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Section 4.07. Effect and Duration of Covenants. a. The covenants respecting use and maintenance of the Property established in accordance with Sections 4.01 and 4.02, shall be memorialized in the Declaration of Redevelopment Covenants and shall remain in effect on all of the Property for the life of the Redevelopment Plan. The Declaration of Affordability Covenants shall remain in effect for a period of fifty-five (55) years commencing on the date the City issues the Certificate of Occupancy for the apartment units. The covenants established against discrimination in accordance with Sections 4.03,4.04 and 4.06, and each of them, shall remain in effect on all of the Property in perpetuity. All of the covenants referenced in this Article shall run with the land and shall constitute equitable servitudes thereon, and shall, without regard to technical classification and designation, be binding for the benefit and in favor of the Agency, its successors and assigns, and, where indicated, the City. b. The Agency is deemed the beneficiary of the terms and provisions of this Agreement and of the covenants running with the land for and in its own rights and for the purposes of protecting the interests of the community. The Agency shall have the right, if such covenants are breached, to exercise all rights and remedies and to maintain any actions or suits at law or in equity or such other proper proceedings to enforce the curing of such breaches to which it or any other beneficiary of such covenants may be entitled. The Agency shall have the right to assign all of its rights and benefits hereunder to the City. ARTICLE V DEFAULTS, REMEDIES AND TERMINATION Section 5.01. Defaults - General. a. Subj ect to the extensions of time set forth in Section 6.05 hereof, failure or delay by either party to perform any term or provision of this Agreement shall constitute a default under this Agreement; provided, however, that if a party otherwise in default commences to cure, correct or remedy such default within the time specified for that default, or if no time is specified, then wi thin thirty (30) calendar days after receipt of written notice specifying such defaul t and shall diligently and continuously prosecute such cure, correction or remedy to completion (and where any time limits for the completion of such cure, correction or remedy are specifically set forth in this 38 REDW\0006\DOC\001-5 1/27/05 7:00 /mve