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<br />provide City and its authorized agents and representatives access to any books, documents,
<br />papers and records of the Project for the purpose of making audits, examinations, excerpts and
<br />transcriptions.
<br />3.4.2 With at least 48 -hours' notice, during normal business hours and as often
<br />as may be deemed necessary, City and its authorized agents and representatives shall be
<br />permitted access to and the right to examine the Project and the Property and to interview tenants
<br />and employees of the Project, for the purpose of verifying compliance with applicable regulations
<br />and compliance with the conditions of this Agreement and the other City Documents.
<br />4. Term of Agreement.
<br />4.1 Term of Restrictions. This Agreement shall remain in effect until the later of (i)
<br />the fifty-fifth (55th) anniversary of the date upon which the Project construction loan converts to
<br />permanent financing, or (ii) the expiration of the term of the Ground Lease.
<br />4.2 Effectiveness Succeeds Convevance of Property and Repayment of Loan. This
<br />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 (iii) any reconveyance of the 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
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