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requirements of this Section by providing City with a copy of compliance reports required in <br />connection with such financing. <br />Owner shall permit representatives of City to enter and inspect the Property and the Project <br />during reasonable business hours in order to monitor compliance with this Agreement upon forty- <br />eight (48) hours advance notice of such visit to Owner or to Owner's management agent. <br />4. Term of Agreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect through the 55th <br />anniversary of the issuance of the final certificate of occupancy for the Project. <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 HOME Loan or HOME <br />Note or the City Loan or City Note, or (iii) any reconveyance of the Leasehold Deed of Trust, <br />unless this Agreement is terminated earlier by 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 this Agreement; provided, <br />however, the execution and recordation of such instruments shall not be necessary or a <br />prerequisite to the termination of this Agreement upon the expiration of the term specified in <br />Section 4.1. <br />5. Binding Upon 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 City and Owner hereby declare their express intent that the covenants and <br />restrictions set forth herein shall be deemed covenants running with the land and shall be binding <br />upon and inure to the benefit of the heirs, administrators, executors, successors in interest, <br />transferees, and assigns of Owner and City, regardless of any sale, assignment, conveyance or <br />transfer of the 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 Property or the <br />Project (other than the tenants of the individual dwelling units within the Project) shall be subject <br />to all of the duties and obligations imposed hereby for the full term of this Agreement. Each and <br />every contract, deed, ground lease or other instrument affecting or conveying the Property or the <br />Project or any part thereof, shall conclusively be held to have been executed, delivered and <br />accepted subject to the covenants, restrictions, duties and obligations set forth herein, regardless of <br />whether 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 instrument has <br />been executed prior to the date hereof, Owner hereby covenants to obtain and deliver to City 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 />144\259\1892895.4 6