable servitudes against the Property and the Project in favor
<br /> of City.
<br /> 6. Property Management; Repair and Maintenance; Marketing.
<br /> 6.1 Management Responsibilities. Owner shall be responsible for all management
<br /> functions with respect to the Property and the Project, including without limitation the
<br /> selection of tenants, certification and recertification of household income and eligibility,
<br /> evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary
<br /> repairs, replacement of capital items, and security. City shall have no responsibility for
<br /> management or maintenance of the Property or the Project.
<br /> 6.2 Management Entity. City shall have the right to review and approve the
<br /> qualifications of the management entity proposed by Owner for the Project, and shall have the
<br /> right to review and approve any agreement executed between Owner and the management entity,
<br /> which approval shall not be unreasonably withheld. The contracting of management services to
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