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begin to correct the deficiency within fifteen (15) days and correct the deficiency as soon as <br />reasonably possible. The Owner shall comply with any reasonable demand by the City for an <br />audit of the Owner's activities related to this Agreement. The City may make audits of any <br />conditions relating to this Agreement. Owner shall also follow audit requirements of the Single <br />Audit Act and OMB Circulars A-122 and 110. <br />3.7.2 With at least 48 -hours' notice, during normal business hours, Owner shall <br />provide City and its authorized agents and representatives access to the books, documents, papers <br />and records of the Project for the purpose of making audits, examinations, excerpts and <br />transcriptions. <br />3.7.3 With at least 48 -hours' notice, during normal business hours and as often <br />as may be deemed necessary, City and its authorized agents and representatives shall be <br />permitted access to and the right to examine the Project and the Property and to interview tenants <br />and employees of the Project, for the purpose of verifying compliance with applicable regulations <br />and compliance with the conditions of this Agreement and the other City Documents. <br />4. Term of Agreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect until the fifty-fifth <br />(55s') anniversary of the date upon which the City Building Department signs off on the final <br />inspection of the Project. If such date cannot be ascertained, the term of this Agreement shall <br />end on the fifty-seventh (57th) anniversary of the Effective Date of this Agreement. <br />4.2 Effectiveness Succeeds Conveyance of Property and Repayment of Loan. This <br />Agreement shall remain effective and fully binding for the full term hereof regardless of (i) any <br />sale, assignment, transfer, or conveyance of the Project or the Property, or any part thereof or <br />interest therein, (ii) any payment, prepayment or extinguishment of the Loan, the Note, or (iii) <br />any reconveyance of the Deed of Trust. <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. <br />5. Binding Upon Successors; Covenants to Run with the Land. Owner hereby subjects its <br />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 land 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 - <br />interest to Owner, including without limitation any purchaser, transferee or lessee of the Property <br />or the Project (other than the tenants of the individual dwelling units within the Project) shall be <br />subject to all of the duties and obligations imposed hereby for the full term of this Agreement. <br />Each and every contract, deed, ground lease or other instrument affecting or conveying the <br />Property or the Project or any part thereof, shall conclusively be held to have been executed, <br />14 <br />OAK R4B20-8711-2085 v4 <br />ATfY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />