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San Jose, California area over the prior year. In the event that in any year there is insufficient <br />Project cash flow available to pay the annual monitoring fee, the City will permit the fee to be <br />deferred. Any deferred amounts shall accrue and shall be payable from future Project cash flow. <br />4. Term of Agreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect through the 55'h <br />anniversary of the issuance of the final certificate of occupancy or equivalent for the Project, <br />unless the term is extended by mutual agreement of the Parties. <br />4.2 Effectiveness Succeeds Convgyance of Property. This Agreement shall remain <br />effective and fully binding for the full term hereof, as such may be extended pursuant to Section <br />0, regardless of any sale, assignment, transfer, or conveyance of the Property or the Project or <br />any part thereof or interest therein. <br />4.3 Reconveyance. Upon the termination of this Agreement, the Parties agree to <br />execute and record appropriate instruments to release and discharge this Agreement; provided, <br />however, the execution and recordation of such instruments shall not be necessary or a <br />prerequisite to the termination of this Agreement upon the expiration of the term as such may be <br />extended pursuant to Section 0. <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 restrictions set forth in this <br />Agreement. The City and Owner hereby declare their express intent that the covenants and <br />restrictions set forth herein shall be deemed covenants running with the Iand 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, restrictions, duties and obligations set forth herein, regardless of <br />whether such covenants, restrictions, 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 prior 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. <br />Owner agrees for itself and for its successors that in the event that a court of competent <br />jurisdiction determines that the covenants herein do not run with the land, such covenants shall <br />be enforced as equitable servitudes against the Property and the Project in favor of City. <br />ATY/AGR/2017.218/RWC — BRADFORD — DDA <br />REV: 09-18-17 VR <br />Page 72 of 94 <br />