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EXHIBIT 3 <br />possible, then Developer shall have such additional time as is reasonably necessary to cure <br />the default prior to exercise of any remedies by City. <br />The City is a beneficiary of the terms and provisions of these Restrictions <br />and the covenants herein, both for and in their own right and for the purposes of protecting <br />the interests of the community and other parties, public or private, for whose benefit these <br />Restrictions and the covenants running with the land have been provided. Upon the <br />occurrence of an event of default and the expiration of the notice and cure period specified <br />above, the City shall have the right to exercise all rights and remedies, and to maintain any <br />actions or suits at law or in equity or other proper proceedings to enforce the curing of <br />such breaches to which they or any other beneficiaries of these Restrictions and covenants <br />are entitled. <br />17. The covenants and agreements contained herein shall run with the land and <br />not be personal obligations of Developer. Upon the sale, conveyance or other transfer of <br />the Property (a "Transfer") and the assumption of the obligations hereunder by a <br />transferee, Developer's liability for performance shall be terminated as to any obligation to <br />be performed hereunder after the date of such Transfer. <br />18. The Loan Agreement and all of its attachments shall be enforceable by <br />City in accordance with the terms thereof. Each of the Loan Agreement, the Affordability <br />Restrictions on Transfer of Property, the City/HOME Loan Note and the City/HOME <br />Deed of Trust provide a means of enforcement by the City if Developer is in breach of its <br />obligations hereunder and thereunder, including liens on the Property, use and deed <br />restrictions and covenants running with the land [24 CFR 92.504 (c) (13)]. <br />12 of 14 <br />25L-139 <br />