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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 as such may be extended pursuant to 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 and Owner hereby declare their express intent <br />that the covenants and restrictions set forth herein shall be deemed covenants running <br />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 <br />and Agency, regardless of any sale, assignment, conveyance or transfer of the <br />Property, the Project or any part thereof or interest therein. Any successor-in-interest <br />to Owner, including without limitation any purchaser, transferee or lessee of the <br />Property or the Project (other than the tenants of the individual dwelling units within the <br />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, ground lease or other <br />instrument affecting or conveying the Property or the Project or any part thereof, shall <br />conclusively be held to have been executed, delivered and accepted subject to the <br />covenants, restrictions, duties and obligations set forth herein, regardless of whether <br />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 <br />instrument has been executed prior to the date hereof, Owner hereby covenants to <br />obtain and deliver to Agency an instrument in recordable form signed by the parties to <br />such contract, deed, ground lease or other instrument pursuant to which such parties <br />acknowledge and accept this Agreement and agree to be bound hereby. Without <br />limiting the generality of the foregoing, Owner agrees that throughout the term of this <br />Agreement, the fee title to the Property shall not merge with the leasehold interest in <br />the Property, notwithstanding any union of such estates in the fee owner of the <br />Property, Owner, or any third party, and Owner agrees that if Owner becomes the fee <br />owner of the Property, this Agreement shall automatically be an encumbrance on such <br />Property. <br />Owner agrees far 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. <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 without <br />limitation the selection of tenants. certification and recertification of household income <br />and eligibility, evictions, collection of rents and deposits, maintenance, landscaping, <br />routine and extraordinary repairs, replacement of capital items, and security. Agency <br />shall have no responsibility for management or maintenance of the Property or the <br />Project. <br />~~eo~i~-~ 10 <br />