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9.2 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, and (iii)
<br />any reconveyance of the Deed of Trust.
<br />9.3 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 />10. 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 />delivered and accepted subject to the covenants, restrictions, duties and obligations set forth
<br />herein, regardless df whether such covenants, restrictions, duties and obligations are set forth in
<br />such contract, deed, ground lease or other instrument. If any such contract, deed, ground lease or
<br />other instrument has been executed prior to the date hereof, Owner hereby covenants to obtain
<br />and deliver to City an instrument in recordable form signed by the parties to such contract, deed,
<br />ground lease or other instrument pursuant to which such parties acknowledge and accept this
<br />Agreement and agree to be bound hereby. Owner agrees for itself and for its successors that in
<br />the event that a court of competent jurisdiction determines that the covenants herein do not run
<br />with the land, such covenants shall be enforced as equitable servitudes against the Property and
<br />the Project in favor of City.
<br />11. PMperty Management, Prol?eLly Standards- Re air and Maintenance.
<br />11.1 Management Responsibilities. Owner shall be responsible for all management
<br />functions with respect to the Property and the Project, including without limitation the selection
<br />of tenants, certification and recertification of household income and eligibility, evictions,
<br />collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs,
<br />replacement of capital items, and security. Owner may delegate responsibility for the foregoing
<br />matters to a management entity subject to the provisions of Section 11.2. City shall have no
<br />responsibility for management or maintenance of the Property or the Project.
<br />11.2 Management Entity. City shall have the right to review and approve the
<br />qualifications of the management entity proposed by Owner for the Project, and shall have the
<br />REV: 08-26-2020 PR
<br />ATTY/AGR.2020.168/HIP Housing Development Corporation (Page 11 of 31)
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