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<br /> 14 <br />L. The Agency is the beneficiary of the terms and provisions of these Restrictions and the <br />covenants herein, both for and in its own right and for the purposes of protecting the interests of <br />the community and other parties, public or private, for whose benefit these Restrictions and the <br />covenants running with the land have been provided. The Agency shall have the right if the <br />covenants are breached, to exercise all rights and remedies, and to maintain any actions or suits <br />at law or in equity or other proper proceedings to enforce the curing of such breaches to which <br />they or any other beneficiaries of these Restrictions and covenants are entitled. <br /> <br />M. The covenants and agreements contained herein shall run with the land and not be personal <br />obligations of Owner. Upon the sale, conveyance or other transfer of the Property (a "Transfer") <br />and the assumption of the obligations hereunder by a transferee, Owner's liability for <br />performance shall be terminated as to any obligation to be performed hereunder after the date of <br />such Transfer. <br /> <br />N. The Loan Agreement and all of its attachments shall be enforceable by the Agency in <br />accordance with the terms thereof. Each of the Loan Agreement, the Affordability Restrictions <br />on Transfer of Property, the Agency Note and the Agency Deed of Trust provide a means of <br />enforcement by the Agency if Owner is in breach of its obligations hereunder and thereunder, <br />including liens on the Property, deed restrictions and covenants running with the land. <br /> <br /> <br /> <br /> <br />EXHIBIT 3 <br />3-75