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these duties. Such a management contract shall be subject to prior written approval by <br /> the City and shall contain a provision allowing the Agency to terminate the management <br /> contract upon thirty (30) day's written notice, without penalty. Upon a determination by the <br /> City, and written notice to the Agency thereof, that the management agent performing the <br /> required functions has failed to operate the Project in accordance with this Loan <br /> Agreement and the approved Management Plan the Agency shall make immediate <br /> arrangements, which shall be subject to City approval, for continuing performance of the <br /> required functions. <br /> Upon a determination by the City, and written notice to the Agency thereof,that the Agency <br /> has failed to operate the Project in accordance with this Loan Agreement, the City may <br /> require the Agency to contract with a qualified management agent to operate the Project, <br /> or to make such other arrangements as the City deems necessary to ensure performance <br /> 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 replacements <br /> necessary to maintain and preserve the Project in a safe and sanitary condition in <br /> accordance with standards prescribed by the City, all obligations of this Loan Agreement, <br /> and all applicable state laws and local ordinances. <br /> To the extent that a permanent lender or grantor imposes requirements which are <br /> substantially different than the City's, the City may agree to adopt those requirements or <br /> allow that entity to have primary responsibility for monitoring management and <br /> maintenance. <br /> 0. Section 504, Covenants <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 regulations with <br /> respect thereto, including the regulations under 24 CFR Part 8. <br /> 2. Covenants <br /> a. Where assistance under this Loan Agreement is provided in the form of real <br /> property or an interest in the property transferred from the City, the instrument <br /> effecting or recording this transfer shall contain a covenant running with the land <br /> to assure nondiscrimination for the period during which the real property is used <br /> for a purpose for which the assistance under this Loan Agreement is extended or <br /> for another purpose involving the provision of similar services or benefits. <br /> b. Where no transfer of property is involved, but property is purchased or improved <br /> with financial assistance under this Loan Agreement, the Agency shall execute and <br /> record the Use Restriction Covenant Agreement in substantially the form set forth <br /> on Exhibit E attached hereto. <br /> c. Where assistance under this Loan Agreement is provided in the form of real <br /> property or an interest in the property transferred from the City, the covenant shall <br /> also include a condition coupled with a right to be reserved by the City to revert <br /> Loan Agreement <br /> Cocoon House <br /> Page 24 of 51 <br />