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<br />4 <br /> <br />agent may require each Eligible Household to certify the Written Verification. <br /> <br />3.2 Annual Report: Inspections. If Owner elects to rent the Restricted Unit, then <br />Owner shall submit an annual report ("JADU Inclusionary Unit Annual Survey") in <br />substantially the same form as attached Exhibit C. The Annual Report shall, at a minimum, <br />include the following information: (a) identification of the Restricted Unit by address; (b) the <br />monthly rents charged and proposed to be charged; (c) the number of people residing in <br />the Restricted Unit; and (d) the total household income of residents. Upon City's request, <br />Owner shall include with the Annual Report a copy of the Written Verification Owner <br />obtained pursuant to Section 3.1 above, and such additional information as City may <br />reasonably request from time to time in order to show compliance with this Agreement. <br /> <br />4. Term of Agreement. <br /> <br />4.1 Term of Restrictions. This Agreement shall remain in perpetuity. <br /> <br />4.2 Effectiveness Succeeds Conveyance of Property. This Agreement shall <br />remain effective and fully binding for the full term hereof regardless of any sale, <br />assignment, transfer, or conveyance of the Property, unless this Agreement is terminated <br />earlier by City in a recorded writing. <br /> <br />5. Binding Upon Successors: Covenants to Run with the Land. Owner hereby <br />subjects its interest in the Property to the covenants and restrictions set forth in this <br />Agreement. 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 <br />binding upon and inure to the benefit of the heirs, administrators, executors, successors in <br />interest, transferees, and assigns of Owner and City, regardless of any sale, assignment, <br />conveyance or transfer of the Property or any part thereof or interest therein. Each <br />reference in this Agreement to a specifically named party shall be deemed to mean a <br />reference to the successor of each such Party. Any successor-in-interest to Owner, <br />including without limitation any purchaser, transferee or lessee of the Property (other than <br />the tenants of the Restrictive Unit within the Property) shall be subject to all of the duties <br />and obligations imposed hereby for the full term of this Agreement. Each and every <br />contract, deed, ground lease or other instrument affecting or conveying the Property or any <br />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 <br />whether such covenants, restrictions, duties and obligations are set forth in such contract, <br />deed, ground lease or other instrument. If any such contract, deed, ground lease or other <br />instrument has been executed prior to the date hereof, Owner hereby covenants to obtain <br />and deliver to City an instrument in recordable form signed by the parties to such contract, <br />deed, ground lease or other instrument pursuant to which such parties acknowledge and <br />accept this Agreement and agree to be bound hereby. <br /> <br />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 in favor of City. <br /> <br />6. Property Management: Repair and Maintenance: Marketing. <br /> <br />Page 201 of 344