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Inst 2009238643
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Inst 2009238643
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Last modified
8/24/2009 3:00:18 PM
Creation date
8/24/2009 3:00:16 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/16/2009
Recorded Document Type
Regulatory Agreement
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PERM
Document Relationships
Agmt 2009 Alameda County Allied Housing Program
(Reference)
Path:
\City Clerk\City Council\Agreements\2009
Inst 2010336107
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2010
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4. Term of Asreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect through the 55th <br />anniversary of the Effective Date of this Agreement. <br />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 the Property or the Project or any part thereof or <br />interest therein; (ii) any payment, prepayment or extinguishment of the City Loan or Note, the <br />Agency Loan or Note; or (iii) any reconveyance of the City Deed of Trust or Agency Deed of Trust, <br />unless this Agreement is terminated earlier by Agency and City in a recorded writing. <br />4.3 Reconveyance. 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. Bindin~pon ,Successors; Covenants to Run with the Land. Owner hereby subjects <br />its interest in the Property and the Project to the covenants and restrictions set forth in this <br />Agreement. The Parties hereby declare their express intent that the covenants and restrictions set <br />forth herein shall be deemed covenants running with the land and shall be binding upon and inure <br />to the benefit of the heirs, administrators, executors, successors in interest, transferees, and assigns <br />of Owner, City 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 to Owner, <br />including without limitation any purchaser, transferee or lessee of the Property or the Project <br />(other than the tenants of the individual residential units within the Project) shall be subject to all <br />of the duties and obligations imposed hereby for the full term of this Agreement. Each and every <br />contract, deed, ground lease or other instrument affecting or conveying the Property or the Project <br />or any part thereof, shall conclusively be held to have been executed, delivered and accepted subject <br />to the covenants, restrictions, duties and obligations set forth herein, regardless of whether such <br />covenants, restrictions, duties and obligations are set forth in such contract, deed, ground lease or <br />other instrument. If any such contract, deed, ground lease or other instrument has been executed <br />prior to the date hereof, Owner hereby covenants to obtain and deliver to City and Agency an <br />instrument in recordable form signed by the parties to such contract, deed, ground lease or other <br />instrument pursuant to which such parties acknowledge and accept this Agreement and agree to <br />be bound hereby. <br />Owner agrees for itself and for its successors that in the event that a court of competent <br />jurisdiction determines that the covenants herein do not run with the land, such covenants shall <br />be enforced as equitable servitudes against the Property and the Project in favor of City and <br />Agency. <br />6. Pronertv Mana>?ement: Repair and Maintenance: Marketing. <br />6.1 Management Responsibilities. Owner 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 />AMENDED AND RESTATED REGULATORY AGREEMENT 10 <br />MISSION BELL APARTMENTS <br />1227466-8 <br />
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