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2890662.3 41 <br />imposed in connection with the use of federal low-income housing tax credits or tax- <br />exempt financing, Owner may satisfy the requirements of this Section by providing City <br />with a copy of compliance reports required in connection with such financing. <br />Owner shall permit representatives of City to enter and inspect the Property and <br />the Project during reasonable business hours in order to monitor compliance with this <br />Agreement upon 24-hours advance notice of such visit to Owner or to Owner's <br />management agent. <br />4. Term of Agreement. <br />4.1 Term of Restrictions. This Agreement shall remain in effect through the <br />55th 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. <br />This Agreement shall remain effective and fully binding for the full term hereof regardless <br />of (i) any sale, assignment, transfer, or conveyance of the Property or the Project or any <br />part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the Loan <br />or Note, or (iii) any reconveyance of the Deed of Trust, unless this Agreement is <br />terminated earlier by City in a recorded writing. <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 specified in 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, City, regardless of <br />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 />of 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 contract, <br />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 <br />accepted subject to the covenants, restrictions, duties and obligations set forth herein, <br />regardless of whether such covenants, restrictions, duties and obligations are set forth in <br />such contract, deed, ground lease or other instrument. If any such contract, deed, <br />ground lease or other instrument has been executed prior to the date hereof, Owner <br />hereby covenants to obtain and deliver to City an instrument in recordable form signed <br />by the parties to such contract, deed, ground lease or other instrument pursuant to <br />63