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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 />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 />10 <br />