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Plan, the Agency shall make immediate arrangements for continuing <br /> performance of the required functions. <br /> Upon a determination by the City, and written notice to the Agency thereof, that <br /> the Agency has failed to operate the Project in accordance with this Loan <br /> Agreement, the City may require the Agency to contract with a qualified <br /> management agent to operate the Project, or to make such other arrangements <br /> as the City deems necessary to ensure performance of the required functions. <br /> The Agency agrees to assume full financial and management responsibility for all <br /> operating and maintenance costs, including all repairs, corrections, and <br /> replacements necessary to maintain and preserve the Project in a safe and <br /> sanitary condition in accordance with standards prescribed by the City, all <br /> obligations of this Loan Agreement, and all applicable state laws and local <br /> ordinances. <br /> N. Transfer, Sale, Change of Use, Project Restructuring <br /> 1. Section 504 <br /> This Loan Agreement is subject to the requirements of Section 504 of the <br /> Rehabilitation Act of 1973, as amended (29 U.S.C. § 794), and HUD <br /> regulations with respect thereto, including the regulations under 24 CFR Part <br /> 8. <br /> 2. Covenants <br /> a. Where assistance under this Loan Agreement is provided in the form of <br /> real property or an interest in the property from the City, the instrument <br /> effecting or recording this transfer shall contain a covenant running with <br /> the land to assure nondiscrimination for the period during which the real <br /> property is used for a purpose for which the assistance under this Loan <br /> Agreement is extended or for another purpose involving the provision of <br /> similar services or benefits. <br /> b. Where no transfer of property is involved, but property is purchased or <br /> improved with financial assistance under this Loan Agreement, the <br /> Agency shall execute and record the Use Restriction Covenant Agreement <br /> in substantially the form set forth on Exhibit E attached hereto. <br /> c. Where assistance under this Loan Agreement is provided in the form of <br /> real property or an interest in the property transferred from the City, the <br /> covenant shall also include a condition coupled with a right to be reserved <br /> by the City to revert title to the property in the event of a breach of the <br /> covenant. If a transferee of real property proposes to mortgage or <br /> otherwise encumber the real property as security for financing <br /> Amended HOME Loan Agreement <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 28 of 53 <br />