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deemed covenants running with the land and shall be binding upon and inure to <br />the benefit of the heirs, administrators, executors, successors in interest, <br />transferees, and assigns of Owner and City, regardless of any sale, assignment, <br />conveyance or transfer of the Property, the Project or any part thereof or interest <br />therein. Any successor -in -interest to Owner, including without limitation any <br />purchaser, transferee or lessee of the Property or the Project (other than the <br />tenants of the individual dwelling units within the Project) shall be subject to all <br />of the duties and obligations imposed hereby for the full term of this Agreement. <br />Each and every contract, deed, ground lease or other instrument affecting or <br />conveying the Property or the Project or any part thereof, shall conclusively be <br />held to have been executed, delivered and accepted subject to the covenants, <br />restrictions, duties and obligations set forth herein, regardless of whether such <br />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 <br />other instrument has been executed prior to the date hereof, Owner hereby <br />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 />which such parties acknowledge and accept this Agreement and agree to be bound <br />hereby. <br />5.2 Owner agrees for itself and for its successors that in the event that a court of <br />competent jurisdiction determines that the covenants herein do not run with the <br />land, such covenants shall be enforced as equitable servitudes against the Property <br />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 management <br />functions with respect to the Property and the Project, including without limitation <br />the selection of tenants, certification and recertification of household income and <br />eligibility, evictions, collection of rents and deposits, maintenance, landscaping, <br />routine and extraordinary repairs, replacement of capital items, and security. <br />Except as City may otherwise agree in writing, City shall have no responsibility <br />for management or maintenance of the Property or the Project. <br />6.2 Management Entity_. Unless managed directly by Owner, the Project shall at all <br />times be managed by an experienced management agent reasonably acceptable to <br />City, with demonstrated ability to operate residential facilities like the Project in a <br />manner that will provide decent, safe, and sanitary housing (as approved, the <br />"Management Agent"). City hereby approves John Stewart Company as the <br />initial Management Agent. The Owner shall submit for City's approval the <br />identity of any proposed Management Agent. The Owner shall also submit such <br />additional information about the background, experience and financial condition <br />of any proposed Management Agent as is reasonably necessary for the City to <br />determine whether the proposed Management Agent meets the standard for a <br />qualified Management Agent set forth above. If the proposed Management Agent <br />meets the standard for a qualified Management Agent set forth above, City shall <br />5056752.1 10 <br />