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7. Successors and Assigns. Recordation of this Agreement shall constitute the <br /> agreement by PHA, Lessee and Owner to be bound by and to comply with the restrictions set <br /> forth in this Agreement. The benefits and burdens of this Agreement touch and concern and run <br /> with the land and are binding upon and shall inure to the benefit of the respective successors and <br /> assigns of the parties to this Agreement. Wherever the term "Owner" is used herein such term <br /> shall be construed to include any successor owner to title to the Disposition Property (each, a <br /> "Successor Owner") and wherever the term "Lessee" is used herein such term shall be <br /> construed to include any successor lessee under the Ground Lease ("Successor Lessee"). <br /> Notwithstanding the foregoing, no party other than PHA shall exercise the rights and privileges <br /> reserved herein to PHA, or bear the obligations imposed herein on PHA, unless such party shall <br /> receive and record in the official records of the county where the Disposition Property is located <br /> a written assignment of all or a portion of such rights, privileges and obligations. <br /> Notwithstanding the foregoing, in no event shall the beneficiary of any deed of trust <br /> encumbering the Disposition Property or any other purchaser at foreclosure (the "Holder") have <br /> any liability for sums which are due and payable under this Agreement prior to such Holder's <br /> acquisition of title to the Disposition Property. This Agreement shall extend to and be binding <br /> upon the Holder only in the event that the Holder acquires ownership of the Disposition <br /> Property. <br /> 8. Notices. All notices under this Agreement shall be in writing and shall be served <br /> by (a) personal service or receipted courier service, (b) by registered or certified first class mail, <br /> return receipt requested, or (c) nationally-recognized overnight delivery service, addressed to <br /> HUD, PHA, Lessee or Owner, as appropriate, at the addresses for such parties set forth in the <br /> initial paragraph or third recital of this Agreement. Any notice or other communication sent <br /> pursuant to clause (a) hereof shall be deemed received upon such personal service, if sent <br /> pursuant to clause (b) shall be deemed received five (5) business days following deposit in the <br /> mail, and/or if sent pursuant to clause (c) shall be deemed received the next succeeding business <br /> day following deposit with such nationally recognized overnight delivery service. Any party may <br /> change its address by notice given in accordance with this Section 8. <br /> 9. Business Day. A business day is any calendar day other than a Saturday, Sunday <br /> or a holiday generally observed by banking institutions in the State of California. In the event the <br /> last day permitted for the performance of any act required or permitted under this Agreement <br /> falls on a day other than a business day, the time for such performance will be extended to the <br /> next succeeding business day. Each time period under this Agreement shall exclude the first day <br /> and include the last day of such time period. <br /> 10. Amendments. This Agreement may be amended only by a written instrument <br /> signed by the parties to this Agreement. Notwithstanding the foregoing, the parties may not <br /> amend, modify, rescind, revoke and/or terminate this Agreement without the prior written <br /> approval of HUD. <br /> 11. Subordination. Any mortgage liens shall be subject and subordinate to this <br /> Agreement. This Agreement shall survive foreclosure and bankruptcy. <br /> Page 5 of 16 <br />