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1 <br /> and to inspect and copy any documents maintained by the Agency or its agents relevant <br /> to the Covenant Agreement. <br /> Except as provided in a fully executed Priority and Subordination Agreement in the form <br /> attached hereto as Exhibit I and incorporated herein by this reference(the "Priority <br /> Agreement"), the Covenant Agreement shall remain prior and superior to any additional <br /> liens, encumbrances, or financing instruments secured by or in any way associated with <br /> the Property that would otherwise have priority over the Covenant Agreement, including <br /> but not limited to any deed of trust to which the City may subsequently agree to <br /> subordinate the Deed of Trust it holds. The Agency shall cause the fully executed <br /> Priority Agreement to be recorded against the Property no later than the date on which <br /> there is placed of record against the Property the liens of any lenders other than the City. <br /> The City agrees at the appropriate time or times to subordinate its interests in the <br /> Premises under the Covenant Agreement to the HUD Documents, the Commerce <br /> Documents and the City Documents (as those terms are defined in the Priority <br /> Agreement) as provided in Section 1 of the Priority Agreement. <br /> Except as provided in the Priority Agreement, the Agency shall cause any subsequent <br /> mortgagee or lienholder to be approved in writing by the City and shall require such <br /> mortgagee or lienholder to agree to subordinate the lien of its security interests, if any, to <br /> the Covenant Agreement. The written agreement of any subsequent mortgagee or <br /> lienholder to subordinate its security interests in the Property shall be by amendment of <br /> the Priority Agreement, or otherwise, as then agreed to by the City and shall, prior to its <br /> execution, be subject to review and approval by the City's Attorney. <br /> X. MANAGEMENT OF THE PROJECT <br /> A. In General <br /> The Agency agrees: <br /> 1. To keep the Premises in good condition and repair; <br /> 2. After completion of the Project, not to remove or demolish any building on the <br /> Property; <br /> 3. To complete or restore promptly and in good and workmanlike manner any <br /> building on the Premises that may be constructed, damaged, or destroyed after <br /> completion of the Project, and to pay when due all claims for labor performed and <br /> materials furnished therefor; <br /> 4. To comply with all laws affecting the Premises or requiring any alterations or <br /> improvements to be made; <br /> 5. Not to commit or permit waste thereof; <br /> 6. Not to commit, suffer, or permit any act upon the Property in violation of law; and <br /> City of Everett <br /> AHTF Agreement <br /> Washington Home of Your Own <br /> 11 Page 6 of 15 <br />