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restrictions set forth in this Agreement. The City and Owner hereby declare their
<br /> express intent that the covenants and restrictions set forth herein shall be deemed
<br /> covenants running with the land and shall be binding upon and inure to the benefit of
<br /> the heirs, administrators, executors, successors in interest, transferees, and assigns of
<br /> •
<br /> Owner and City, regardless of any sale, assignment, conveyance or transfer of the
<br /> Owner's interest in the Property, the Project or any part thereof or interest therein. Any
<br /> successor-in-interest to Owner, including without limitation any purchaser, transferee or
<br /> lessee of the Owner's interest in the Property or the Project (other than the tenants of
<br /> the individual dwelling units within the Project) shall be subject to all of the duties and
<br /> 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 Owner's
<br /> interest in the Property or the Project or any part thereof, shall conclusively be held to
<br /> have been executed, delivered and accepted subject to the covenants, restrictions,
<br /> duties and obligations set forth herein, regardless of whether such covenants,
<br /> 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
<br /> been executed prior to the date hereof, Owner hereby covenants to obtain and deliver
<br /> to City an instrument in recordable form signed by the parties to such contract, deed,
<br /> ground lease or other instrument pursuant to which such parties acknowledge and
<br /> accept this Agreement and agree to be bound hereby. Owner agrees for itself and for
<br /> its successors that in the event that a court of competent jurisdiction determines that
<br /> the covenants herein do not run with the land, such covenants shall be enforced as
<br /> equitable servitudes against the Owner's interest in the Property and the Project in
<br /> 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 Owner's interest in the Property and the
<br /> Project, including without limitation the selection of tenants, certification and
<br /> recertification of household income and eligibility, evictions, collection of rents and
<br /> deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of
<br /> capital items, and security. City shall have no responsibility for management or
<br /> maintenance of the Owner's interest in 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 Owner's interest in the
<br /> Property and the Project in good physical condition, in good repair, and in decent, safe,
<br /> sanitary, habitable and tenantable living conditions in conformity with all applicable
<br /> • state, federal, and local laws, ordinances, codes, and regulations. Without limiting the
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