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the benefit of the heirs, administrators, executors, successors in interest, transferees, and assigns of <br />Developer and City, regardless of any sale, assignment, conveyance or transfer of the Property, the <br />Project or any part thereof or interest therein. Any successor -in -interest to Developer, including <br />without limitation any purchaser, transferee or lessee of the Property or 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, Developer hereby covenants to obtain and deliver to City <br />an instrument in recordable form signed by the parties to such contract, deed, ground lease or <br />other instrument pursuant to which such parties acknowledge and accept this Agreement and <br />agree to be bound hereby. <br />5.2 Equitable Servitudes. Developer agrees for itself and for its successors that in the <br />event that a court of competent jurisdiction determines that the covenants herein do not run with <br />the land, such covenants shall be enforced as equitable servitudes against the Property and the <br />Project in favor of City. <br />5.3 Recordation of Grant of Option to Repurchase and Resale Restriction Agreement <br />and HOME Homebuyer Deed of Trust. In connection with the sale of each HOME Unit, the <br />homebuyer shall be required to execute a Resale Restriction Agreement, substantially in the form <br />attached hereto as Exhibit D a HOME Homebuyer Promissory Note substantially in the form <br />attached hereto as Exhibit E, and a HOME Homebuyer Deed of Trust substantially in the form <br />attached hereto as Exhibit F. The Resale Restriction Agreement and the HOME Homebuyer Deed <br />of Trust must be recorded against the HOME Units in the Project at the closing for the sale of such <br />unit. City shall reconvey the HOME Deed of Trust to the Developer with respect to each HOME <br />Unit upon sale to an Eligible Household and the recordation of the Resale Restriction Agreement <br />and HOME Homebuyer Deed of Trust. <br />Among other provisions, the Resale Restriction Agreement shall provide that for a term equal to <br />not less than fifty five (55) years, subsequent sales of the HOME Unit may only be made at an <br />Affordable Sales Price to an Eligible Household, that the purchaser must occupy the HOME Unit <br />as the purchaser's principal residence, that the unit may not be rented or leased except as allowed <br />under the Resale Restriction Agreement, that the purchaser may not make the unit available for <br />short term rentals, that the purchaser is required to annually sign a written statement certifying <br />compliance with all of the foregoing requirements, and that in connection with any subsequent <br />sale, the purchaser will be required to execute and record a new Resale Restriction Agreement in <br />form approved by City. The HOME Homebuyer Deed of Trust shall secure the HOME <br />Homebuyer Promissory Note and the homebuyer's performance under the Resale Restriction <br />Agreement. <br />6. Buyer Selection, Marketing. <br />SF #4821-4436-6284 v2 <br />1619\0113064651.1 <br />REV: 05-19-20215K <br />