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under or through him, establish or permit any such practice or <br />practices of discrimination or segregation with reference to the <br />selection, location, number, use, or occupancy of tenants, lessees, <br />subtenants, subleases, or vendees in the Property. <br />4.04. Enforcement <br />A. City is deemed a beneficiary of the terms and provisions of <br />the hereinabove covenants. City shall have the right if the <br />covenants are breached to exercise all rights and remedies, and to <br />maintain any actions or suits at law or in equity or other proper <br />proceedings to enforce the curing of such breaches. <br />B. In the event the actual rent collected by Developer for any <br />unit required under this Agreement to be rented to low or moderate <br />income tenants is in excess of the maximum affordable rent allowed <br />for such unit in violation of this Agreement, the amount by which <br />any actual rent collected for such unit exceeds the maximum <br />affordable rent for such unit shall be deemed damages payable to <br />City by'Developer. Such damages shall be in addition to any other <br />remedy at law or in equity to City. <br />4.05. Duration of Covenants <br />The hereinabove covenants shall run with the land for a period <br />of fifteen (15) years from and after the date of this Agreement or <br />until the City Notes are paid in full, whichever is longer, at <br />which time they shall expire. <br />ARTICLE 5 <br />GENERAL PROVISIONS <br />5.01. Cit 's Right to Acquire in the Event of Default by the <br />Developer <br />In the event that Developer fails to complete the Project <br />within the time set therefor by the terms of this Agreement, or in <br />the event that improvements are destroyed or damaged and Developer <br />fails or refuses to repair, restore or rebuild the Project, City <br />may, at its option, acquire the Property. The amount to be paid <br />Developer shall he the fair market value of the Property with <br />existing improvements as of the date City exercises such option. If <br />City and Developer are unable to agree upon fair market value of <br />the Property, City may institute an action in eminent domain to <br />acquire the Property, and this Agreement will then constitute a <br />stipulation on the part of Developer that the only issue involved <br />in said action shall be the fair market value of the property to be <br />acquired. <br />Page 8 of 10 Pages <br />EXHIBIT I <br />