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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 Developer's interest in the Property or the Project or
<br />any part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the Loan or
<br />Note, or (iii) any reconveyance of the Deed of Trust, unless this Agreement is terminated earlier
<br />by Agency in a recorded writing.
<br />4.3 Reconve~ce. Upon the termination of this Agreement, the Parties agree to
<br />execute and record appropriate instruments to release and discharge the terms of this Agreement;
<br />provided, however, the execution and recordation of such instruments shall not be necessary or a
<br />prerequisite to the termination of this Agreement in accordance with its terms.
<br />5. Binding Upon Successors; Covenants to Run with the Land. Developer hereby
<br />subjects its interest in the Property and the Project to the covenants and restrictions set forth in
<br />this Agreement. The Agency and Developer hereby declare their express intent that the
<br />covenants and restrictions set forth herein shall be deemed covenants running with the land and
<br />shall be binding upon and inure to the benefit of the heirs, administrators, executors, successors in
<br />interest, transferees, and assigns of Developer and Agency, regardless of any sale, assignment,
<br />conveyance or transfer of the Property, the Project or any part thereof or interest therein. Any
<br />successor-in-interest to Developer, including without limitation any purchaser, transferee, lessee
<br />or sublessee of the Property or the Project (other than the tenants of the individual dwelling units
<br />within the Project) shall be subject to all of the duties and obligations imposed hereby for the full
<br />term of this Agreement Each and every contract, deed, lease, sublease or other instrument
<br />affecting or conveying the Property or the Project or any part thereof or interest therein, shall
<br />conclusively be held to have been executed, delivered and accepted subject to the covenants,
<br />restrictions, duties and obligations set forth herein, regardless of whether such covenants,
<br />restrictions, duties and obligations are set forth in such contract, deed, lease, sublease or other
<br />instrument. ]f any such contract, deed, ]ease, sublease or other instrument has been executed
<br />prior to the date hereof, Developer hereby covenants to obtain and deliver to Agency an
<br />instrument in recordable form signed by the parties to such contract, deed, sublease or other
<br />instrument pursuant to which such parties acknowledge and accept this Ageement and agree to
<br />be bound hereby.
<br />Developer 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, such
<br />covenants shall be enforced as equitable servitudes against the Property and the Project in favor
<br />of Agency.
<br />6. Property Management; Repair and Maintenance; Marketing.
<br />6.l Management Responsibilities. Developer shall be responsible for all management
<br />functions with respect to the Property and the Project, including without limitation the
<br />selection of tenants, certification and recertification of household income and eligibility,
<br />evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary
<br />repairs, replacement of capital items, and security. Except as Agency may otherwise agree in
<br />writing, Agency shall have no responsibility for management or maintenance of the Property or
<br />the Project.
<br />eo6~go_E
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