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6. In amplification and not in restriction of the provisions set forth hereinabove, it is
<br />intended and agreed that City shall be deemed a beneficiary of the covenants and agreements
<br />provided hereinabove both for and in its own right and also for the purposes of protecting the
<br />interests of the community. All covenants without regard to technical classification or designation
<br />shall be binding for the benefit of City, and such covenants shall run in favor of City for the entire
<br />period during which such covenants shall be in force and effect, without regard to whether City is
<br />or remains an owner of any land or interest therein to which such covenants relate. City shall have
<br />the right, in the event of any breach of any such covenant or agreement, to exercise all the rights and
<br />remedies, and to maintain any actions at law or suits in equity or other proper proceedings to
<br />enforce the curing of such breach of covenant or agreement.
<br />7. No violation or breach of the covenants, conditions, restrictions, provisions or
<br />limitations contained in this Agreement Containing Covenants shall defeat or render invalid or in
<br />any way impair the lien or charge of any mortgage or deed of trust or security interest on the
<br />Property, provided, however, that any subsequent owner of the Property shall be bound by such
<br />remaining covenants, conditions, restrictions, limitations, and provisions, whether such owner's title
<br />was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise.
<br />8. Only City, its successors and assigns, and Project Sponsor and successors and
<br />assigns of Project Sponsor in and to all or any part of the fee title to the Property shall have the right
<br />to consent and agree to changes in, or to eliminate in whole or in part, any of the covenants,
<br />easements, or other restrictions contained in this Agreement Containing Covenants, or to subject
<br />the Property to additional covenants, easements or other restrictions. City, its successors and
<br />assigns, and Project Sponsor and the successors and assigns of Project Sponsor in and to all or any
<br />part of the fee title to the Property shall have the right to consent and agree to changes in, or to
<br />eliminate in whole or in part, any of the covenants, easements, or restrictions contained in this
<br />Agreement Containing Covenants or to subject the Property to additional covenants, easements, or
<br />other restrictions without the consent of any tenant, lessee, easement holder, licensee, mortgagee,
<br />trustee, beneficiary under a deed of trust, or any other person or entity having any interest less than
<br />a fee in the Property.
<br />9. The covenants established in this Agreement Containing Covenants, shall, without
<br />regard to technical classification and designation, be binding on Project Sponsor and any successor
<br />in interest to the Property or any part thereof for the benefit and in favor of City, its successors and
<br />assigns, and City. The covenants contained in this Agreement Containing Covenants shall remain
<br />in effect for ten (10) years from the date on which the Certificate of Occupancy or Notice of
<br />Completion of rehabilitation is filed /issued.
<br />10. Project Sponsor shall not be obliged to make payments to City during the Term of
<br />this Grant, which shall be ten (10) years (the "Term "); provided, however, that in the event of
<br />default, the principal amount (as reduced pursuant to this Paragraph) shall become due and
<br />payable in full. The preceding sentence to the contrary notwithstanding, the principal amount
<br />shall be deemed repaid by the amount of ten percent (10 %), or Seventy Two Thousand Dollars
<br />($72,000.00) each annual anniversary during the Term commencing on the date on which the
<br />Certificate of Occupancy or Notice of Completion of rehabilitation is filed /issued , and
<br />continuing on each anniversary thereafter until the last day of the Term.
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