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