|
regulations 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 (55`h) 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 Conveyance 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 4.3 Reconveyance. Upon
<br /> the termination of this Agreement, the Parties agree to execute and record appropnate
<br /> instruments to release and discharge this Agreement, provided, however, the execution and
<br /> recordation of such instruments shall not be necessary or a prerequisite to the termination of this
<br /> 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 restnctions set forth in this
<br /> Agreement. The City and Owner hereby declare their express intent that the covenants and
<br /> restnctions 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
<br /> accepted subject to the covenants,restnctions, duties and obligations set forth herein, regardless of
<br /> whether such covenants, restnctions, duties and obligations are set forth in such contract, deed,
<br /> ground lease or other instrument If any such contract, deed, ground lease or other instrument has
<br /> been executed pnor 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 /> 11
<br /> OAK #4832-3506-8205 v4
<br />
|