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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 /> title to the property in the event of a breach of the covenant. If a transferee of real <br /> property proposes to mortgage or otherwise encumber the real property as security <br /> for financing construction of new, or improvement of existing, facilities on the <br /> property for the purposes for which the property was transferred, the City may, <br /> upon request of the transferee, if necessary to accomplish such financing, and <br /> upon such conditions as the City deems appropriate, agree to forbear the exercise <br /> of such right to revert title for so long as the lien of such mortgage or other <br /> encumbrance remains effective. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 26 of 51 <br />