Res17 15621 - Laserfiche WebLink

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use or occupancy of tenants , lessee, subtenants, sublessees or vendees of the land ." 5. Restrictions on Transfer. The Grantee covenants and agrees that the Property and Improvements will be used for the purposes of timely development of affordable housing as set forth in the Agreement and not for speculation in landholding . The Grantee further recognizes that Grantor entered into the Agreement, permitted its assignment to Grantee, and agreed to convey the Property to Grantee in reliance on the qualifications and identity of Grantee, and that the qualifications of Grantee are of particular concern to Grantor, particularly in view of the importance of the construction of the Improvements to the general welfare of the community, the financial and other assistance provided by Grantor to facilitate development of the Improvements, and the reliance by Grantor upon the unique qualifications and ability of the Grantee to develop, operate and manage the Property as an affordable housing development. Grantee covenants, for itself and its successors and assigns, that there shall be no sale, transfer, assignment, conveyance, lease, pledge or encumbrance of the Agreement or the Property and the Improvements thereon or any part thereof, or of any ownership interest in the Grantee (collectively, "Transfer") in violation of the Agreement. 6 . Duration of Covenants. The covenants contained in Section 2 regarding construction shall remain in effect until the issuance of a Certificate of Completion pursuant to the Agreement. The covenants against discrimination contained in Section 4 shall remain in effect in perpetuity. The covenants against prohibited sales, transfers, assignments, conveyances, leases, pledges and encumbrances contained in Section 5 shall remain in effect throughout the term of the Regulatory Agreement. 7. Mortgagee Protection . No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage, deed of trust or other financing or security instrument permitted by the Agreement; provided , however, that any successor of Grantee to the Property and Improvements shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such successor's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 8. Binding on Successors. The covenants contained in Sections 2 , 4, and 5 of this Grant Deed , without regard to technical or legal classification or designation specified in this Grant Deed or otherwise, shall to the fullest extent permitted by law and equity, be binding upon Grantee and any successor in interest to the Property and Improvements or any part thereof, for the benefit of Grantor, and its successors and assigns, and such covenants shall run in favor of and be enforceable by the Grantor and its successors and assigns for the entire period during which such covenants shall be in force and effect, without regard to whether the Grantor is or remains an owner of any land or interest therein to which such covenants relate. In the event of any breach of any of such covenants, the Grantor and its successors and assigns shall have the right to exercise all rights and remedies available under law or in equity to enforce the curing of such breach . ATY/AGR/2017.218/RWC — BRADFORD — DDA REV: 09-18-17 VR Page 51 of 94