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number; (ii) number of bedrooms; (iii) current rent and other charges; (iv) dates of any <br />vacancies during the previous year; (v) number of people residing in the unit; (vi) total <br />gross household income of residents; (vii) documentation of source of household <br />income; and (viii) the information required by Section 3.1 <br />Owner shall include with the Annual Report, an income recertification for each <br />household, documentation verifying tenant eligibility, and such additional information as <br />City may reasonably request from time to time in order to demonstrate compliance with <br />this Agreement. The Annual Report shall conform to the format requested by City; <br />provided however, during such time that the Project is subject to a regulatory agreement <br />restricting occupancy and /or rents pursuant to requirements imposed in connection with <br />the use of state or federal low- income housing tax credits, Owner may satisfy the <br />requirements of this Section by providing City with a copy of compliance reports <br />required in connection with such financing. <br />Owner shall permit representatives of City to enter and inspect the Property and the <br />Project during reasonable business hours in order to monitor compliance with this <br />Agreement upon 48 -hours advance notice of such visit to Owner or to Owner's <br />management agent. <br />4. Term of Aareement <br />4.1 Term of Restrictions This Agreement shall remain in effect through the <br />fifty -fifth (55 anniversary of the Effective Date. <br />4.2 Effectiveness Succeeds Conveyance of Property and Repayment of Loan <br />This Agreement shall remain effective and fully binding for the full term hereof, as such <br />may be extended pursuant to Section 4.1 regardless of (i) any sale, assignment, transfer, <br />or conveyance of the Property or the Project or any part thereof or interest therein, (ii) any <br />payment, prepayment or extinguishment of the Loan or Note, or (iii) any reconveyance of <br />the Deed of Trust. <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 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 City and Owner hereby declare their express intent that <br />the covenants and restrictions set forth herein shall be deemed covenants running with <br />the land and shall be binding upon and inure to the benefit of the heirs, administrators, <br />executors, successors in interest, transferees, and assigns of Owner and City, regardless <br />of any sale, assignment, conveyance or transfer of the Property, the Project or any part <br />thereof or interest therein. Any successor -in- interest to Owner, including without limitation <br />any purchaser, transferee or lessee of the Property or the Project (other than the tenants <br />1753724.3 10 <br />