Agmt21 Home Program Affordable Housing Regulatory

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possible. The Developer shall comply with any reasonable demand by the City for an audit of the Developer's activities related to this Agreement. The City may make audits of any conditions relating to this Agreement. Developer shall also follow audit requirements of the Single Audit Act and OMB Circulars A-122 and 110. 3.4.2 With at least 72 hours' notice, during normal business hours, Developer shall provide City and its authorized agents and representatives access to the books, documents, papers and records of the Project for the purpose of making audits, examinations, excerpts and transcriptions. 3.4.3 With at least 72 hours' notice, during normal business hours and as often as may be deemed necessary, City and its authorized agents and representatives shall be permitted access to and the right to examine the Project and the Property and to interview owners and residents of the Project, for the purpose of verifying compliance with applicable regulations and compliance with the conditions of this Agreement and the other City Documents. 3.5 Survive Termination. The provisions of this Article 3 shall survive termination of this Agreement. 4. Term of AMement. 4.1 Tenn of Restrictions. This Agreement shall remain in effect until the earlier of the fifty-fifth (55th) anniversary of the Effective Date or the initial sale of all HOME Units in accordance with the provisions of this Agreement. 4.2 Effectiveness Succeeds Conveyance of Proverty and Repayment of Loan. This Agreement shall remain effective and fully binding for the full tern hereof regardless of (i) any sale, assignment, transfer, or conveyance of the Property or the Project or any part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the Loan, the Note, and (iii) any reconveyance of the Deed of Trust; provided however, that upon initial sale of each HOME Unit and recordation of a fully executed Resale Restriction Agreement and HOME Homebuyer Deed of Trust, such HOME Unit shall be released from this Agreement, and the Developer's obligations under this Agreement with respect to each such HOME Unit shall terminate unless otherwise provided for herein. Moreover, upon initial sale of a unit that is not a HOME Unit, such unit shall be released from this Agreement. 4.3 Reconveyance. Upon the termination of this Agreement, the Parties agree to execute and record appropriate instruments to release and discharge this Agreement; provided, however, the execution and recordation of such instruments shall not be necessary or a prerequisite to the termination of this Agreement upon the expiration of the term. 5. BindingUpon Successors, Covenants to Run with the Land. 5.1 Re uirements Run with the Land. Developer hereby subjects its interest in the Property and the Project to the covenants and restrictions set forth in this Agreement. The City and Developer hereby declare their express intent that the covenants and restrictions set forth herein shall be deemed covenants running with the land and shall be binding upon and inure to SF #4821-4436-6284 v2 1619\01\3064651.1 REV: 05-19-20215K