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This Agreement shall remain effective and fully binding for the full term hereof regardless <br />of (i) any sale, assignment, transfer, or conveyance of the Property or the Project or any <br />part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the <br />Agency Loan or Agency Note or the City Loan or City Note, or (iii) any reconveyance of <br />the Agency Deed of Trust or the City Deed of Trust, unless this Agreement is terminated <br />earlier by Agency and City in a recorded writing. <br />4.3 Reconveyance. Upon the termination of this Agreement, the Parties <br />agree to execute and record appropriate instruments to release and discharge this <br />Agreement; provided, however, the execution and recordation of such instruments shall <br />not be necessary or a prerequisite to the termination of this Agreement upon the <br />expiration of the term specified in Section 4.1. <br />5. Binding Upon Successors Covenants to Run with the Land. Owner hereby <br />subjects its interest in the Property and the Project to the covenants and restrictions set <br />forth in this Agreement. The Agency, City and Owner hereby declare their express <br />intent that the covenants and restrictions set forth herein shall be deemed covenants <br />running with the land and shall be binding upon and inure to the benefit of the heirs, <br />administrators, executors, successors in interest, transferees, and assigns of Owner, City <br />and Agency, regardless of any sale, assignment, conveyance or transfer of the Property, <br />the Project or any part thereof or interest therein. Any successor-in-interest to Owner, <br />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 <br />be subject to all of the duties and obligations imposed hereby for the full term of this <br />Agreement. Each and every contract, deed, ground lease or other instrument affecting or <br />conveying the Property or the Project or any part thereof, shall conclusively be held to <br />have been executed, delivered and accepted subject to the covenants, restrictions, duties <br />and obligations set forth herein, regardless of whether such covenants, restrictions, duties <br />and obligations are set forth in such contract, deed, ground lease or other instrument. If <br />any such contract, deed, ground lease or other instrument has been executed prior to <br />the date hereof, Owner hereby covenants to obtain and deliver to Agency and City an <br />instrument in recordable form signed by the parties to such contract, deed, ground <br />lease or other instrument pursuant to which such parties acknowledge and accept this <br />Agreement and agree to be bound hereby. <br />Owner agrees for itself and for its successors that in the event that a court of <br />competent jurisdiction determines that the covenants herein do not run with the land, <br />such covenants shall be enforced as equitable servitudes against the Property and the <br />Project in favor of Agency and City. <br />6. Property Management' Repair and Maintenance Marketing. <br />6.1 Management Responsibilities. Owner shall be responsible for all <br />management functions with respect to the Property and the Project, including <br />without limitation the selection of tenants, certification and recertification of <br />household income and eligibility, evictions, collection of rents and deposits, <br />956619-4 9 <br />