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5. Binding Upon Successors, Covenants to Run with the Land. Owner hereby
<br />subjects the Property and the Project to the covenants and restrictions set forth in this
<br />Agreement. The City and Owner hereby declare their express intent that the covenants
<br />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,
<br />successors in interest, transferees, and assigns of Owner and City, regardless of any
<br />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
<br />limitation any purchaser, transferee or lessee of the Property or the Project (other than
<br />the tenants of the individual dwelling units within the Project) shall be subject to all of
<br />the duties and obligations imposed hereby for the full term of this Agreement. Each
<br />and every contract, deed, ground lease or other instrument affecting or conveying the
<br />Property or the Project or any part thereof, shall conclusively be held to have been
<br />executed, delivered and accepted subject to the covenants, restrictions, duties and
<br />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 City an instrument in
<br />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
<br />agree to be bound hereby. Owner agrees for itself and for its successors that in the
<br />event that a court of competent jurisdiction determines that the covenants herein do not
<br />run with the land, such covenants shall be enforced as equitable servitudes against the
<br />Property and the Project in favor of 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 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. City shall
<br />have no responsibility for management or maintenance of the Property or the Project.
<br />6.2 Management Entity. City shall have the right to review and approve the
<br />qualifications of the management entity proposed by Owner for the Project. The
<br />contracting of management services to a management entity shall not relieve Owner of
<br />its primary responsibility for proper performance of management duties. The City
<br />hereby approves BRIDGE Property Management Company, a California nonprofit
<br />public benefit corporation as the initial management entity for the Project.
<br />6.3 Repair, Maintenance and Security. Throughout the term of this
<br />Agreement, Owner shall at its own expense, maintain the Property and the Project in
<br />good physical condition, in good repair, and in decent, safe, sanitary, habitable and
<br />tenantable living conditions in conformity with all applicable state, federal, and local
<br />laws, ordinances, codes, and regulations. Without limiting the foregoing, Owner agrees
<br />to maintain the Project and the Property {including without limitation, the residential
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