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monitor compliance with this Agreement upon 48-hours advance notice of such <br />visit to Owner or to Owner's management agent. <br />3.4 Records. The Owner shall maintain complete, accurate and current records <br />pertaining to the Project, and shall permit any duly authorized representative of <br />the City to inspect records, including records pertaining to income and household <br />size of tenants. All tenant lists, applications and waiting lists relating to the <br />Project shall at all times be kept separate and identifiable from any other business <br />of the Owner and shall be maintained as required by the City in a reasonable <br />condition for proper audit and subject to examination during business hours by <br />representatives of the City. The Owner shall retain copies of all materials <br />obtained or produced with respect to occupancy of the Units for a period of at <br />least five (5) years. <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 <br />regardless of any sale, assignment, transfer, or conveyance of the Property or the <br />Project or any part thereof or interest therein. <br />4.3 Reconveyance. Upon the termination of this Agreement, the Parties agree to <br />execute and record appropriate instruments to release and discharge the terms of <br />this Agreement; provided, however, the execution and recordation of such <br />instruments shall not be necessary or a prerequisite to the termination of this <br />Agreement in accordance with its terms. <br />4.4 Notice of Expiration of Term. Owner shall comply with the requirements set <br />forth in California Government Code Sections 65863.10 and 65863.11, and any <br />other applicable law existing at the time of expiration of the Term. Such notice <br />requirements include: (i) a twelve (12) month notice to existing tenants, <br />prospective tenants and Affected Public Agencies (as defined in California <br />Government Code Section 65863.10(a)) prior to the expiration of the Term, (ii) a <br />six (6) month notice requirement to existing tenants, prospective tenants and <br />Affected Public Agencies prior to the expiration of the Term; (iii) a notice of an <br />offer to purchase the Project to "qualified entities" (as defined in California <br />Government Code Section 65863.11(d)), if the Project is to be sold within five (5) <br />years of the end of the Term; (iv) a notice of right of first refusal within the one <br />hundred eighty (180) day period that qualified entities may purchase the Project. <br />5. Binding Upon Successors; Covenants to Run with the Land. <br />5.1 Owner hereby subjects its interest in the Property and the Project to the covenants <br />and restrictions set forth in this Agreement. The City and Owner hereby declare <br />their express intent that the covenants and restrictions set forth herein shall be <br />5056752.1 9 <br />