RecD05 2005-141298 - Laserfiche WebLink

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6. Maintenance of Property. During such time as the covenants set forth in Section 2 of this Grant Deed are in effect, the Property shall at all times be maintained as an affordable rental apartment complex of not less than 58 units. The Property shall at all times be maintained in a neat and orderly condition consistent with good management practices and in accordance with all applicable Federal, State and local laws. 7. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed, the Declaration of Affordability Covenants, and the Deed of Trust 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 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. The terms and conditions set forth in Article IV of the Agreement and the covenants otherwise contained in this Grant Deed respecting the affordabili ty restrictions on the Property shall remain in effect for a period of fifty-five (55) years from the date hereof. The covenants against discrimination set forth in Article IV of the Agreement and otherwise contained in this Grant Deed shall remain in effect in perpetuity. The covenants set forth in Article IV of the Agreement regarding the redevelopment of the Property shall remain in effect for the life of the Redevelopment Plan. The covenants set forth in Article III of the Agreement shall remain in effect until they are satisfied in full. 9. The covenants contained in this Grant Deed shall be binding for the benefit of the Grantor and its successors and assigns, and such covenants shall run in favor of the Grantor for the entire period during which such covenants shall be in full force and effect, without regard to whether the Grantor is or remains an owner of any land or interest herein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all of the rights and remedies, and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach as provided in the Agreement or by law. The covenants contained in this Grant Deed shall be for the benefit of and shall be enforceable only by the Grantor and its successor. 10. Events of Default; Enforcement. In the event of a default in the performance or observance of any covenant, agreement 7 REDW\0006\DOC\027